Startup businesses have come to make a lasting mark in modern times. A growing number of aspiring entrepreneurs are moving ahead and establishing successful ventures. This has led to the creation of a favourable space for startups in India. Today, leading lenders are offering startup business loans that assist aspiring entrepreneurs to attain their dreams. The capital can be used to fulfil all the requirements of establishing the business. Read on to know more about getting a business loan for a startup.
Features and Benefits of Business Loan for Startup
Startup business loans carry quite a few exceptional benefits and features that make it a notable choice:
Flexibility: One of the most important aspects that young entrepreneurs seek when setting up a business is flexibility. Startup businesses offer immense flexibility, and this allows owners to concentrate on the growth of the establishment. The business loan for startups at Finserv MARKETS offers flexible repayment terms and tenor.
Quick Availability: Time constraints are honoured when offering a business loan for a startup. If all goes well, the loan amount is disbursed in just a few days.
Unsecured Loan: Presenting a high-value asset is often difficult when trying to secure capital for a new business venture. A business loan enables access to funds without the need for collateral.
Hassle-Free Documentation: The documents required to apply for a startup business loan are minimal, and the simple process ensures that young entrepreneurs receive the funding without much hassle.
Eligibility Criteria for Startup Business Loan
To apply for a startup business loan, you must meet the following eligibility criteria:
Be an Indian citizen
Be between the ages of 21 to 65 years
Have a CIBIL score of at least 700
The business must have a vintage of at least 2 years
The business must have a minimal annual income of ₹2 Lakh
You can check your startup business loan eligibility with the help of the Business Loan Eligibility Calculator
How to Apply for Startup Business Loan?
To apply for a Startup Business Loan, you must simply follow the given steps:
Step 1: Navigate through the Finserv MARKETS home page.
Step 2: Click on ‘Loans’. You will be redirected to a page with multiple options. Click on ‘Business Loan’ and fill up the application form.
Step 3: Submit the requested documents.
Step 4: The lender will contact you to assist and understand other related aspects.
Step 5: The loan application is then evaluated before it is approved.
Once the application process is complete and clear, expect the funds to be deposited into your account within 7 to 21 days.
Documents Required for Startup Business Loan
Here are the documents needed to apply for a business loan for startups, namely:
Proof of Identity like aadhaar card/driving licence/PAN card/passport/voter’s id
Address proof such as aadhaar card/passport/utility bills/lease agreement
ITR form in addition with certified copies with details such as income computation, balance sheet, and Profit and Loss (P&L) statement for the last 2 years
Bank statement for last 6 months
Sole Proprietorship Declaration or authenticated copy of Partnership Deed
Certified copy of Memorandum and Articles of Association
