Personal Loan for Business

Looking forward to start a small business of your own? Business loans are financial aid offered to start a small business or meet the financial crises while running your business. There are times when business demands liquid funds.

Home Credit Personal Loan up to 2 lakhs can help you start your business on a small scale, Don’t let your business plans get affected, make it happen with Home credit personal loan.

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  • Quick & Easy
  • 100% Paperless
  • 0% Processing Fees
  • Instant Online Approval upto INR 2 Lacs
  • No Hidden Charges
  • Quick Disbursal

Required documents

Listed below are some of the documents needed at the time of loan application.

ID proof:

Passport, Driving licence, PAN card, Aadhar Card.

Address Proof:

Documents should have your current residential address like Passport, Driving licence, PAN card, Aadhar Card, Utility Bills

DOB proof:

A valid document showing your age. It can be a birth certificate or an educational document.

Bank statements:

This is a decision making a document for getting the loan approval at the earliest as the bank decides the borrowers’ repayment capacity and the also checks the savings the person has.

Salary slips:

Last three months’ salary slip for salaried person.

Certified balance sheet:

For self-employed

Additional Documents

ITR document, Form 16, Employment Letter, Documents Supporting Qualification, Income Proof

Home credit personal loans have the following document requirement.

  • PAN card of the individual
  • ID Proof: Voter ID, Passport, Driving License, etc.
  • Address Proof: Passport, Driving License, Ration Card, Passport, Aadhar Card, Utility Bills, etc.
  • Bank statement of the income account with net banking facility.

Carefully check the loan details like the interest rate, duration of extension, extra charges, EMIs etc. before finalising the loan offer, changes at a later stage might not be possible. Education is important, do not put it aside because of financial crunch. Our personal loan is for you.

Features and Benefits

Interest rate

The interest rate on business loan ranges between 15-20%. However, different banks have different interest rates.

Security

Business loans require a strong and safe background and the back ground check is strict and mandatory, however there is usually no collateral in these loans.

Amount

Amount up to 30 lakhs or more is offered as business loan amount that can be used to fulfil various business needs.

Business loan approval

Loan approvals are highly dependent on the age of business, credibility and credit score. It is important to have a decent repayment history where a bank doesn’t have any reason to even doubt before giving a loan.

Another factor that makes it doubtful to get the loan sanctioned is if you have too many loans already ongoing. The bank feels that it might be difficult for you to make the repayments since you are already doing it for so many other investments.