All about Business Loan in India

Introduction

Business ideas are popping every now and then at these fast moving times. Thanks to the Internet generation that is the cause of generating employment to millions of people each year in various forms.

As the Internet generation is moving its speed, the demand for Business Loans is also seeing an increase. Some entrepreneurs want to upgrade their existing services, while some want to launch new services. All are in the league.

In order to meet business demands, Business Loan is the first and foremost option that comes to one’s mind ideally in both cases, if one is looking to start a business or is looking to upgrade an existing business.

Let us look at some of the types of Business Loans that are available.

Fedfina Business Loan for Self-Employed Professionals: This group involves individuals that are from the field of Doctor, Chartered Accountant (CA), Company Secretary (CS) and Architect who are looking to run a business on their own. Basically, a set of people who want to do their own practise of consulting people via their own channels.

Here, Doctors can avail a loan to: Expand their clinic, buy equipment & medicinal drugs, renovate their clinic and others.

Whereas CA, CS and Architect can avail a loan to: Expand their business, renovate their existing office, create employment and others.

Fedfina Business Loan for Self-Employed Non Professionals:  This group involves individuals that are into the Business of Manufacturer, Trader and Service Provider. Such borrowers constantly need to upgrade, change their machinery and equipment in order to get new ideas to lower costs and achieve good quality output.

With business loans specialised for Self-Employed Non Professionals the borrower can: Expand reach, clear dues, buy goods & raw materials, improve infrastructure and do much more.

Fedfina Business Loan comes with benefits like:

• Collateral Free Loan
• Faster processing
• Hassle free documentation
• Transparent
• Flexible repayment options
• Loan upto Rs. 30 lakh

Documents required:

1. Qualification proof of the highest professional degree
2. PAN Card – For Company/ Firm/ Individual
3. Identity proof: Copy of Aadhaar Card/ Passport/ Voters ID card/ Driving License/ PAN Pan Card
4. Address proof: Copy of Aadhaar Card/ Passport/ Voters ID Card/ Driving License
5. Bank Statement (latest 6 months)
6. Latest ITR along with computation of income, Balance Sheet and Profit & Loss Account for the last 2 years. Financial should be certified or audited by a CA
7. Proof of continuation (ITR/ Trade License / Establishment Certificate/ Sales Tax certificate)
8. Other Mandatory Documents (Sole Proprietary Declaration Or Certified Copy of Partnership Deed, Director-certified true copy of Memorandum & Articles of Association & Board Resolution (Original)

If you wish to apply for a Business Loan from Fedfina, click here