How to get Instant Business loan?

Depending upon the loan amount size, the duration cycle of loan approval and disbursal changes. If the amount is high, it takes time for the bank or any other lending institution to process the loan since the risk involved is high with higher amounts.

Business loan amounts are usually high loan amounts but with the fast processing and advancement in technology this is no more a challenge. Just be ready with your repayment plan and necessary documents and getting a loan becomes easy.

NBFCs are winning the race of providing instant business loans within 3 days, 5 days and so on. Getting business loans is now possible with minimal documentation and simple steps. Get easy loans online which is time saving and independent.

Home credit is one such NBFC that offers personal loan upto 2 lakh that can be used to start a small business of your own. The loan application is easy, just download the app, complete application, upload documents and wait for approval.

When do you need a business loan?

Setting up a new business – Despite of advance planning and arrangements, at the end finances do fall short to meet the crises, we think of loan advances that can repaid gradually.

Expansion of business – After a point in time you realise to compete the market, some newness should be there and that’s how you start planning for expansion. Immediate expansion will require funds at hand that’s how you feel the need of a business loan. Go ahead just have a repayment plan ready.

Increase the working capital - Business loans are also taken to increase work capital since it is a large capital offered in short span of time. It becomes easier with business loans to maintain liquidity of funds as well as meet business objectives.

Upgradation of technology – To upgrade the business technology or machinery, one takes this loan and upgrades his/her business to the latest technology.

Eligibility to get a business loan

The usual eligibility criteria for business loan are as follows.

• Age: minimum 21 years
• Age of current business:  At least 3 years
• Business profit: 2 lakh profit for 2 years
• Business turnover: Up to 50 lakh                  
• Business experience: 5 years or more
• ITR: last 3 years

Required documents

• PAN card of the firm or individual
• ID proof - voter ID, passport, driving license, etc.
• Address proof - passport, driving license, ration card, passport, aadhar card, etc.
• Account statement (last 6 months)
• Proof of business
• Permission to practice certificate
• ITR along with balance sheet, income details, profit and loss account
• Partnership deed

What are the Features of business loans?

Interest rate: The interest rate on business loan ranges between 15-20%. However, different banks have different interest rates.

Security: Business loans require a strong and safe background and the back ground check is strict and mandatory, however there is usually no collateral in these loans.

Amount: Amount up to 30 lakhs or more is offered as business loan amount that can be used to fulfil various business needs.

Business loan approval: Loan approvals are highly dependent on the age of business, credibility and credit score. It is important to have a decent repayment history where a bank doesn’t have any reason to even doubt before giving a loan

Instant business loans are easily available and with the online availability the process is all the quicker. Be clear on your needs, documents, credit history and repayment plans. Business loans are easy!