Business Loan

Business Loan is the best finance that can help you to grow. You want to start a business or you want to extra credit for your business by using Business Loan.

Business Loan starting at the interest rate of 15.50%. The rates vary by loan amount, occupation and type of loan availed. These funds help you the business to expand, invest. Before you apply for the Business Loan you have to understand the purpose of the loan and how to utilize it. No investment means no profits.

• Age: Age plays an important role to know your eligibility and repayment capacity. Offer loan to those who are at least 25 years old at the time of loan approval and maximum 70 years at the time of loan maturity.
• Loan Amount: Based on the loan amount eligibility, the bank gives you loan ranging from Rs. 1 Lakh to Rs. 40 Lakh. To improve the chances of approval, apply for a loan amount that you can comfortably service.
• Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue, and profitability. Requires profit for minimum 2 years and minimum business turnover of Rs. 30 Lakh.
• Business Stability: Future business prospects and its stability is important to improve your eligibility for the business loan. Requires minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get the loan.
• ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 24 months and bank statement for minimum 6 months will be required by ICICI Bank.
• CIBIL Score: When checking loan eligibility, will look at the complete CIBIL report. Will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.
• For Low CIBIL BG can appoval.