Seva Bandhu
"An Earning Venture of SVIT INDIA Private Limited"
"An Earning Venture of SVIT INDIA Private Limited"
<p><strong><span style="color:#2980b9"><span style="font-family:Georgia,serif"><span style="font-size:14px">Description</span></span></span></strong></p> <p>Securing a business loan is a strategic move to ensure the smooth operation and expansion of your business. Seva Bandhu facilitates this process by offering loans ranging from Rs. 1 lakh to Rs.35 lakhs, catering to various business needs such as upgrading equipment, expanding operations, or bolstering working capital. The business loan eligibility documents, criteria and required documentation for availing business loans at Lendingkart are streamlined to make the application process as seamless as possible, ensuring fast access to financing to keep your business thriving.</p> <p> </p> <h2><span style="color:#2980b9"><strong><span style="font-size:14px"><span style="font-family:Georgia,serif">Eligibility Criteria And Documents Required for Business Loan</span></span></strong></span></h2> <table border="1" cellpadding="1" cellspacing="1" style="width:500px"> <tbody> <tr> <td><strong>Type of Company</strong></td> <td><strong>Eligibility</strong></td> </tr> <tr> <td><strong>Private / Limited Companies</strong></td> <td>Net annual income of more than Rs. 1.5 lakhs for loans up to Rs. 15 Lakhs; over Rs. 3 Lakhs for loans beyond.</td> </tr> <tr> <td><strong>Self Employed Professionals</strong></td> <td>Must possess relevant qualifications. Proof required for doctors, engineers, chartered accountants, and management consultants.</td> </tr> <tr> <td><strong>Proprietorship / Limited Liability Partnership</strong></td> <td>Profit and loss statements are necessary to meet minimum criteria.</td> </tr> <tr> <td><strong>General Criteria</strong></td> <td>Applicants must be aged between 18 and 65, with the business showing cash profits for the past two years. An audited balance sheet by a registered chartered accountant is mandatory.</td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:14px"><span style="color:#2980b9"><span style="font-family:Georgia,serif"><strong>Documents Required for Business Loan</strong><strong>:</strong></span></span></span></h3> <p>Here is a curated list of business loan documents list which is required to avail of <a href="https://www.lendingkart.com/business-loans/">business loan</a> as they are mandatory as per the business loan criteria –</p> <ol style="margin-left:40px"> <li>Photo ID proof and passport-sized photographs.<br /> </li> <li>Aadhaar card, Voter ID, or Passport.<br /> </li> <li>Bank statements from the past 6 months.<br /> </li> <li>Trade license, sales tax certificate, and ownership documents.<br /> </li> <li>Income tax returns and profit and loss statements for the past 2 years.<br /> </li> <li>Balance sheets from previous years.</li> </ol> <p> </p> <h2><span style="font-family:Georgia,serif"><span style="color:#2980b9"><span style="font-size:14px"><strong>Benefits of</strong> <strong>Applying for a Business Loan from Seva Bandhu:</strong></span></span></span></h2> <ol style="margin-left:40px"> <li>Experience rapid processing within 72 hours, eliminating long waits for loan eligibility and management.<br /> </li> <li>Enjoy competitive <a href="https://www.lendingkart.com/business-loans/interest-rate-charges/">business loan interest rates</a> starting at 1.25% per month for loans up to Rs. 30,00,000.<br /> </li> <li>Benefit from flexible payment options tailored to your business needs.<br /> </li> <li>Skip the hassle of providing collateral, as no personal or business assets are required.<br /> </li> <li>Streamline the process effortlessly online with minimal documentation.</li> </ol> <p> </p> <h2><span style="color:#2980b9"><span style="font-family:Georgia,serif"><span style="font-size:14px"><strong>How is Eligibility Criteria for Business Loan Calculated?</strong></span></span></span></h2> <ol style="margin-left:40px"> <li><strong>Cash Flow Analysis</strong>: Lenders evaluate your business’s cash flow to determine repayment capacity.<br /> </li> <li><strong>Credit Score Assessment</strong>: A good credit score enhances eligibility by demonstrating creditworthiness.<br /> </li> <li><strong>Business Performance</strong>: Profitability and stability of the business over the past two years are critical.<br /> </li> <li><strong>Age and Qualification</strong>: Age of the applicant and professional qualifications play a role in eligibility.<br /> </li> <li><strong>Financial Documents Review</strong>: Thorough assessment of financial documents including balance sheets and income statements.</li> </ol> <p> </p> <h2><span style="font-family:Georgia,serif"><span style="color:#2980b9"><span style="font-size:14px"><strong>Step-By-Step Guide on how to Apply for a Business Loan</strong></span></span></span></h2> <p>While applying for a business loan in India, the applicant should ensure compliance to the following steps:</p> <ol style="margin-left:40px"> <li><strong>Check the requirement</strong> : The first and foremost step is to understand the loan requirement, based on the purpose of funding</li> <li><strong>Check Eligibility criteria</strong> : To proceed further, the applicant if they are eligible to avail a loan</li> <li><strong>Create a document checklist</strong> : Once eligibility criteria is met, the applicant should then make an assessment of the documents required for loan application, and create a checklist.</li> <li><strong>Initiate the process</strong> : Once all the information is in order, the applicant can then initiate the process by reaching out to the lender or going over to the lender website and registering interest. </li> <li><strong>Submit the documents</strong> : The next step in the application process would be to submit all the documents including the proof of business to proceed further with the application.</li> <li><strong>Provide supporting proof/documents if required</strong> : Based on the assessment made by the lender, they may ask the applicant to submit supporting proof or documents.</li> <li><strong>Approval/Rejection of Loan</strong> : Based on the assessment made by the lender, the loan application will then be either approved or rejected.</li> </ol>