Business Loan

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Business Loan

​People may think about starting a business or to improve the existing business. Both come under the Business Loan.

Improving it starts from Rs. 50,000, all the banks are ready to provide the loan. But this process is a bit tough to handle and even the process too.

Let's see one by one about the complication.

It is Risky

Initially, providing a Business Loan is risky and customers are also in the position to establish their ability to pay clearly before they approach a loan at bank doors. 

Because salary holders may show their income as salary and home loan seekers may show the house value. if a customer fails to pay a home loan emi, Bank will auction the home and get their debt settled. So, risks are less here compared to business loans.

Business loan seekers have to display their skills, talents, qualifications, current savings and investments, supporting income and assets and liability, current project value & its correct estimation and projection for future business etc., in terms of attracting the banker's faith.  If anyone the said above is missed, banker has full rights to cancel the Loan. That is why it seems so complicated.

Unlimited offers from Bank

At the same, if you have all the above, you have a chances to avail Business loan more than what what you expect. Promptness in paying regular EMI without bounces may get you the chances to avail many offers from the bank. Not only as in the part of Loan, you may get many facility from Banker side.

e.g : OD Facility, Cheque limit increase facility, frequent top-up loan, personal banker and assistance etc.,

FAQs

Hence, 

1. what should you do to become a most precious Customer to your Bank post taking Business Loan? 

    a. Maintain proper papers like GST, TDS, ITR, MSME or other Business Proof

    b. Maintaining single current account. No collaboration with saving account.

    c. KYC for Proprietor and also for Company

    d. Genuine Year end closure

    e. All the said above should be on "All the time ready status"

2. Who are all take Business Loan?

Everyone who is having the said documents, can apply for the Loan. 

3. I intend to start the Business. Need a Loan for same. What should i do?

As we already told, kindly establish your skills, project value and projection etc. 

4. I do not have GST, is it mandate to apply?

Availing business Loan, it is mandate. but for your business, you can always check with your Auditor.

5.  I am not paying TDS to my employees, in fact not offering that much of salary. So is it mandate to produce TDS Certificate?

No. It is required only if you pay anything.

6. I have not filed ITR, what to do?

To show your income, ITR is important document. Please connect with your Auditor, and get this filed immediately and contact us.

7. I do not have income last year, so i have not filed ITR last year. Can i do it now?

Though you do not have income, you must filed at least NIL returns showing your existing income. So, please proceed filing it by paying penalty. Please contact your Auditor for doing this.

8. At what time i can contact you to clear my query on Business loan?

Any time. 


Kindly connect with us for any query.

Interested person, kindly fill up the below form. I will get in touch with you.


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