Small Business Loan - Which Bank is the best?

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Small Business Loan Which Bank is the Best for
it?
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Business Loan

• Whether you want to expand your business or start
  a new venture, you may need funds and investments
  from outside.
• Without external funding, you may stay behind to
  take the advantages of the market opportunities.
• A business loan ensures that your business
  doesnt face any financial problems.
• That is why many lenders are offering business
  loans to startups or small and medium enterprises
  (SMEs).

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What is a Small Business Loan?

• A small business loan is a financial tool
  exclusively meant for self-employed individuals
  as wells as enterprises such as proprietorship,
  private and public limited entities.
• It can be used to invest in infrastructure, buy
  new machinery, to increase working capital, set
  up a new branch etc.

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Eligibility For Small Business Loan

• Self-employed individuals as wells as enterprises
  such as partnership firms, private and public
  limited entities, proprietors engaged in
  manufacturing, services, wholesalers, and
  retailors etc.
• Borrowers should be at least 21-year old at the
  time of application and less than 65-year old at
  the time of loan maturity.
• Minimum turnover ? 40 Lakhs p.a.
• Minimum income ? 1.5 Lakhs p.a. while making
  profit for the last two years.

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Documents Required for Small Business Loans

• Fully filled and duly signed application.
• Passport-size photographs of business owner or
  partners.
• Business Entity Proof, Partnership Deed, Article
  of Association (AOA), Shop Establishment
  Certificate.
• Proprietors/ Partners / Directors / Promoters
  PAN card.
• Address of the business entity.
• Bank statement for the last 6 months.
• Projected turnover and current year performance
  of business entity.
• Audited and provisional reports last 3 years
  (Balance Sheet, Profit and Loss Account, VAT
  Returns, Tax Audit Report).
• Last 1-year ITR (income tax return) of the
  borrowing entity.

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Common Business Loans In India

• Government Loan Government of India has launched
  special loan schemes, like Mudra Yojana, for
  small business units across the country.
• Project Finance Offered on the basis of project
  assessment report for long-term infrastructure or
  industrial projects.
• Equipment Finance Extended to buy or lease
  equipment for business units.
• Working Capital Finance Provided for daily
  working needs to ensure business operates
  smoothly
• Financial Advisory Provided to seek financial
  advisory from financial experts.
• Insurance Provided for insurance solution for
  better safety.
• Trade Loans Provided for traders to expand
  existing business or start new business.

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Major Small Business Loan Lenders in India

1. SBI Simplified Small Business Loan
2. HDFC Bank Business Loan
3. Bank Of Baroda Business Loan
4. Tata Capital Business Loan
5. Magma Fincorp SME Loan
6. ICICI Bank SME Business Loan

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Thank You !!!