Through our new series “Knowledge Center” we are aiming to answer the most asked questions by customers about business loans. With these answers, they can make the decision of taking the best business loan easily.
For today, we shall be answering 5 important questions you need to understand before you find the best business loans in India.
What is a business loan?
In simple words, it’s a loan provided by Banks and NBFCs to existing business so they can inject capital in their business and fulfill all the business requirements.
What are the documents required for business loan?
A new business loan requires few standard documents that the businessman must fulfill. Major ones would include a good credit score and ITR for 3 years. Without an ITR no business loans can be given.
What is the CIBIL score required for business loan?
To understand the business loan procedure, you must understand that Banks and NBFCs have a certain criteria. This is also called as eligibility which any small or large business must fulfill if they want a business loan. A credit score above 750 allows you to get business loans at decent interest rates.
How much business loan do I qualify for?
To understand how much business loan you qualify for, all you need to do is do a comparison of interest rates of major Banks and NBFCs. You can use a loan calculator and understand how much business loan you are eligible for. With this, you can mentally prepare yourself and understand if the EMI will affect your monthly budget or no.
Which bank is best for business loan in India?
There are many Banks and NBFCs in India that offer business loans to existing businesses. In order to clear your confusion as to which Bank/NBFC is ideal for you, visit our website and compare loan deals from more than 25+ lenders. This can help you read all terms and conditions. You can accordingly choose the loan what suits your business.