A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
For a Secured Business loan, the borrower needs to pledge something as collateral or security against the loan amount taken. Be it raw material or finished products, land or machinery, anything can be kept as collateral in agreement with the lending party. The borrower can also offer cash advance as collateral as it offers more liquidity and the loan can be availed at lower interest rates and flexible repayment options.
Unsecured business loan has no requirement of any collateral from the borrower; it is a high interest rate loan for a short tenure. Opportunity to compare and choose the best lenders online for Business Loan at Homeandloan.co.in, We will recommend you the best lender based on your requirement.
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Photo(2 each of all applicant and co-applicants )
Residence address proof of applicant & relationship proof with the co-owners (Passport/ Driving license/ Landline or mobile bill etc.)
Last 3 years’ personal ITR & balance sheet
Last 3 years’ company ITR & balance sheet with P/L a/c along with auditor's report and shedules
Office address proof(trade license copies)
Last 6 months' personal savings & current a/c statements
Any other loan EMI details & repayment track of last 12 months(if applicable)
Processing fee cheque in favor of whichever bank you choose.