BUSINESS LOAN

What is a Business Loan?

A business loan is essentially a sum of money that is borrowed and used to fund investments in new or improved businesses. It is crucial to comprehend how these loans function, whether for small, medium, or large organisations. Business loans are a type of funding support provided by banks and NBFCs to help self-employed clients meet their financial needs. Individuals, Small and Medium Businesses, business owners, entrepreneurs, and a number of other entities can all use it.

Features of Business Loan

Easy Application: 

 Give us your phone number, and we’ll call you back to talk about the next steps. Once your information has been confirmed, you will receive a loan approval within a short period of time.

Large Loan Amount:

You can apply for a loan amount between 1 lakh and 1 crore, which should be enough to cover the financial requirements of the majority of enterprises.

 
No Hidden Cost

Zero hidden fees and expenses are promised by VK Financial services. We just charge a one-time processing fee of 2 to 3% depending on the loan amount you request. This enables you to keep more of the principle amount for improving and growing your firm.

Minimul Documentation Required

For the approval of your loan, VK Financial Services does not demand a lot of documents. Our minimum paperwork needs can be completed quickly and easily. They comprise your residence proof, identity proof, financial records, and ownership proof, among others.

 

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Flexibility for usage

Lenders like banks and NBFCs don’t meddle in how you manage your firm, unlike equity investors. They only care about regular repayments; they don’t dictate how you should spend the money from the business loan. A company loan is therefore your best choice if you want to keep total control over your spending.

Convenient and easy

Contacting a lender and discussing the potential for acquiring funding is all it takes to obtain a business loan. Obtaining a company loan is simple and far more convenient than searching for investors and engaging in lengthy conversations.

Reasonable Interest Rates

Due to fierce rivalry among lending institutions for clients’ attention, most lenders offer business loans at affordable interest rates as opposed to other forms of loans.

Who Can Apply Loan ?

  • Age should range from 25 to 65 at loan maturity.
  • CIBIL score needs to be 750 or higher.
  • Minimum three years in business experience
  • The company’s turnover must be increasing.
  • People with a minimum of 3 years’ expertise in the current industry and 5 years’ overall business experience.
  • People, business owners, entrepreneurs, freelancers, startups, micro, small, and medium-sized enterprises (MSMEs), private and public limited companies, sole proprietorships, partnership firms, limited liability partnerships, and large enterprises engaged only in the manufacturing, trading, or services sectors, etc.

Required Documents

  • Last six months’ company bank statements
  • Last two years balance sheet and Profit & Loss accounts
  • KYC documents of the company
  • KYC documents of the business owners
  • Last two years Income Tax Returns
  • A report with detailed information about how the candidate will utilise the Business Loan
  • Photo identity proof ( Aadhar card/ PAN Card / Driving license/ Voter ID/ Passport/Utility Bills (Electricity or Water Bill)
  • Bank statements
  • Any other document required by the lender.
 

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