Business finance is an excellent option for small and big business owners looking for additional financial sources to fund their business. There are various lenders in Delhi who offer different types of loans at different eligibility criteria and documents. Now, if you are searching on the internet “how to get a business loan in India,” then your search ends here. We have provided you a 3-step guide to how to apply for a business loan. However, before that, learn about the types of business finance available in the market.
Types of Loans
The loan is majorly categorized under two categories – secured and unsecured loan. The secured loans are collateral loans where the borrower has to pledge an asset to back the loan amount. And in order to avail the unsecured loans, there is no need to pledge an asset. Not all borrowers are able or willing to pledge asset and therefore, the collateral-free business loans are an ideal option for them.
The loans are further categorized on the basis of their usage. Such as machinery loan, working capital loan, capital loan, term loan, and flexi loan. All these types of loans can be secured or unsecured in nature. Before applying for a loan in India, you must know the type of loan you require.
Now, let’s take a look at a look at three easy steps to apply for a loan for business.
The first step is to check the business loan eligibility. You need to check the eligibility criteria of the lender for business finance. And then check if you meet them or not. You can also visit the lender’s website and search for eligibility criteria. Additionally, some lenders also offer the service of checking the eligibility on their website.
You can visit the page and fill in the required details, such as business age, last year’s sale, name, phone number, and details. Then the screen will redirect you to the next screen which will not only tell you about your eligibility but also the amount you are eligible for. From there, you will be redirected to fill the loan application.
Fill Personal & Business Details
The next step is to fill the personal and business details. Here, you will have to fill your name, mobile number, city, annual turnover through the bank, last 2 years business ITR, list of properties you own, and when you need the loan. After filling all these details, you can submit the form.
The online application loan is easy to fill from anywhere and at any time. Additionally, it is not very elaborated and you can fill it in just 5 minutes or even less. And since the online application for a loan for business without security can be filled online, there is no need for you to personally visit the lender’s office.
Upload Minimal Documents
The last step is to provide the business loan documents to the lender. Since you have applied for loan online, you can upload the documents online as well. The following are the commonly asked documents for business finance:
- PAN card
- Last 12-months bank statement
- Last 2-3 year ITR
- Business place address proof
- Residence address proof
You can upload the soft copies (PDF format) of these documents online. You are suggested to search for the lender who not only offers online loan application but also require minimal documentation.
After these three steps, a representative from the lender’s side will further process the business finance application. If all the documents are in place and you meet the eligibility criteria according to the lender, your application will be approved. After approval, the loan amount will be credited to your bank account within 3 days.
And now that you know 3 easy steps for business finance in Delhi, you can apply for a loan in a hassle-free manner. You take the most advantage of the loan amount for your business. Additionally, you can also register your business and products/services on the Connect App by ZipLoan for free. You can communicate with other business owners, discover new business opportunities, grow your business network, and directly sell and purchase products and services online.