Business Loan Eligibility Criteria
The eligibility criteria for applying for a business loan in Bhopal 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
Know more about the business loan interest charges and the nominal rates for the ZipLoan business loan
Business Loan EMI Calculator
Use our business loan EMI calculator to estimate your business loan EMI and also analyse EMI schedule
Types of Business Loan Available in Bhopal
- Business Installment Loan – Many leading banks offer business instalment loan that addresses the borrower’s need for immediate cash and expansion needs. Both unsecured and secured loan is available in this type of loan.
- Growth Capital & Equity Assistance – Banks and financial institutions offer loan schemes that support startups with special needs. The fund can be used for the purposes like R & D, business expansion, buying machinery, marketing, brand building, creation of distribution network, etc.
- Equipment Financing – The equipment or the machinery is bought from the loan is kept as collateral with the bank, available at a low rate of interest. The main benefit of equipment financing is the depreciation of the equipment can be used as a tax benefit for many years.
- Micro Loans – A small sum of money is provided to meet unfortunate emergencies, expansions, capital payments, and to manage few setbacks. The interest rates are very competitive by the bank or the lending agencies as the loan amount is very small.
How to apply for a business loan in Bhopal?
You can conveniently avail a business loan in Bhopal 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 Bhopal. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Rishikesh.
- Submit Required Documents: After applying for loans for small business in Bhopal, 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 Bhopal within a few hours after you sign a contract with us.