Panipat has the distinction of being the leading producer of yarn in the world today. The famous barrack blankets used by the Indian Armed Forces are made from this yarn. With the most prominent industries in Panipat being handloom and textile, the city is rife with small businesses of textile companies and retailers of textiles and the best quality linen goods. Panipat has a small population, and many people are engaged in these leading industries that make a substantial profit. If you wish to begin a small business in Panipat, a small business loan in Panipat will see you through any rough patches as far as funding is concerned.
Before you actually set out to take a business loan in Panipat, you have to find out what documentation you need to keep handy when you apply. Here is the documentation that a business loan provider in Panipat will want you to potentially submit with your loan application:
Your proof of identity - Aadhaar and PAN cards, voter ID, passport or driver’s licence
Your proof of address - Aadhaar card, passport, utility bills, etc.
Your bank account statements for the last six months
Your proof of income - IT Returns, with your balance sheet, computation of income and profit and loss statement
The business partnership deed or declaration of sole proprietorship, whichever may apply
Copies of Memorandum of Association and Articles of Association, both certified
There aren’t too many eligibility criteria to be met to obtain approval for an unsecured business loan in Panipat. Here are the eligibility criteria:
All applicants have to be self-employed, between the ages of 25 and 65.
Business units (private limited companies), partnerships, or limited liability partnerships can also apply for a loan.
All applicants must exhibit the prior business experience of 5 years, with 3 years of experience in the present business.
When you know the features and benefits of a business loan in Panipat, you will be likely to apply for one quickly. Finserv MARKETS is the right place to do this. Have a peek at the features and benefits awaiting you:
Quick approval - You get approval in 2 minutes and funds in your bank account typically within 24 hours.
Substantial loan amount - You get approvals on loans of up to Rs. 75 Lakhs.
Online application - With a 100% online application procedure, you get convenience at the click of a button when you apply.
Option of flexi loan repayment - This lets you repay loans with interest only for amounts used.
Loan tenure - You get a flexible loan tenure lasting up to 5 years.
The Final Word on Business Loans in Panipat
Business loans can be a great help for any business and getting access to quick funding with a business loan on Finserv MARKETS is the only thing you need to get set in your business.