Q. What are the prepayment Charges?
Pre payment charge of 4% to 6% is levied on balance principle outstanding. For what Purposes are Business loans given? Business loans are given towards Working Capital, Short Term Cash Need,
Business Expansion, New inventory, Buying Machinery/equipment etc.
Q. What are the Eligibility Criterias?
Should have vintage of at least 3 years.
Entity should be Self Employed with Min Age 25 yrs & Max Age 65 yrs.
Should be profit making for the past 2 years
Co-applicant required as a Guarantor:
Q. Who can aval a Business loan?
Business installment loan can be availed by :
Self employed individuals / professionals
Sole proprietorship firms
Partnership firms
Private limited companies and closely held limited companies.
Q. What are the benefits of Business loans?
Speedy loan processing - 4 to 7 business days
Fast and easy documentation .
Hassle-free loans
Loans From 5 lakh to Rs.3 cr
Repay with easy equated monthly installments.
Q. What is the minimum annual turnover eligibility?
Minimum turnover required is Rs.1 crore PAWhat is the interest rate charged on BIL?
Rate of interest varys from 18 % to 22% depending on loan amount,credit assessment and other parameters.
Q. What are the basic documents required for applying?
Photographs
Identity,Age & Signature verification proof Business Bank statements for last 6 months
2 year audited financials including Profit & Loss,Balance sheet and IT returns
3 years Business existence Proof
Address proof - Residence and Office.
Q. What is the turnaround time for the disbursal of the loan?
Disbursal of the loan may take a minimum of 7 working days from the
time of submission of loan related documents as requested by the Bank.
Q. What prameters are looked into before sanctioning a BIL?
- Liquidity
- Solvency
- Profitability
- Asset Owned
- Track record
- Management
- Business model
- Industry and product/service