Business Loan
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What Is A Business Loan?
Business loan helps traders, businessmen and professionals to start or expand their commercial activities. The loan can be secured against collateral in the form of property, finished goods, etc or can be availed without keeping any collateral security.
Every business, irrespective of its size and nature, requires funding from time to time. A business loan is an unsecured credit that can help you meet your growing business’ urgent financial requirements. You can apply for a business loan to usher in the funds required to expand your existing business, boost its production, take your business online, procure inventory, buy equipment, and much more.
Loan Amount and Eligibility
Business loan eligibility criteria typically constitute age limit, income, business health, CIBIL score, balance sheet, and more. Financial institutions define the conditions to evaluate the customer’s creditworthiness for availing and repaying the loan amount on time.
At VBS, flexible business loan eligibility allows businesses to get loan amounts for extended tenures easily. VBS business loan eligibility online by checking if they meet the following conditions.
- Eligibility for business loan will vary from bank to bank and will depend on various factors. Your ability to repay the loan will be verified by the bank on the basis of your line of business, profitability, financial statements, etc.
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Your business must be profitable for three consequent financial years
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Your turnover must show an upward trend
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Your balance sheet should be audited by a registered Chartered Accountant
How to Improve Business Loan Eligibility?
You can follow these tips and improve your Business Loan Eligibility –
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Build a good CIBIL score: Try to manage a CIBIL score of more than 750.
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Do away with past debts: Pay off any existing liabilities, loans, or pending credit card bills, on time. Try to maintain a spotless repayment history by avoiding defaulting on payments.
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Try not to avail various loans simultaneously: Always apply for a business loan that is best suited to your financial requirements. Filing multiple loan applications affects your creditworthiness.
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Opt for longer loan repayment tenure- Choose a longer loan tenure. It will enable you to repay comfortably over an extended period. Higher repayment tenure also reduces your EMI amounts.
Business Loan FAQ
An unsecured business loan from Rs.3lakhs up to Rs.50lakhs may be availed.
The minimum tenure available for this loan is 12 months and it can go up to 48 months
We offer fixed rate of interest.
We offer business loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, we also offer exclusive loans for doctors with special features such as competitive interest rates and quick approval. The customer segment covered under Business Loans is listed below:
- Sole Proprietorship
- Partnership Firm
- Private Limited Companies
- Closely held Public Limited Companies
- Societies
- Trusts
- Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs
We offer Business Loans to both professionals and non-professionals, who are self-employed. Among self-employed professionals, we have exclusive loans for doctors. These loans are approved quickly and are available at competitive interest rates. The customer segments covered under Business Loans are listed below:
- Sole Proprietorship
- Partnership Firm
- Private Limited Companies
- Closely held Public Limited Companies
- Societies
- Trusts
- Hospitals, Nursing Homes, Diagnostic Centers, Pathological Labs.
