Business loans are unsecured financial assistance provided by banks and NBFCs in India. The primary aim of these is to support the urgent needs of your growing business. Most financial institutions offer term loans and flexi loans to cater to the business needs of a company. Business loans are also called commercial loans. All types of businesses such as a sole proprietorship, privately held company, partnership firms, self-employed individuals and retailers can avail these loans.

1. To expand the business
2. To expand the business location
3. Start a whole new business
4. Build credit for future requirements
5. Purchase of assets
6. Purchase more inventories
7. Bring in fresh talents to the business

Should have a minimum of 5 lakh turnover per year

The common documents required for online Business Loan approval are given below:

1. ID Proof: Pan Card, Passport, Voter Identity Card, Driving License, Aadhaar Card.
2. Address Proof: Including KYC, Bank Account Statement, Business Registration Certificate, Utility Bill, Telephone Bill.
3. Ownership Proof: Agreement Copy, Maintenance Bill with Share Certificate, Municipal tax Bill.
4. Business Continuity Proof: Shop Establishment Certificate, GST Certificate.
5. Firm Constitution: Partnership Deed, MOA
6. Bank statements: Latest 6 months (It should be your Current Account)
7. Income Proof: IT Returns of the latest 3 years.