Business loan Eligibility Criteria
The eligibility criteria for applying for a business loan in Haridwar are:
- The business should be at least 2 years old
- Minimum 5 lakh of annual banking credit
- Last year Income Tax Return should be 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:
- PAN card
- Last 12 months Bank Statement
- Last 1 year’s ITR
- Address proof
- Aadhar card
Business Loan Interest Charges
Get information about the business loan interest charges and the nominal rates for the ZipLoan business loan
Type of business loan available in Haridwar
The different types of business loan are:
- Small Business Administration loans (SBA) - SBA is a government body that does not provide loans directly to the aspiring business people, however, they direct the businesses to banks and other agencies that have good loan disbursement services. This, however, includes immense paperwork and the background check of the firm like its annual turnover, employee details, credit score, etc.
- Equipment Financing – It is a kind of funds required to invest in the purchase of machinery & tools for manufacturing a good volume of products.
- Unsecured Business Loans - The loan is provided without any security or assets. However, thorough background checks such as credibility, financial strength, annual turnover, cash flow and risk potential, etc. As the risk of providing an unsecured business loan is high so the business owners have to diligently provide the loan providers with the credit scores, KYC and business documents and the banking account statements.
- Business Credit Cards – most preferred by the businessmen during emergencies. This method of getting a loan also helps to improve the credit score and gain reward points.
- 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.
- Invoice Financing – It is for small businesses who get funding from the small businesses to encounter a time lag between raising invoices & receiving payments from the clients.
- Overdraft Facility – Lender analyses the borrower’s credit history, relationship with the institution, business cash flow and repayment history after approving a certain overdraft limit. The borrower can withdraw an amount required and pay interest only the utilized amount.
How to apply for a business loan in Haridwar?
You can conveniently avail a business loan in Haridwar 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 Haridwar. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Haridwar.
- Submit Required Documents: After applying for loans for small business in Haridwar, 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 Haridwar within a few hours after you sign a contract with us.