Bandhan Bank Business Loan

If you are the owner of a small business enterprise, requiring immediate funds for your business requirements, such as meeting the working capital and cash flow requirements, purchasing new machinery, expanding your business, and more, you can zero in the Bandhan Bank Business Loan. With a simple online application process, reasonable interest rates and hassle-free documentation, this loan can bolster your financial stability and help you enhance your business productivity. Read on to know the different facets of the Bandhan Bank Small Business Loan.

Foremost, you must keep in mind that Bandhan Bank provides different types of short-term collateral-free business loans for small enterprises. These include:

• Small business loans for working capital requirements or creation of assets.

• Small business loans as term/demand loans.

Here’s a look at the details of Bandhan Bank small business loans:

**Disclaimer: Interest rates and charges are subject to market conditions and bank’s discretion.

Before availing a Bandhan Bank Business Loan, you should know about the interest rate and associated charges. You can refer to the table given below:

**Disclaimer: Interest rates and charges are subject to market conditions and bank’s discretion.

Wondering what determines the Bandhan Bank Business Loan interest rate? Well, there is no one factor and the bank, typically, considers multiple factors before determining the interest rate. Read on to know about the key considerations:

• Nature of your business: If your business venture is part of a fast-growing sector in the country’s economy, you can be offered competitive rates of interest.

• Credit score: A good credit score can provide you with business loans at affordable rates of interest. A poor credit score, in contrast, can affect the chances of your business loan’s approval. If a loan is still approved, you can be offered a higher interest rate.

• Business vintage: If your business is well-established, having experience of several years, the interest rates can be reasonable and competitive.

• Annual turnover: With a high annual turnover, you can expect not only a high loan amount but also a comparatively lower interest rate.

• Profitability: A profitable business showing a good track record can help you secure a business loan at affordable rates of interest. On the contrary, a business venture that has repeated losses or is in debt can get you a business loan, only at higher rates of interest.

• Repayment history: If you have repaid your earlier debts on time, you can secure a business loan at competitive rates of interest.

• Banking relationship: If you are already an existing customer of the bank, you can be offered reasonable rates of interest on a business loan.

To avail a Bandhan Bank’s small business loan, you must fulfill the stipulated eligibility conditions. Here’s a look at the Bandhan Bank Business Loan eligibility criteria:

• Nationality: Only Indian citizens can apply for this loan.

• Age: The minimum age to apply for a loan is 23 years. The maximum age should not exceed 60 years i.e., during the maturity of the loan.

• Types of business owners/entities: Sole proprietors, entrepreneurs, partnership firms, and companies can apply for this loan.

• Age of business: Business owners, self-employed individuals or entrepreneurs should be engaged in the business venture/enterprise for a minimum of two years. However, even startups can get a business loan at the bank’s discretion.

• Business performance: The business should exhibit a credible performance for the last two years.

You can apply for a Bandhan Bank Business Loan both offline and online.

• To complete the application process online, you are required to:

1. Visit the Bandhan Bank’s official website for business loans. After selecting the option of ‘Apply Now,’ you will be redirected to a page where you have to provide your personal details, such as name, phone number, city, organization name, email id etc. Fill in the details and select the option to ‘Submit.’

2. A bank representative will shortly contact you to help you complete the documentation process.

3. Upon successful verification of your form and documents, the loan amount will be disbursed.

• To apply for a Bandhan Bank Business Loan offline, you can physically visit the nearest branch office. A bank official will then guide you through the application process.

For successful approval of your Bandhan Bank Business Loan, you are required to complete the mandated documentation process. The list of Bandhan Bank Business Loan documents are as follows:

1. Application form: Foremost, you have to submit the online/offline form after filling in the personal and professional details.

2. Photographs: You are required to submit three recent passport-sized photographs. For companies and partnership firms, the director and partner also need to submit three passport-sized photographs each.

3. KYC Documents: To complete the compulsory KYC process, you can submit documents, such as Aadhaar card, PAN card, driving license, voter’s id, passport etc.

4. Business ownership: Depending upon the type of your business ownership, you need to submit various documents. Here’s a look:

• For sole proprietorship: Trade license, GST registration etc.

• For partnership: Partnership deed.

• For companies: Memorandum of Association (MoA), Articles of association etc.

5. Income and business proof: Here’s a list of documents that can be submitted as proof of your income:

• Bank statements for the last 12 months.

• Recent Income Tax Returns (ITRs).

• GST returns.

• CA-certified copy of balance sheet for the last two years.

• CA-certified copy of profit and loss account for the last two years.

6. Other documents: Before approving your loan application, the bank can ask for additional documents also. These could be regarding the vintage, address or income of your business.

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