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Whether the requirement is for expansion, inventory, cash flow, equipment or any other capital need, an instant business loan comes in handy each time. This unsecured form of credit can be a sound option to fall back on in times of need. It can help you take your business to greater heights.
Moreover, with flexible EMI options, quick availability, easy documentation, and multiple product offerings, a business loan from a trusted financial institution can provide a competitive edge to your company.
Here is how you can get a quick business loan in Delhi:
Know Your Need
The first step while applying for this loan is to determine the amount required. Generally, lending institutions grant loans between Rs 5 lakh and Rs 75 lakh, with flexible EMI options.
Read | Small Business Loans: A Complete Step By Step Guide
Check Your Eligibility
Once you have assessed the sum, check if you meet the eligibility criteria. Most lenders publish the qualification norms on their official websites. Some common things asked for include:
- Applicant’s age
- Age of the business
- Minimum turnover
- ITR value
- Owned house or place of work
- CIBIL score (usually 750 and above)
These loans can be availed by a sole proprietor, a partnership firm, a private company, trusts, societies, and other institutions such as nursing homes, diagnostic labs, etc.
Apply for the Loan
If you meet the business loan eligibility criteria, visit the official website of the lender and apply for business loan. The online application will require you to fill some basic details such as your name, age, address, the amount required, etc. Be sure to fill all details correctly to avoid rejection.
Submit Your Documents
After you have filled the form, the lender will require you to furnish certain documents. These will be required to help the process move ahead. Ensure all submitted documents are legitimate, and the details in them are true. Some of the credentials that are generally asked for in a business loan online include:
- Identity and address proof
- CIBIL score
- Proof of business existence (as specified in the eligibility requirements)
- PAN card and other KYC details
- Copy of ITR submission (last 24 months from the date of the loan application)
- Bank account statements (last six months)
- Pay slips (last six months)
Get Verified
Once all the documents have been submitted, the financial institution will verify your online application as well as the records tendered. This process is not long but might require a personal discussion with the company executive for verification.
Read | 10 Things to Do Before You Obtain a Long Term Business Loan
Avail the Loan
When the substantiation is complete, the lender sanctions the loan and will inform you in writing. Be sure to read all terms and conditions, EMI structure, tenure, penalties, etc. to ensure a smooth utilization and repayment of funds. The amount is credited to your bank account within a few hours of approval.
Conclusion – Getting Instant Business Loan
Business loans are easy to apply for and help in critical times. They accommodate unique requirements, helping you grow exponentially. Whether looking for a business loan in Delhi or anywhere in the country, reach out to quality lenders and the most trusted names in the industry, and avail several benefits, such as faster approval, quick disbursal, flexible tenure, etc.
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