A business loan in Delhi is offered by many loan lenders in India. There are many times when a businessman looks forward to getting external funds to keep his business run smoothly and profitably. And so, they apply for a business loan in Delhi. However, the eligibility criteria and document requirement are different for every lender. So, this makes the lender confused to how to get a business loan in Delhi. In this blog, we will talk about the easiest way to get a business loan in Delhi.
A businessman does all the things to keep his business running smoothly. He works hard, gives extra time, and travels to far off places to run his business successfully and profitably. He spends all his savings in the capital and business related activities. But sometimes, a businessman also requires additional funds to keep the business running.
There can be various reasons for this paucity or shortage of funds. There can be bill receivables pending which can lead to liquidity problems. Or the business may witness an expansion opportunity but may not have enough funds for it. So, a business loan is the best option for this.
Said that, there are many loan lenders in Delhi who offer business loans. And every lender has different eligibility criteria and documents requirements which often leaves the borrower confused. But, there are a few documents and eligibility criteria which are required by all the lenders. Let’s first take a look at that.
Table of Contents
Business Loan Documents
also read: the a-z guide to all documents required for a business loan
Most lenders require documents that support the businessman’s identity and financial status. The following is a generic list of the same:
- Identity Proof: Aadhar card, voter ID card, passport, etc.
- Address Proof: Aadhar card, voter ID card, electricity bill, etc.
- ITR: ITR filed for the last year to check the revenue generated by the business.
- Bank Statement: Bank statement for the last 12 months to check the financial behavior of the borrower.
- PAN Card: Borrower’s personal and the business’s.
Business Loan Eligibility
also read: business loan eligibility for an nbfc business loan
No lender would ever lend their money to the borrower who is risky. And to judge this, there are certain eligibility criteria set by the lenders. And in order to avail a business loan in Delhi, the borrower must meet these criteria. The following is a generic list of the business loan eligibility:
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The turnover of the business for the last 12 months must be INR 10 lakhs or more than that.
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The ITR filed by the business in the previous year must be INR 2.5 lakhs or more.
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The business owner must own either house or office premise, in case of availing a collateral-free loan.
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The business must be in operations for the last 2 years in order to be able to have enough ITR and bank statements as a proof for revenue.
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The business place and the house of the borrower must be separate.
Now let us take a look at the easiest way to avail a business loan in Delhi.
A business loan in Delhi is offered both by the banks and NBFCs. Noteworthy, a bank offers secured business loans which are ideal for big businesses since they can afford to provide collateral. On the other hand, an NBFC offers unsecured business loans for a small business. The unsecured loans are collateral free. In addition, banks mostly have offline loan application whereas the NBFCs offer online loan application.
Collateral Loan in Delhi
also Read: how to get an instant loan for business?
If you have a big business in Delhi and are looking forward to availing a collateral loan in Delhi, then follow the following steps:
Step 1: Look for the right lender to avail a loan for business from – a bank or NBFC.
Step 2: Apply for a loan in Delhi by filling the loan application. If you applied to a bank, visit their branch in person and fill the application form. This may take a few hours. And if you are applying for an NBFC business loan, visit the lender’s website and fill the loan application in just a few minutes.
Step 3: Submit the loan documents along with the documents for collateral. The lender will take a few days (and sometimes weeks) to evaluate the value of the property. Notably, the lender will offer the loan amount equivalent or lesser than the value of the collateral.
In addition, the lender will also check your eligibility – if you are eligible for a loan and would be able to repay it or not.
Step 4: Upon the approval, the sanctioned loan amount will be disbursed in 2-3 weeks.
Collateral-free Loan in Delhi
also read: Unsecured business loans: how are they a saviour for small business?
If you are small business owner, then a collateral-free loan is the ideal option for you. An unsecured loan is mostly offered by NBFCs in Delhi. So, you will have to avail a loan for business from an NBFC. The following is the easiest way to avail a loan:
Step 1: Search for the NBFC – the best business loan provider in India.
Step 2: Most NBFCs offer online loan application. You can visit the lender’s website and fill the application. There are some NBFCs who offer their mobile Application, you can download that as well to apply for a loan.
Step 3: Upload the documents required by the NBFC on their website/mobile App. Noteworthy, an NBFC requires fewer documents for a loan for the business. There is no need to submit any collateral papers since you are availing an unsecured business loan.
Step 4: This type of business is approved faster as compared to the unsecured ones since there is no need for the lender to evaluate the value of the collateral. In addition, the amount of the loan sanctioned depends on your eligibility and creditworthiness. An NBFC will disburse loan amount to your bank account within a few days.
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