Business Loan Eligibility Criteria
The eligibility criteria for applying for a business loan in 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
Know more about the business loan interest charges and the nominal rates for the ZipLoan business loan
Types of Business Loan Available in Mumbai
The different types of business loan are:
- Short Term Loan: the loan required for business owners for specific business areas for a short period or for the regular working capital need, employee salaries or purchase business assets. In a term loan, a business owner borrows a specific amount of money upfront and pay back the money with interest on a certain repayment schedule.
- Business Credit Line: 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 Generally revolving credit facility is provided where the credit line resets after amount withdrawn is paid in full just like in credit card.
- Equipment Financing: Funds are required by the business owners who need to purchase business equipment or machinery.
- Loan against shares or securities: Shares, mutual funds, insurance policies approved by the bank policy can be pledged for raising funds.
- 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.
How to Get a Business Loan in Mumbai?
You can conveniently avail a business loan in 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 Mumbai. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Mumbai.
- Submit Required Documents: After applying for loans for small business in 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 Mumbai within a few hours after you sign a contract with us.
