BUSINESS LOAN
Overview
Unsecured loans given by the banks and by NBFC (Non Banking Financial Company) to businessman without taking any collateral security is called as business loan. Business loan in ahmedabad are very useful to grow your business, credit card payments, dream tours, shopping or marriage, medical treatment, festivals etc. This kind of cash can be obtained easily via Business Loans. Business loan is not valid loan for start a new business or investment in shares and commodities etc.
You can get business loan in ahmedabad with your business documents just like your KYC documents and your income documents like last 3 year IT Return with P&L, Balance sheet, 12 month current account, Business continuity proof etc. Business loan is a simple hassle free process and it is easy to avail business loan with minimum documentation and within quick time. It is just takes minimum 3 days and maximum 7 days to get results from various institutions. Process times is purely depends on entire policy of Banks and profile of customer.
You have various options to get business loan. Each bank has different interest rates different tenure and different loan amount criteria. The business loan amount and rate of interest is dependent on customers profile like Annual turnover, nature of business, Net profit, Gross profit, average bank balance, Cibil score etc. Every banks give business loan from minimum of Rs. 3 lacks to maximum of Rs. 50 lacks.
Business loan can also reject by banks because of major three reasons. Firstly if customer has CIBIL problem or customer is defaulter in some bank. Secondly if customer is over leverage and thirdly is customer stability is not proper matched with banks criteria. Some other reason also effect like customer’s Average Bank balance, current company stability, and current resident stability if he is rented then only.
Every document is verified by verification agencies such as authorized by different banks. After verifying the documents and CIBIL credit do sanction loan or reject loan. If loan is sanction then it’s disbursed after various process of agreement with banks and submission of security cheques in favor of respective bank.
After business loan disbursement repayment starts from next months. If loan is disbursed after 15th of the month then EMI will come from next to next month but bank will deduct pre EMI interest from loan amount.
Zatpat loans give you best platform to get offers from many banks and NBFC. By applying here you will get value of your profile and banks come to your doorsteps to give you best. Here you can take decision as per your choice, your loan amount, interest rate and in touch with as many banks as possible and get them to make loan offers to him. Then he can then try to negotiate with them and select the most cost effective option for him. The borrower will also have to take into consideration the processing fee and prepayment charges while finalizing the lender.
Compare
Personalized Service: We only follow your profile and your requirement to well knowledge vendors who understand your profile and give you best.
Detailed Inquiry Form: We have prepared two types of inquiry form which helps you to take decision about your loan process. Our detailed application form submitted to our expert analyst and then result it within 24 hours. So you can easily know your eligibility, loan probability, and offers also.
Best Analyst – Zatpat loans has best analyst team which is highly educated, many years experienced and well knowledge of all bank policies. It helps you to platform your profile at right way.
Latest Offers – Zatpat loans updates immediately all new schemes running from all banks. So it is easy to choose best rate loan from all banks.
No consulting Charges – Zatpat loans itself and all vendors who are related to Zatpat loans do not take any consulting charges from customers.
Doorstep Services – Zatpat loans gives you doorstep services for all products from all banks. Vendor will come to you place from application to disbursement process. So it is easy to get best without investing time.
All Bank Offer At One Time – Every BANK and NBFC have different interest rate for different salary and profile. Zatpat loans give you the right platform where all bankers offer his best to particular profile. So it is for customer to select best option with best scheme.
Helpline – Zatpat loans has a customer care team and a virtual number who helps you take advice about loan and also help to increase your credit profile.
Stop Frauds – Some time customer are being part of fraud from vendors and of some executives. Zatpat loans give you surety of fraud free loans.
Interest Rates
Current Business Loan Interest Rates in IndiaCurrent Business Loan Interest Rates in India:
You have various options to get business loan. Each bank has different interest rates different tenure and different loan amount criteria. The business loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give business loan on base of multiple of net take home salary. Multiple are minimum 7 and maximum 18 times of net monthly take home salary.
Balance Transfer Scheme:
If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer higher loan amount, lower interest rate than the existing loan and lower processing fees. By this way you can get new loan and keep only one EMI even though you have get new funds.
Special Scheme:
Each and Every bank and NBFC have some special policy for business loan. They are offering on different surrogates, hence you will be eligible for new loan even you are over leverage. Most of the banks are every month announce new scheme in Loan amount, Processing Fees, Interest Rate etc. So when you get right scheme it is better to take immediate apply and choose the right bank.
Difference with Pre payment loan and normal loans:
There are various offers in market who offers normal loans and with facility of pre payment with nil charges. There is always difference in rate of interest offered by normal loan banks and nil for closer pre payment loans. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.
Difference between Flat Rate and Reducing Rate:
Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.
Eligibility Criteria
Current Business Loan Interest Rates in IndiaCurrent Business Loan Interest Rates in India:
You have various options to get business loan. Each bank has different interest rates different tenure and different loan amount criteria. The business loan amount and rate of interest is dependent on customers profile like working company, take home salary, Average bank balance, designation, Cibil score etc. Every banks give business loan on base of multiple of net take home salary. Multiple are minimum 7 and maximum 18 times of net monthly take home salary.
Balance Transfer Scheme:
If you want to release your current burden of high interest rate or don’t want to take multiple EMI burden for new loan and also required best rate compare to your older loan than Balance transfer scheme is the right option for you. Some banks are giving best scheme for balance transfer like they are offer higher loan amount, lower interest rate than the existing loan and lower processing fees. By this way you can get new loan and keep only one EMI even though you have get new funds.
Special Scheme:
Each and Every bank and NBFC have some special policy for business loan. They are offering on different surrogates, hence you will be eligible for new loan even you are over leverage. Most of the banks are every month announce new scheme in Loan amount, Processing Fees, Interest Rate etc. So when you get right scheme it is better to take immediate apply and choose the right bank.
Difference with Pre payment loan and normal loans:
There are various offers in market who offers normal loans and with facility of pre payment with nil charges. There is always difference in rate of interest offered by normal loan banks and nil for closer pre payment loans. You should have to decide first your purpose of your loan, your repayment capacity, your saving planning, your extra income like incentive and then after you have to decide that are you able to do pre payment before the tenure or not. If first you clear your perfect concept of loan then you can do best deal.
Difference between Flat Rate and Reducing Rate:
Major customer does not understand what is difference between flat interest rate and reducing interest rate? There is only calculation difference between flat interest rate and reducing interest rate. If you go for the flat rate then reducing will be Flat rate * 1.75 Example if your flat rate is 10% yearly then your reducing will come 10% * 1.75 = 17.5% reducing yearly. Both are same but some people misguide customer with flat and reducing interest rate.
Documents
English
PVT LTD COMPANY
1.) 3 years IT returns with profit and loss account, balance sheet, and statement of income (Audit Report if audited.)
2.) 12 month current account statement
3.) 12 month saving bank account
4.) Resident latest light bill and telephone bill
5.) Office latest light bill and telephone bill (Rent agreement if rented)
6.) Pan card copy of all Directors and company
7.) Company MOA and AOA`
8.) Latest share holding pattern and List of Director on company letter head
9.) Welcome letter of all current live loans
10.) 2 photograph passport size
11.) 5 years old business continuity proof
12.) Current year provision P & L and balance sheet
13.) Vat return of current year
14) Creditors and debtors break up of last 2 years
15) Month wise sales purchase of last 2 years
PROPERIETORSHIP FIRM
1) 3 years ITR with profit and loss amount, balance sheet and statement of income (audit report if audited)
2) 12 months current account statement (All account mentioned in Audit report and IT return)
3) 12 months saving bank account
4) Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
5) Pan card copy and Aadhar card copy
6) welcome latter of all current live loans
7) 2 photographs passport size
8) 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
9) Current year provision P & L and balance sheet
10) Vat return & GST return of current year
11) Creditors and Debtors break up last 2 years
12) Month wise sales purchase of last 2 years
PARTNERSHIP FIRM
1) 3 years ITR with profit and loss amount, balance sheet and statement of income (Audit report if audited)
2) 2 Years Individual IT return of All Partners
3) 12 months current account statement (All account mentioned in Audit report and IT return)
4) 12 months saving bank account Individual Partners
5) Office and resident latest light bill and telephone bill and Municipal tax bill (Rent agreement if rented)
6) Pan card copy and Aadhar card copy of all partners and pan card of company
7) Partnership deed
8) welcome latter of all current live loans
9) 2 photographs passport size
10) 5 years old business continuity proof (Gumasta/Vat/Excise/Cst/Gst/SSI)
11) Current year provision P & L and balance sheet
12) Vat return & GST return of current year
13) Creditors and Debtors break up last 2 years
14) Month wise sales purchase of last 2 years
Gujarati
પ્રાઇવેટ લિમિટેડ કંપની માટેના ડોક્યુમેંટ્સ લિસ્ટ (બિજનેસ લોન)
- 3 વર્ષના કોમ્પ્યુટેસન ઓફ ઇનકમ, નફા અને ખોટ ખાતું અને બેલેન્સશીટ (ઓડિટ હોય તો ઓડિટ રિપોર્ટ.)
- 12 મહિનાનું કરન્ટ બૅન્ક એકાઉન્ટ સ્ટેટમેન્ટ (ઓડિટ રિપોર્ટ અને આઇટી રીટર્નમાં ઉલ્લેખિત તમામ એકાઉન્ટ)
- 12 મહિનાની બચત બેંક પાસબૂકની કોપી અથવા બૅન્ક સ્ટેટમેંટ
- ઘરનું તાજેતરનું લાઇટ બિલ અને ટેલિફોન બિલ
- ઓફિસનું લેટેસ્ટ લાઇટ બિલ અને ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
- બધા ડિરેક્ટર્સના અને કંપનીના પાન કાર્ડની નકલ
- કંપનીના MOA અને AOA ની નકલ
- કંપનીના લેટર હેડ પર લેટેસ્ટ શેર હોલ્ડિંગ પેટર્ન અને ડિરેક્ટરની સૂચિ
- બધી વર્તમાન ચાલુ લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
- 2 ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
- 3 વર્ષ જૂનું વ્યવસાય ચાલુ કર્યા હોવાનું કોઈ પણ પ્રૂફ
- વર્તમાન વર્ષનું પ્રોવિજનલ નફા અને ખોટ ખાતું અને બેલેન્સશીટ
- જી.એસ.ટી. સર્ટિફિકેટ
- 1 વર્ષ નું જી.એસ.ટી ના રિટર્ન ની નકલ
- લેણદારો અને દેવાદારો ખાતા ના છેલ્લા 2 વર્ષના ઉતારા
- છેલ્લા 2 વર્ષની દરેક મહિના મુજબની વેચાણ ખરીદી નો ઉતારો
પ્રોપરાઇટર (PROPRIETOR) ફાઇલ માટે ડોક્યુમેંટ્સ લિસ્ટ (બિજનેસ લોન)
- 3 વર્ષના કોમ્પ્યુટેસન ઓફ ઇનકમ, નફા અને ખોટ ખાતું અને બેલેન્સશીટ (ઓડિટ હોય તો ઓડિટ રિપોર્ટ.)
- 12 મહિનાનું કરન્ટ બૅન્ક એકાઉન્ટ સ્ટેટમેન્ટ (ઓડિટ રિપોર્ટ અને આઇટી રીટર્નમાં ઉલ્લેખિત તમામ એકાઉન્ટ)
- 12 મહિનાની બચત બેંક પાસબૂકની કોપી અથવા બૅન્ક સ્ટેટમેંટ
- ઘરનું તાજેતરનું લાઇટ બિલ અને ટેલિફોન બિલ
- ઓફિસનું લેટેસ્ટ લાઇટ બિલ અને ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
- પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ
- બધી વર્તમાન જીવંત લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
- 2 ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
- 3 વર્ષ જૂનું વ્યવસાય ચાલુ કર્યા હોવાનું કોઈ પણ પ્રૂફ (ગુમાસ્તા/વેટ/ આબકારી/ સીએસટી / જીએસટી / એસએસઆઈ)
- વર્તમાન વર્ષનું પ્રોવિજનલ નફા અને ખોટ ખાતું અને બેલેન્સશીટ
- જી.એસ.ટી. સર્ટિફિકેટ
- 1 વર્ષ નું જી.એસ.ટી ના રિટર્ન ની નકલ
- લેણદારો અને દેવાદારો ખાતા ના છેલ્લા 2 વર્ષના ઉતારા
- છેલ્લા 2 વર્ષની દરેક મહિના મુજબની વેચાણ ખરીદી નો ઉતારો
ભાગીદારી કંપની માટેના ડોક્યુમેંટ્સ લિસ્ટ (બિજનેસ લોન)
- 3 વર્ષના કોમ્પ્યુટેસન ઓફ ઇનકમ, નફા અને ખોટ ખાતું અને બેલેન્સશીટ (ઓડિટ હોય તો ઓડિટ રિપોર્ટ.)
- બધા ભાગીદારોના 2 વર્ષના વ્યક્તિગત આઇટી રિટર્ન
- 12 મહિનાનું ચાલુ ખાતું નિવેદન (ઓડિટ રિપોર્ટ અને આઇટી રીટર્નમાં ઉલ્લેખિત તમામ એકાઉન્ટ)
- 12 મહિના બચત બેંક એકાઉન્ટ વ્યક્તિગત ભાગીદારો
- બધા ભાગીદારો ઘરનું તાજેતરનું લાઇટ બિલ અને ટેલિફોન બિલ
- ઓફિસનું લેટેસ્ટ લાઇટ બિલ અને ટેલિફોન બિલ (ભાડે હોય તો ભાડા કરાર)
- બધા ભાગીદારો અને કંપનીના પાનકાર્ડની પાનકાર્ડની નકલ અને આધારકાર્ડની નકલ
- ભાગીદારી કરાર
- બધી વર્તમાન જીવંત લોનના વેલકમ લેટર અથવા લોન મંજૂર પત્ર
- ફોટોગ્રાફ પાસપોર્ટ સાઇઝ
- 3 વર્ષ જૂનું વ્યવસાય ચાલુ કર્યા હોવાનું કોઈ પણ પ્રૂફ (ગુમાસ્તા/વેટ/ આબકારી/ સીએસટી / જીએસટી / એસએસઆઈ)
- વર્તમાન વર્ષનું પ્રોવિજનલ નફા અને ખોટ ખાતું અને બેલેન્સશીટ
- જી.એસ.ટી. સર્ટિફિકેટ
- 1 વર્ષ નું જી.એસ.ટી ના રિટર્ન ની નકલ
- લેણદારો અને દેવાદારો ખાતા ના છેલ્લા 2 વર્ષના ઉતારા
- છેલ્લા 2 વર્ષની દરેક મહિના મુજબની વેચાણ ખરીદી નો ઉતારો
Process
Business loan process is divided in 5 steps. By following all 5 steps you will get best loan as per your requirement. If there is any problem with your loan then your application will stop on related stages and its shows current status. Every stage result you that its stop or in process. Understand clearly all the stages so it is easy to take business loan.
Stage 1: Enquiry – Take Advise – Compare – Select
When you have choose this platform to compare all banks and financers then always try to attend all calls and talk with all financers. Do not irritate by lots of call but share your choice, your demand, your purpose, loan amount, profile with every bank and financer. Its helps you to take decision about your loan and helps you to choose right option. If you have any negative points then also share it with vendors so they will show you the right way. It is better to choose option who suite to your profile and advised by majority consultants.
Stage 2: Documents Sumiton – Application Form – Apply
Firstly choosing right option prepare all required documents and once verify with your lender and if there is some documents pending arrange it on priority bases. Verify that all documents are enough as per bank policy or not. Sign application form properly.
Stage 3: Application alert – Query – CIBIL
When you submit your application completely to the bank then you will get one SMS with application number from respective bank. You can follow your status by this application number online. Major Banks does not login if there is any query in your application so try to complete your document. After login please ask your lender about CIBIL and query. If there is any problem with your CIBIL your application will reject with this stage. If there is any doubt query in CIBIL your application will hold for query. If there is no query then your application will move for next stage of verification.
Stage 4: Verification – Business Discussion
After completing 3rd stage your application moves to verification stage. Verification agencies representative will visit your office and resident and collect detail respecting you and submit it to bank. Besides Some bank Credit offices do telephonic business discussion about your application and some bank credit officers personally visit you for business discussion. They try to know your profile, your attitude, your loan purpose, your credit history, your financially stability etc. After getting business discussion if credit manager feel any doubt then he will reject your loan or ask for query. If he satisfied with profile then your application will move to final stage.
Stage 5: Loan approved – Sanction offer – Agreement – Disbursement
After cleared all above four stages your application will moved for approval and meanwhile you will get approval from bank. After getting approval customer has to do agreement with bank and submit security deposit cheque in favor of bank name. Once your agreement completely submitted to bank then within 48 hours you will get RTGS in your account of DD from respected banks.
Best Tips
If you are going for business loan please follow best tips from Zatpat loans advisor.
- Always get quotation from multiple vendors and multiple banks then analyst it and select what is best
- Always try to hear all vendors particularly so from that you can something new which you don’t know
- Don’t hide your negative points from vendors because it helps you provide right option
- Discuss your all credit history with vendors so it is give you perfect results without rejection
- Don’t make rude attitude to vendors because it makes your relation temporary and not profitable to you.
- Always prepare your all documentation and also security cheques before you apply for business loan. It saves your time.
- Be in touch with your vendors till you get particular status about your loan application
- Follow Application number on bank’s website. It will keep you in track.