Business Loan starts from 10.50%,
Business Loan for Self-employed/Business OwnerYou want to start a new business or revamp an existing one, raise working capital or purchase new equipment, and you need funds.
There will be moments when a business owner does not have enough funds to meet requirements, and that's where a business loan from LoanUnbox comes into the picture. A small business loan from LoanUnbox is a credit facility that helps business owners by providing them access to quick and hassle-free funds.
Benefits and Key Features of Unboxing Business loan with Us:
- Simple Documentation: The documentation and paperwork are minimal, which keeps you hassle-free.
- Unbox a loan to grow your business with attractive low-interest rates and easy EMI repayment options that best suit your business needs and development.
- We have the best financial institutions and banks providing loans at the most competitive rates for you to compare and choose the best that suits your business requirements.
- Competitive Business Loan Offers to choose
Business loan Eligibility and Documents Required for Process:
- Age:21-75 Years
Proof of both Identity and Residence (KYC):
- PAN card
- Voter ID
- Aadhaar Card
- Driver's License
Proof of income:
- Last Three Assessment Years Income Tax Returns with computation of income
- Minimum one year's Balance Sheet and Profit and Loss Account Statements, with Annexures / Schedules
- Last six months Current Account Statements of the business entity and Savings Account Statements of the individual
- Business Profile
- List of Directors and Shareholders with their shareholding certified by a CA / CS in case of a company
- MOA (Memorandum of Articles) and AOA (Articles of Association of the Company)
- Partnership deed in case of partnership firm
- If any ongoing loans of the individual and the business entity, including the outstanding amount, installments, security, purpose, balance loan term, etc.
- Passport Size Photographs
How You will Unbox Your Business loan
- Fill up an online application form with the necessary documentation
- Upon submission and once verified, we send an acknowledgment of the given contact details.
- Receive the loan amount in your bank account.
Business loan: Recommendations for a successful application:
- Choose your loan amount according to your comfort
- Evaluate your loan needs
- Research to get the best rate offers
- Choose your lending tenure by evaluating your ability to repay
- Pick an interest rate that is affordable to you
- Thoroughly review the terms and conditions on your loan document
- Check your EMIs properly
- Compare the processing fee
How to avoid refusing an application for a Business loan?
- Will help avoid your loan application refuse. Also, there are other options you can use in case your loan application reject; it recommends double-checking before applying to prevent the probability of the application rejected.
- Approval of a request for a Business loan will depend on several factors. When applying for a loan, you should make sure that all the aspects meet adequately to ensure your loan application is approved.
- Business loan eligibility requirements can vary from lender to lender. Several standard eligibilities include the applicant's age, income, credit score, business turnover, and so forth. Before applying for a loan, ensure all eligibility criteria have met.
What to Dos Before applying for a Business loan?
- Research offers before you apply for a loan.
- Pay installments of your loan timely.
- Do read the fine print carefully.
- Do save your monthly income for repaying.
- Apply for an affordable loan amount.
Business Loan Fees and charges:
- Processing fee.
- Services Tax or GST.
- Verification charges. (if applicable)
- Fees for issuing duplicate statements
- Penalty for default EMIs
- Penalty for pre-payment and part payment of the loan
- lenders might collect documentation charges. These rates differ from lender to lender.