NBFCs (Non-Banking Financial Companies) are amongst the best alternatives to banks when it comes to applying for small business loans. Banks usually have a tedious application process, ask for collateral, and have a long list of rules and regulations!
The loan criteria of NBFCs is more flexible as compared to banks. In many cases, there is no need for collateral to get a loan. Just a good credit score/CIBIL score with a simple application form is enough.
Eligibility Criteria To Get A Business Loan From An NBFC!
- The age of the applicant should be a minimum of 21 years and a maximum of 65 years.
- The business should be at least 1-3 years old.
- The business turnover should be a minimum of Rs. 15 lakhs to Rs. 1 crore.
- The residence of the business owner should not be used as a place for business operation.
- The small business owner should own the business premises.
- The credit score/CIBIL score is a very important criterion. A bad credit score is not a good sign. Some NBFCs even have their own calculation methodologies.
NBFCs usually require few documents for business loan approval. A business owner is required to submit the following documents:
- Identity proof and address proof (Aadhar & PAN Card details of the proprietor).
- Bank statement of the past 12 months.
- Latest Balance sheets and P&L.
- Income Tax Returns of the previous 2-3 years.
- Compliance and licenses required to run the business
- GST registration receipts and challans.
The applicant can just apply for a business loan online and even upload the required documents online for faster loan approval.
Gromor provides a very safe and secure option for an online loan application. The applicant just has to visit our website, fill the application form and upload the documents. The applicant can get a loan in 3 days or less based on how quickly it has been approved.