Know About Business Loans:
Prepare a Comprehensive Business Plan: Before applying for a business loan, it is crucial to develop a detailed business plan outlining your goals, strategies, and financial projections. This provides lenders with a clear understanding of your business and its potential for success.
Understand Your Credit Score: Knowing your credit score is essential as it directly impacts your eligibility for a business loan. A higher credit score enhances your chances of loan approval, while a lower score may necessitate improvements or affect the terms of the loan.
Determine the Required Loan Amount: Clearly define the amount you need for your business requirements. Assess your financial needs accurately to avoid borrowing more or less than necessary.
Conduct Market Research on Business Loan Options: Explore the available business loan options in the market. Compare interest rates, terms, and conditions offered by different lenders to choose the one that best aligns with your business needs.
Organize and Have Necessary Documents Ready: To streamline the application process, ensure you have all required documents in order. This includes proof of address, photo identity proof of promoters, business proof, income proof, partnership deed for partnership firms, articles of association, memorandum of association, board resolution, PAN card, and other relevant documents.
Features and Benefits of Our Business Loans:
Term Loans: Long-term financing solutions for business needs.
Working Capital Loans: Funding to cover day-to-day operational expenses.
Business Expansion Loans: Capital for expanding and growing your business.
Equipment Financing Loans: Specifically tailored for acquiring necessary equipment.
Invoice Financing & Bill Discounting: Solutions for managing cash flow through accounts receivable.
Machinery Loans: Funding for the purchase or upgrade of machinery.
Business Type: Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.
Credit Score: A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.
Business Age: Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.
Annual Revenue: Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.
Collateral: Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.
Cash Flow: Lenders often evaluate your business’s cash flow to determine your ability to repay the loan.
Age Criteria: Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.
Eligible Entities: Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors
Business Vintage: Min. 1 year or above
Business experience: Min. 1 year, business location to remain same
Annual Turnover: Shall be defined by the Bank/NBFC
Credit Score: 700 or above (Preferred by most private and public sector banks)
Nationality: Indian citizens
Additional Criteria: Applicants must own either a residence, office, shop, or Godown.
The specific documentation required for a business loan can vary among lenders, but generally, the following documents are commonly requested:
Identity Proof:
- Aadhar card
- Passport
- Voter ID
- Driving license
Address Proof:
- Aadhar card
- Passport
- Voter ID
- Utility bills (electricity, water, gas) not more than 3 months old
- Rental agreement (if applicable)
Business Proof:
- Business registration certificate (Shop Act/GST/MSME)
- PAN card of the business
- Partnership deed (for partnerships)
- Memorandum and Articles of Association (for companies)
Income Proof for Salaried Individuals (if applicable):
- Latest salary slips (usually for the last 3 months)
- Bank statements showing salary credits
- Form 16 or Income Tax Returns (ITR)
Income Proof for Self-Employed Individuals:
- Income Tax Returns (ITR) for the last 2-3 years
- Profit and loss statement
- Business continuity proof (e.g., GST Certificate)
Business Bank Statements:
- Bank statements for the business account for the last 6 months
Financial Documents:
- Audited financial statements for the last 2-3 years (profit and loss statement, balance sheet)
- Sales and purchase invoices
Business Plan:
- Detailed business plan outlining the purpose of the loan, utilization of funds, and projected financials
Collateral Documents (if applicable):
- Documents related to the collateral being offered, such as property papers or asset details
Trade References:
- References from suppliers, customers, or business partners
Identity Proof of Co-Applicant (if applicable):
- Similar documents as mentioned above for the co-applicant, if any
It’s important to note that the exact list of required documents may vary among financial institutions. Additionally, lenders may have specific requirements for different business structures (proprietorship, partnership, private limited, etc.). Prospective borrowers are advised to contact the chosen lender directly to get the most accurate and up-to-date information regarding the documentation needed for a business loan application.
All applicable charges will be determined in accordance with the policies and regulations of the respective Bank and Non-Banking Financial Company (NBFC). The fees and charges associated with services, transactions, or financial products will be subject to the terms and conditions set forth by the specific institution. It is advisable to carefully review the fee structure, interest rates, and any other associated costs provided by the Bank or NBFC before availing any services or entering into financial agreements. Additionally, for the most accurate and up-to-date information, it is recommended to directly contact the institution in question or refer to their official documentation.
FAQs
Brzlego India provides Direct Selling Agent (DSA) services for a variety of loans, including Personal Loan, Home Loan, Business Loan, Education Loan, Loan Against Property, Doctor’s Loan, Car Loan, Two-Wheeler Loan, and Plot Loan.
Brzlego India has partnerships with ICICI Bank, HDFC Bank, LIC HFL, Chola, Aadhar Housing Finance, Fullerton Financial, Utkarsh Small Finance Bank, Jana Small Finance Bank, Lendingkart, and Faircent.
You can apply for a loan through Brzlego India by contacting our team or visiting our website. Our expert team will guide you through the application process.
Brzlego India offers a wide range of loans, including Personal Loan, Home Loan, Business Loan, Education Loan, Loan Against Property, Doctor’s Loan, Car Loan, Two-Wheeler Loan, and Plot Loan.
No, Brzlego India is not a financial institution. We are a Direct Selling Agent (DSA) facilitating loan services through our partner banks and financial institutions.
While credit scores are considered, each case is unique. Contact our team, and we will explore the options available for you.
The required documents vary based on the type of loan. Generally, proof of identity, address, income, and property documents are needed. Our team will guide you through the specific requirements.
The approval time varies depending on the type of loan and the documentation provided. We strive to ensure a quick and hassle-free approval process.
Yes, many of our partner banks allow prepayment of loans. However, terms and conditions may apply. Please check with our team for details.
We are transparent about the charges associated with loans. Our team will provide you with a clear understanding of all applicable fees and charges.
We are transparent about the charges associated with loans. Our team will provide you with a clear understanding of all applicable fees and charges.
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