Business Loans are offered in two types
- Secured and
For a Secured Business loan, the borrower needs to pledge something as collateral or security against the loan amount taken. Be it raw material or finished products, land or machinery, anything can be kept as collateral in agreement with the lending party. The borrower can also offer cash advance as collateral as it offers more liquidity and the loan can be availed at lower interest rates and flexible repayment options.
Indexia Finance provides Business Loan Ludhiana, it means we provide Business loan in Ludhiana for your doorstep facility as now right bank will come to your doorstep.
In case of unsecured business loans in Ludhiana, there is no requirement of any collateral from the borrower. However, while availing an unsecured business loan, the borrower needs to pay a high interest rate. Moreover, the loan amount is taken for a smaller tenure when compared to a secured loan. According to the their tenure, business loans can be further diversified.
To meet the temporary needs of a business like short-term working capital, a short-term loan is most apt one, with the repayment time period of a year.
- An Intermediate Loan is necessary for starting up business to buy inventory, equipment and also increase working capital.
- A Long term is necessary for well-established business houses who wish to expand, increase their fixed assets or related business acquisitions, with terms that runs for a period of 3-5 years.
Furthermore, drawing the thin line between critical needs and expenses that can be put off till a better financial situation prevails holds the key to prevent one from any financial predicament. Making a single hasty decision without any idea of its impact in your business might prove to be detrimental in the long run. Therefore, one must be very clear of his actual need and necessities for enhancing and improving his business by borrowing the right loan with a detailed insight of its pros and cons.
We are one of the best business loan providers in Ludhiana. You may apply online for Business Loan Ludhiana at www.indexiafinance.com/business-loan-application
Indexia finance provides Bank Business Loan Ludhianaand is amongst the top 3 finance company and top 3 loan service provider company in India
Hence, acquiring more capital in order to promote any business or consolidating old debts and credits, beckons the call for Business loans.
Eligibility Criteria for Business Loan Ludhiana
- The applicant must meet the below eligibility criterias.
- Minimum age 21 years
- Maximum age 65 years
- Minimum income (annual) Rs. 4,00,000/-
- Minimum loan amount Rs. 100,000/-
- Maximum loan amount Rs. 2,00,00,000
- Minimum years of business existence 3 Years
- Minimum loan tenure 1 year
- Maximum loan tenure 5 year
Required Documents for Business Loan Ludhiana
- Two photographs of each applicant & co- applicant
- Pan Card Copy each applicant & co- applicant
- Adhar Card of each applicant & co- applicant
- Utility Bill of office and current residence (latest month) each applicant & co- applicant
- 3 years ITR, computation of income, P&L, Balance sheet, all annexure & schedule. List. (self & CA attested)
- Sales & Purchase Summary – last 3 years (till date)
- Dr. & Cr. List – last 3 years (till date)
- Last 12 months bank statement of the company and all the EMI reflection if any loans going on
- Sanction letter of all Loans & OD/CC (if any)
- Pan card copy of Company
- MOA & AOA copy / Partnership Deed
- List of Directors/ Partners & Shareholders
- Business Proof (Shop & Establishment Certificate, VAT, Sales Tax, GST, Service Tax, IEC)
- GST Certificate of the Company
Click for more about Business Loan in India @ www.indexiafinance.com/business-loan