Business Loans
Financial
Flow is the life blood of any successful
organisation. Most businesses will need a large
amount of working capital to start up a new
business or enable the rapid growth of an
existing business. Scaling up always requires a
influx of finances.
Which is why, we go to all lengths to ensure
that we can disburse a loan that can help you
take your business to the next level. Business
loans are very special to Andromeda and we have
been helping our customers scale to new heights
of success by helping them finance their dreams
for their enterprises.
While a personal is given on a personal capacity
and income, a business loan is given based on
company’s income and capacity and is given in
the company’s name.
Business loans
are categorized broadly into following 2
segments.
1. Unsecured business loans – 3 year term loan
for proprietorship, partnership, private limited
companies and limited companies based on a sound
balance sheet.
2. Secured business loans – Working capital
funding in rupees as well as foreign currency
for proprietorship, partnership, private limited
companies and limited companies
Business Loan Eligibility Criteria
Most banks
have a common set of parameters that they
evaluate loan applicats with, but what exactly
these parameters are depends from bank to bank.
Age
Most banks will disburse business loans to
individuals aged between 24 to 65 years.
Current
Business Experience
Banks
will prefer that your business has been showing
stable signs of growth at least for the last 3
years. If you can show sustained billing and
revenues and top it off with profit, getting a
business loan should not be a problem for you.
Some banks give a loan amount up to 60 to 80% of
your median annual profits.
Total Business Experience
A bank will
prefer if you have been engaged in sustainable
business for atleast 5 years to consider giving
you a loan. Your diversity in terms of business
experience and so on along with good results
will help you acquire your business loan.
Documents Required
Identity Proof
Address Proof
Bank Statement (Latest 6 months)
Latest ITR along with other relevant docs like
Balance Sheet, P&L, Audit Report (Certified by a
CA)
Tenure
Business loans range from
min. of 1 year up to a max of 4 years
Processing Time
The processing of the loans usually takes 4
working days after all the documents are
submitted.
Pre-Payment
You can pre-pay the loan after repaying a min.
of 6 EMI’s. Foreclosure charges would be
applicable as per the banks term and
condition.You can make a part pre-payment with a
minimum amount of Rs.50,000 after 6 months from
the date of disbursement of the loan. This part
pre-payment can be made only once in a financial
year.
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Eligibility for
Business loans
Business loan partners and offers
Business
Loan Eligibility Criteria
Business
Loan Eligibility Criteria
Business loan
eligibility depends upon various factors which
differ from bank to bank. The main factor of
course, is your ability to repay the loan. Banks
that offer business loans will run extensive
checks on your business, profits, financial
statements and scope of success. For example
banks will assess your repayment capacity with
the kind of organisation you have built.
For your benefit,
we have put down some of the main things to take
care of to ensure you are eligible for a
business loan. Keep the following points in mind
to ensure your application goes through.
Age
Age plays a role
in the eligibility and repayment capacity of the
individual. Banks generally give out business
loans to self employed individuals/business
owners that are typically between the ages of
24 to 65 years.
Stable
and Sustainable Business
A stable business
record goes a long way in improving your
eligibility for a business loan. Individuals
applying for the loan should have been running
their business (the one for which you need a
loan) for a minimum of 3 years. Apart from this,
you should have been involved in managing stable
businesses for a minimum of 5 years to increase
your chances of securing a loan.
Financial Statements
Current and
previous financial statements of your company
are used by the bank to evaulate your repayment
capacity. These are very crucial. Any kind of
financial instability due to mismanagement is
frowned upon and can reduce your chances of
being eligible for a business loan. Clean and
well maintained balance sheetsthat show
financial stability and sensible transactions
helps in improving your eligibility for a
business loan.
Outstanding EMIs
Any pending EMIs
at the time of applying for a business loan are
likely to reduce your eligibility in terms of
maximum amount or even loan disbursal. Since the
amount is calculated on basis the EMI, you can
possibly repay the contributions towards other
outstanding loans to reduce the total business
loan amount drastically.
Compare
Business Loans
Compare
Business Loans
Taking a Business
Loan is a sensitive and private matter. Please
fill up the Free Quote Box
on your right to get a personalized quote from
our team.
Thank you for
considering Andromeda in procuring your loan.
Warm Regards,
The
Andromeda Team
Business Loan Partners & Offers
Business Loan Partners & Offers
HDFC Bank Business Loans
HDFC Bank Limited is an Indian financial
services company based in Mumbai, Maharashtra
that was incorporated in August 1994 and
currently has nationwide network of 3,488
Branches. HDFC Bank is the fifth largest bank in
India by assets and the largest bank by market
capitalization as of 1 November 2012.
HDFC Business Loans Features
-
Designed to help businessmen involved in
manufacturing, trading and the service
industry.
-
Loan amount up to Rs15 lakhs and this amount
can be up to Rs 30 lakhs in some selected
locations.
-
Simple documentation
-
No collateral /guarantor /security required.
-
Rack interest rate range 17.5% to 22%.
HDFC Business Loan Eligibility
-
Age Factor: Minimum age of the loan
applicant should be 21 years. Maximum age of
applicant at loan maturity: 65 years
-
Years in business: Minimum 4 years (at least
2 years in the same Business).
-
Minimum Annual Income of the loan applicant:
Rs.100000/- p.a. for Metro Locations &
Rs.75,000/- p.a. for non-metro locations
HDFC Documentation
-
Identity Proof – Passport/Driving Licence/Voters
ID/PAN Card
-
Address Proof – Passport/Leave and Licence
Agreement/Utility Bills (last 3 months)
-
Date of birth Proof
-
Bank Statements for the Last 6 months
-
Other required documents may vary among
applicants and are subjected to Bank’s
consideration.
ICICI Bank Business Loans
ICICI Bank Limited is a multinational financial
services company headquartered in Mumbai, India.
It is the second largest bank in India by assets
and third largest by market capitalisation.
ICICI Bank Business Loans Features (ICICI Bank
Secured Business Loans).
ICICI Bank Business Loans Features (ICICI Bank
Secured Business Loans)
-
Cash credit /Overdraft for meeting working
capital finance requirement.
-
Export credit to provide pre-shipment and
post shipment finance.
-
Letter of credit to facilitate trade.
-
Bank guarantees for meeting performance and
financial obligations.
-
Term loans for purchase of commercial assets
and business expansion needs.
-
Loan amount- up to Rs 50.0 million for
working capital and capital expenditure
needs.
-
Interest rate is linked to ICICI Bank’s base
rate for fund based facility.
-
Low collateral requirement and lending
available upto 3 times of the value of
collateral.
ICICI Business Loan Eligibility
-
Age Factor: 23 years – 58 years for salaried
employees, 25 years for doctors, 28 years
for self-employed individuals. Maximum age –
65 years
-
Years in business: In current business for
at least 2 years for salaried employees and
at least 5 years for self-employed and
minimum 3 years for doctors
-
Net Income: Minimum monthly income for
Salaried individuals Rs.17,500 (Rs.25,000
for applicants residing in Mumbai & Delhi;
Rs.20,000 for applicants residing in
Chennai, Hyderabad, Bangalore, Pune &
Kolkata)
ICICI Documentation
-
Identity Proof – Passport/Driving Licence/Voters
ID/PAN Card
-
Address Proof – Passport/Leave and Licence
Agreement/Utility Bills (last 3 months)
-
Latest 6 months Bank statement for
self-employed individuals and latest 3
months Bank statements for salaried
employees
-
2 passport size photographs
-
Office address proof for self-employed
individuals
-
Proof of residence or office ownership for
self-employed individuals
-
Proof of continuity of business for
self-employed individuals
HSBC Bank Business Loans
HSBC’s origins in India date back to 1853, when
the Mercantile Bank of India was established in
Mumbai. The Bank has since, steadily grown in
reach and service offerings, keeping pace with
the evolving banking and financial needs of its
customers. The Bank offers a comprehensive suite
of world-class products and services to its
corporate and commercial banking clients as also
to a fast growing personal banking customer
base.
HSBC Business Loans features
-
Can choose from a range of finance options
like export/import financing, discounting of
export receivables, bank guarantees for
business requirements, treasury line to
manage cross currency transaction risk.
-
Maximum loan amount upto Rs 10 crores
-
MSE( Micro and Small Enterprise) can avail
loans upto Rs 10 lakhs without collaterals.
-
Flexible quantum and tenor of loans.
-
Interest rate is calculated on the
prevailing base rate at the time of
processing.
HSBC Business Loan Eligibility
-
Age Factor: Minimum age of the guarantor to
be 21 years. Maximum age of the guarantor to
be 65 years at the time of the loan maturity
-
Business Loans are provided on 3 categories
for HSBC Bank listed below and the criteria
varies for each category
-
Sole Proprietorships
-
Partnerships
-
Private Limited Companies
HSBC Business Loan Documentation
Sole Proprietorship
-
Identity Proof to be submitted for the Sole
Proprietor (any one of the following):
-
Passport OR Voter’s identity card OR Photo
PAN card OR Driving license OR MAPIN card
-
Address proof to be submitted for the Sole
Proprietor (any one of the following):
-
Passport OR Voter’s identity card OR Driving
license OR Ration card OR Society outgoing
bill OR Life Insurance Policy OR Electricity
bill OR Telephone bill (land / mobile)
-
Financial documents (all of the following):
-
P & L and Balance Sheet for last two years
audited by a C.A. AND Copies of IT returns
for the last two years and Bank statements
for the last 6 months
Partnership
-
Identity Proof of the Partnership Firm (any
one of the following):
-
Passport OR Voter’s identity card OR Photo
PAN card OR Driving license OR MAPIN card
-
Identity Proof to be submitted for the all
Partners (any one of the following):
-
Passport OR Voter’s identity card OR Photo
PAN card OR Driving license OR MAPIN card
-
Address proof to be submitted for all
partners (any one of the following):
-
Passport OR Voter’s identity card OR Driving
license OR Ration card OR Society outgoing
bill OR Life Insurance Policy OR Electricity
bill OR Telephone bill (land / mobile)
-
Partnership Deed
-
PAN ID / PAN allotment letter / Form 60 of
the concern
-
Financial documents (all of the following):
-
P & L and balance sheet for the last 2 years
certified by a C. A. AND Copies of
acknowledged IT returns for the last 2 years
AND Letter of authority AND Bank statements
for the last 6 months
Private Limited Company
-
Proof of identity of the Limited Company
(any one of the following):
-
Sales tax / VAT /Service tax / Excise
registration OR Registration under Shops and
Establishment Act OR PAN ID / IT return of
the concern OR
-
Water / Electricity / Municipal tax bill in
the name of the concern OR MAPIN card in the
name of the concern
Memorandum and Articles of Association
-
Board resolution
-
Proof of individual identity to be submitted
for the authorised signatories and 2
Directors (including the managing director)
(any one of the following):
-
Passport OR Voter’s identity card OR Photo
PAN card OR Driving license OR MAPIN card
-
List of directors
-
Copy of Form 32 filed with ROC
-
PAN card / PAN allotment letter / Form 60 of
the concern
Financial documents (all of the following)
P & L and balance sheet for the last 2 years
certified by a C. A. AND Copies of acknowledged
IT Returns for the last 2 years AND Board
resolution for borrowing and creation of
mortgage AND Bank statements for the last 6
months
Fullerton India Business Loans
Fullerton India launched commercial operations
in January 2007 and has since established itself
firmly in the country’s financial landscape,
with a network of over 398 branches across the
country, serving over a million customers.
Its services include financing of small and
medium enterprises for working capital and
growth, loans for commercial vehicles and
two-wheelers, home improvement loans, loans
against property, personal loans, working
capital loans for urban self-employed and loans
for rural livelihood advancement, rural housing
finance and financing of various rural micro
enterprises
Fullerton India Business Loans Features
-
Maximum Loan up to 30lacs without any
collateral for self-employed businessman
involved in Manufacturing, Trade and service
-
Repayment period 12 to 48 months
-
Pre-payment facility.
Fullerton India Business Loan Eligibility
-
Age Factor: At least 27 years of age to
apply for a Business Loan under the ‘Self
Employed Business Category’. You cannot
exceed 65 years of age at the time of Loan
Maturity.
-
Years of Business: A relaxation of 2 years
will be made if you are a non-professional.
Fullerton India Business Loan Documentation
-
Proof of Identity (Passport Copy/ Voter ID
card/ Driving License/ PAN Card)
-
Address Proof (Ration card/ Telephone Bill/
Electricity Bill/ Rental agreement /
Passport copy/ Bank Passbook or
Statement/Driving License)
-
Bank Statements (Bank statement / Bank
Passbook of last 6 months)
-
Latest Income Tax Returns along with
computation of Income, Balance Sheet and
Profit & Loss Account of the last 2 years
-
Partnership Deed/ Board Resolution.
-
Proof of number of years in business (Trade
license/ Establishment or Sales Tax
Certificate/ MOA/ Partnership Deed)
Bajaj Finserv Business Loans
Bajaj Finserv is the financial services company
of the Bajaj Group. Its current business lines
include Protection through Bajaj Allianz Life
Insurance and Bajaj Allianz General Insurance,
Lending and Wealth through Bajaj Finance
Limited.
Bajaj Finserv Business Loans Features
-
Maximum loan amount up to Rs 45 lacs
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No collaterals or guarantors required.
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Repayment period – 12 to 36 months.
Bajaj Finserv Business Loan Eligibility
-
Age Factor: Doctors 30 years; others 26
years
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Years of Business: 2years
-
Net Income: Differs from self-employed and
others.
Bajaj Finserv Business loan documentation
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Application form
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1 Photograph of Co-Applicant
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Income Details: IT Returns, Balance Sheet &
P/L Account statement for the last 2 years
with Annexure, Form 16 A
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Bank Account Statements for the last 3
months
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KYC documents of Co-applicant
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Business Vintage for 5 years
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Business Proof: Certificate of Practice
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