Rajkot is one of the largest cities in the Indian state of Gujarat. Famous for its thriving jewellery industry, silk embroidery businesses and watch parts plants, Rajkot is the perfect place that welcomes businesses, small and large alike. Hence, taking a business loan in Rajkot is not a challenging process, and you can avail one fast. Rajkot has more than 65,000 MSMEs operating within and around the city, and these contribute to its steadily growing financially important status.
A business loan can be taken to fund any aspects relating to your business, from staff salaries to purchasing equipment. However, before you even apply for one, you have to consider the eligibility criteria below that is required for approval:
You should be self-employed in the age range of 25-65 years.
You should have business experience of at least 5 years, with 3 years in your existing business.
Business units such as a partnership, private limited company, or a limited liability partnership business are eligible to apply for a business loan.
In order to back up your eligibility criteria, you must exhibit documentation for approval of a small business loan in Rajkot. Here are the documents for submission:
Proof of your identity - A PAN Card/Aadhaar Card, a passport, a voter ID, a driving licence, etc.
Proof of your address - An Aadhaar Card, a passport, a lease agreement, utility bills, etc.
Proof of your income - Income Tax Returns, including the computation of total income and your balance sheet, plus profit/loss statements (past 2 years).
Declaration documents - A Declaration of Sole Proprietorship, or a copy of the Deed of Partnership, whichever applies
Certificates - Certified copies of the Memorandum and Articles of Association
Bank Statement- A copy of your bank account statement for the previous 6 months
A business loan provider in Rajkot, a bank or an NBFC, will mandatorily request the above-mentioned documents.
Once you know what needs to be done to get a loan approved, you need to be aware of the features of an unsecured business loan in Rajkot. These translate into benefits so that your loan journey is hassle-free. Read on:
Speedy approval - When you apply for a loan completely online, you get quick approval, in a span of 2 minutes, and funds in your bank account within a day.
Big loans - Loan amounts are substantial enough to meet your expense requirements, and can be sanctioned up to a maximum of Rs. 75 Lakhs.
Competitive rates of interest - Interest rates are competitive, starting from 18%.
Flexible tenures - You can get flexible loan tenures lasting up to 5 years, with a flexi-loan facility that lets you pay interest only on the amount used.
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