Going for a business loan sometimes becomes the need of the hour, throughout the whole business cycle (different stages of business). It may be due to the increase in the number of people or changing or increasing office space, the requirement of some latest equipment and if there is money trouble which will hamper business growth.
Here’s How You Can Get Super Quick Business Loans!
For acquiring a business loan, you need to follow certain criteria. Below are some basic ones for a business loan when approaching banks or Non-Financial Banking Institutions:
- Age limit should be a minimum of 21 years and maximum of 65 years.
- Business should be a profit making business for at least the past 2 years.
- Business should be active for at least 3 years but some banks might offer loans for businesses which are just a year old.
- Every business’s credit score is also evaluated while granting loans. A good credit rating will increase the chances of getting a loan. Gromor also has it’s in-house credit evaluation methodologies.
- The business should also steer clear of any fraudulent or criminal activities. The loan will not be granted at all if any such case is found.
Some documents which are required while asking for a loan are:
Important ones to establish the identity of the proprietor as well as the business and their respective addresses, which include Aadhaar & PAN Card of the Proprietor, PAN Card of the Proprietor, Last 12 months Bank Statements of All Bank Accounts, Balance Sheets and P&L, ITR for the previous 2 years, Required clearances, compliance and licenses, etc. to conduct business.
For a more detailed list and to get a handy checklist for your reference, check this post.
Always be careful while applying for a loan, read the document requirements carefully, be prepared to repay.
So, if you are in need of a super quick business loan, be sure to get in touch with Gromor to help with all your financial needs.