Business Loans (BIL) are used for expanding, modernizing or improving small to medium scale businesses. It can be secured or unsecured.

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Secured business loan are given against collateral like stock land and building, plant and machinery etc. usiness loans against collateral are relatively cheap and much more flexible being secrured. Loan amount Rs.25 lakh to Rs.3 cr.

Unsecured Business Loan doesn't require a collateral. It is available at a relatively higher rate of interest being unsecured. Loan amount from Rs.5 lakh to Rs.75 lakh.Business loans are available to small and medium enterprises, Self employed individuals / professionals ,Sole proprietorship firms Partnership firms ,Private limited companies and closely held limited companies.It could be either for a short term ,medium term or long term period.

• Short-term loans are usually used for short-term working capital and repaid
within a year or less mainly for seasonal or bridge loan.

• Medium Term loans are often used to build inventory, buy equipment, or
increase working capital.

• Long-term loans are used to increase their fixed assets,business development and
expansion.

Some Basic Requirements:

• Should have vintage of at least 3 years.
• Should be profit making for the past 2 years
• Co-applicant required as a Guarantor:
• Age Limit 25 yrs Minimum to 65 yrs maximum.

• 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.
  
  
• What are the Eligibility Criterias?
  Entity should be Self Employed with Min Age 25 yrs & Max Age 65 yrs.
  Should have vintage of at least 3 years. Should be profit making for the past 2 years Co-applicant required as a Guarantor:
  
  
• 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
  
  
• 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
  
  
• 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.
  
  
• 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
  
  
• 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
  
  
• What prameters are looked into before sanctioning a BIL?
  
  
• Liquidity
• Solvency
• Profitability
• Asset Owned
• Track record
• Management
• Business model
• Industry and product/service