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.
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.
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
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.
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
I was looking for financing options to start my dream venture. That’s when I came to know about Bajaj Finserv business loan for startups at Finserv MARKETS. I got the much-needed amount within a day. Thanks to Finserv MARKETS for helping me realize my dream.
Posted on 13 Apr 19
The best part about Bajaj Finserv Business loan for startups is that I didn’t have to provide any security while availing the loan amount. I would recommend Finserv MARKETS to all entrepreneurs who are looking to avail a business loan.
Posted on 2 Jan 20
Setting up my own cafe was a dream come true! This was only possible with the help of the Bajaj Finserv business loan for startups at Finserv MARKETS.
Posted on 17 Jul 19