Features of a business loan

• Collateral-Free Loans : These unsecured loans are offered without collateral or security. However, before sanctioning the loan, the banks check your credit report and score, age and income over the past few years.
• Reducing Interest Rate : The rates of interest on the business loan are fixed, which implies that the rates of interest remain constant across the tenure. The rate of interest on a business loan is around 14-24% a year.
• Flexible Repayment Tenure : Business loans come with flexible repayment tenure. This is a key feature of business loans that makes them an attractive funding option for businessmen.
• Loan Amount : An individual can avail of a maximum business loan of Rs 1.5 Cr. provided he has a good credit score and a steady source of income. Banks check the financial credibility of the borrower before sanctioning the business loan.
• Minimal Paperwork : You can also avail of business loans online by visiting the website of bank or through the mobile banking apps of the bank. You can also avail of business loans from online loan aggregators. Online business loans require minimum documentation and can be uploaded and submitted for verification.
• Fast Processing : Once you submit the documents, banks scrutinize them and approve the business loan. The loan approval is followed by the disbursal process. Expect fast processing of the business loan.

Eligibility Criteria for Business Loans

Business loans can be availed by self-employed, limited and private liability companies, manufacturers and services providers. The banks have certain eligibility criteria that must be fulfilled by the applicant. Loans are easily approved without wasting much time.

• The applicant must be 21 years to 70 years of age.
• The applicant must have run the business for the last 10 years.
• The annual business turnover must be Rs 50 Lakh or more with a minimum profit of Rs 2 Lakhs.
• Show the last 3 years' Income Tax Returns filed.
• The business partner can sign the business loan as a co-applicant. This helps you avail of a business loan at a lower interest rate.

Who can avail of a Business Loan?

• Individuals
• Startup enterprises
• Retailers, Artisans, Traders
• MSMEs
• Private and Public Limited Companies
• Closely Held Limited Companies
• NGOs, Co-operative Societies and Trusts
• Self Employed individuals like doctors, architects, CAs, designers ect, CS, CMS, Services Provider.

What can you use a business loan for?

You can MSME online loan application to cover any business-related expense. Business owners can use the capital to:

• Individuals
• Startup enterprises
• Retailers, Artisans, Traders
• MSMEs
• Private and Public Limited Companies
• Closely Held Limited Companies
• NGOs, Co-operative Societies and Trusts
• Self Employed individuals like doctors, architects, CAs, designers etc.

Documents required for a business loan

• Identity proof like a passport, driver's license, PAN card, Aadhar Card Individuals
• Address proof
• Address proof for business
• Proof of business for the last 3 years
• Balance Sheet and Profit and Loss Statement
• IT returns for the last 3 years
• Bank Statement for the last 6 months
• Proof of ownership

Getting a business loan approved can be an exhausting process. At Cat Eye Consultancy, we ensure that your loan application process is as smooth as possible so that you can get the necessary funds required to jumpstart your entrepreneurial dream.

Whether it is making a rock-solid loan application or ensuring that all your documents are in order, we at Cat Eye will leave no stone unturned to ensure that your loan is approved in no time. Let us help you achieve your entrepreneurial goals by getting your business loan with us.

Applay for Business Loan Online in 5 Easy Step

• Visit the application form and fill in the details.
• Provide your KYC and Income & 6 months bank documents.
• The application is then processed for loan verification
• PGet your loan approval in quick TAT
• That's it! Loan is credited to your bank account.