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Apply For Business Loan


Important Information

KYC and Required Documents for Business Loan: File Charge – ₹7,100

FormSigned application form with your passport size photo
Identity Proof

PAN Card, Passport, Driving License, Aadhar Card, Voter ID, I-Card issued by Govt.

Age ProofBirth Certificate/ Voter ID Card/ School or College Leaving Certificate
Address ProofPassport, Driving License, Election ID, Electricity/ Telephone/ Mobile Bill/ Bank Statement (not more than 3 months old) Any residential proofs etc.
Income ProofSalary Slip, 6 Months Bank Statement, Form 16

Important Information

Business Loan Overview with Take Easy Loan

A business loan is a financial product designed to meet the funding needs of businesses. Whether you’re starting a new venture or expanding an existing one, business loans provide capital to support various business activities. In India, the government has introduced several loan schemes, including the Pradhan Mantri Mudra Yojana, to promote small enterprises. These schemes offer loans ranging from small to large amounts to support entrepreneurs and business owners. Whether you’re looking to start a new business or require funds to expand your current operations, a business loan can provide the necessary financial support.

Features Of Business Loan

Features of Business Loan:

  1. Cash Inflow: Business loans provide a steady cash inflow to support various business needs, including operational expenses, expansion plans, and investment opportunities.

  2. Financial Support: Businesses can rely on loans to fulfill both short-term and long-term financial requirements, such as purchasing inventory, upgrading equipment, or expanding facilities.

  3. Flexibility: Business loans offer flexibility in terms of repayment periods and loan amounts, allowing borrowers to tailor the loan to their specific needs and financial situation.

Tips for Applying for a Business Loan:

  1. Detailed Business Plan: Create a comprehensive and unique business plan that highlights your business goals, strategies, and potential for success, which can attract the attention of lenders.

  2. Communicate with the Bank: Discuss your business plan with the bank from which you intend to borrow, providing them with insights into your business and its financial projections.

  3. Determine Loan Amount: Determine the exact amount of loan you need to fulfill your business requirements, ensuring it aligns with your financial goals and repayment capacity.

  4. Check Credit Score: Before applying for a loan, check your credit score to assess your creditworthiness and identify any areas for improvement that may affect your loan approval.

Banks evaluate loan applications based on the viability of the business plan and its potential to generate profits to repay the loan within the stipulated period. Demonstrating a clear plan for repayment and showcasing the profitability of your business increases the likelihood of loan approval.

Types Of Business Loan

Secured Business Loan:

  • Secured business loans require the borrower to provide collateral, such as personal assets or business assets, as security against the loan.
  • The collateral serves as a guarantee to the lender in case of default, reducing the risk for the lender.
  • These loans typically offer lower interest rates and higher loan amounts due to the reduced risk for the lender.

 

Unsecured Business Loan:

  • Unsecured business loans do not require any collateral or personal guarantee from the borrower.
  • Businesses opt for unsecured loans for reasons such as shorter turnaround time (TAT) compared to secured loans.
  • These loans are ideal for businesses that do not have valuable assets to offer as collateral or prefer not to risk personal assets.
  • While unsecured loans may have higher interest rates and lower loan amounts compared to secured loans, they often have lower upfront costs and do not require any security.