Business Loan Eligibility Criteria
The eligibility criteria for applying for a business loan in Navi Mumbai are:
- The business should be in operation for at least 2 years
- Minimum 5 lakh of annual banking credit
- Last year ITR of more than INR 1.5 lakh
- Either house or business premises should be self –owned
Business Loan Documents
Following documents are necessary to apply for a business loan from ZipLoan:
Business Loan Interest Charges
The interest rate of a business loan from ZipLoan is competitive, get information about the business loan interest charges and the nominal rates for the ZipLoan business loan
Types of Business Loan Available in Navi Mumbai
- Equipment Financing – it is a kind of funds needed for the purchase of machinery & tools for manufacturing good quality products.
- Unsecured Business Loan – The loan is provided without any security or mortgaging of the asset. The loan is provided only after thorough background check such as credibility, financial strength, annual turnover, cash flow and risk potential, etc. As per the instructions the borrowers need to submit credit scores, KYC, business documents and bank account statements.
- Line of Credit Loan – The business owner gets access to the specific amount of money that can be drawn from any time as required. Generally revolving credit facility is provided where the credit line resets after the amount is withdrawn is paid in full just like in credit card.
- Invoice Financing: Business owner borrows money against the amount due from customers. It is a short term requirement that helps businesses to improve cash flows, pay employees and suppliers, and manage business operations and growth.
- Micro-loans - Small sum of money is provided to meet expenses for emergencies, expanding business, restructuring and to manage few setbacks. The interest rates charged reasonable by the bank or the lending agencies are reasonable as the loan amount is small
How to Get a Business Loan in Navi Mumbai?
You can conveniently avail a business loan in Navi Mumbai by following these simple 4 steps:
- Apply Online: Duly fill the business loan application form on our website to apply for a small business financing in Navi Mumbai. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Navi Mumbai.
- Submit Required Documents: After applying for loans for small business in Navi Mumbai, submit the PDFs of the required documents.
- Business Loan Approval: Our representative will process your business loan application within a few hours after you submit it. We have our own holistic credit evaluation process, ZipScore.
- Business Loan Disbursement: Our business loan disbursement process is very quick and we disburse the business loan in Navi Mumbai within a few hours after you sign a contract with us.