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Business Loan
Business loans are a reliable source of financing for business owners who seek to acquire fixed assets, such as equipment, machinery, or real estate, to set up or expand their business operations. Our business loans offer competitive interest rates and flexible repayment terms, allowing you to finance the growth and modernization of your business with ease.
Whether you are looking to expand your business, upgrade your infrastructure, or enter into new markets, our business loans can help you achieve your goals by providing the necessary funding to take your business to the next level.
- Flexible repayment options
- Competitive interest rates
- Processing fees - 1.10% + GST
- High loan amounts
- Customized loan structures
- Expert financial guidance
Simple Eligibility
Business loans are designed to help various types of businesses achieve their financial goals. At our bank, we offer business term loans to a wide range of entities, including sole proprietors, partnerships, and companies. Whether you are an individual entrepreneur or a business with multiple partners or shareholders, you can apply for a business loan to meet your financial needs.
Grow your business with us
Expand your operations, upgrade your equipment, or hire additional staff, our business loan can provide the financing you need to make it happen. Take your business to the next level & grow with us. Our experienced team of professionals is here to help you every step of the way, from loan application to repayment and beyond. Contact us today to learn more about how we can help you achieve your business goals.
Checklist:
Documents to be obtained for processing of Business loan for purchase of Fixed Assets –
Applicant
1. Profile of applicant
2. Documents for justifying end use (work order/purchase order etc-if any)
3. Quotation Copy for Purchase of Machinery etc.
4. Agreement to Sale for Purchase of Shop, Office etc.
5. Copy of Registration under shop and establishment Act
6. Copy of Registrations Certificate under GST and returns filed till date
7. Statutory dues compliance certificate from chartered accountant (for loan cases of Rs. 25.00 Lakhs and above)
8. KYC documents [Latest Photo, Copy of Latest Utility bill (link document in case of rented premises), Aadhar card and Pan Card].
9. Provisional financials for current financial year [Last three months salary certificate in case of salaried]
10. Last three years ITR computation of income & balance sheet (audited wherever applicable)[last three years ITR computation & form 16 for salaried]
11. Last one year bank account statement (all saving as well as current bank accounts maintained)
12. Latest Net worth statement (in case of loan amount of Rs. 25.00 Lakhs & above) or CA certified Net worth (in case of loan of Rs. 100.00 Lakhs & above)
13. Details of all live loan accounts along with sanction letter & statement (NOC is any account is reported as closed)
14. Loan outstanding letter & List of original document from existing financer (in case of takeover)
15. Additional documents if applicant -*
Company Partnership
MOA & AOA Partnership deed
Incorporation certificate Copy of registration certificate – with registrar of firms
Resolution for obtaining loan, offering security & signing authority Mandate for obtaining loan & signing authority
ROC Search Extract of Register of firms
List of Directors along with their shareholding
List of Shareholders
In case of Trust additional documents are:
1. Trust Bye Laws.
2. Charity Commissioner permission
3. Trust Registration Certificate.
4. Guarantee of Individual Trustees is required.
*In case applicant is other than the entity mentioned above, Branch official is supposed to collect relevant additional documents
Security related documents
1. Title Document, Chain document, MAP Sanctioned from competent authority, Latest Tax receipt , Latest Mutation copy, NOC from Competent authority or other documents as advised by panel advocate
2. Search report from Panel Advocate
3. Valuation report Panel Valuer of Bank
Guarantor -Two
1. Profile and KYC documents of guarantor (Latest Photo, Copy of Latest Utility bill (link document in case of rented premises), Aadhar card and Pan Card.
2. Last three years ITR computation of income & balance sheet [last three years ITR computation & form 16 for salaried]
3. Last one year bank account statement (all saving as well as current bank accounts maintained)
4. Latest Net worth statement (in case of loan amount of Rs. 25.00 Lakhs & above) or CA certified Net worth (in case of loan of Rs. 100.00 Lakhs & above)
5. Details of all live loan accounts along with sanction letter & statement (NOC is any account is reported as closed)
Note:
1. All documents should be self attested
2. KYC should be verified from originals
The extent of the loan in a business loan is 75% of the cost of the asset/(s) to be purchased or as per the sanctioned terms, maximum up to the bank’s exposure limit.
The rebate given is a maximum to the extent of 1 % on the adherence to financial discipline as per the sanctioned terms.
We want to make your business easy for you by providing a significant repayment duration of a maximum of up to 84 months or as per the sanction terms.
To secure the loan, we require the hypothecation of assets that are created using the funds from the bank. Additionally, we ask for collateral security in the form of a registered or equitable mortgage of an immovable property valued up to 100% of the sanctioned loan amount or as per the terms of the sanction. Two guarantors with adequate means and net worth will also be needed to provide a guarantee. Processing and scrutiny charges will be 1.15% of the loan amount or as per the terms of the sanction. The borrower must also purchase shares of the bank in accordance with the terms of the sanction. Other conditions will apply as per the terms of the sanction.