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Business Loan in Bangalore

A Business needs funds for the entirety of its life. The reasons keep varying but it is very important to keep a running cash flow in the business. Also keeping reserve capital is important to cater to the urgent needs which crop up. The urgent needs can be anything right from the need for new machinery and equipments to expanding your business, hiring new labor and expanding the business from local to national. A business person can opt for a business loan so that they can fulfill all these obligations without affecting the production and day to day working of the business. Taking a business loan helps you take all the necessary actions in order to help your business grow and increase the profits. A business loan can be given to a business person who is running a current business. For these individuals, there is a set criteria which they need to fulfill in order to get the loan. Only after successfully fulfilling the eligibility criteria, the individual can get the business loan in Bangalore. Banks and NBFC offer customized loans to the individuals in Bangalore. They also encourage women entrepreneurs by providing special business loans in Bangalore to them for running a business.

Why should I take a Business Loan in Bangalore?

Bangalore is also known as the “Silicon Valley of India”. This is because of the due to their presence in the Indian IT Industry. Since there is such a vast population in the IT space, Banks and NBFC provide many opportunities to business persons to avail a business loan in Bangalore. Business persons can take a business loan in Bangalore to fulfill many business obligations like;

Business loan for working capital

Every business needs working capital to continue running the business in a smooth manner. A sufficient working capital helps the business with the daily operations and also with the short term obligations. In case there is shortage in working capital, a business person can avail a loan in order to continue running the business without any hiccups. This loan can be repaid back quickly once the situation gets better.

Business loan for business expansion

Every business has a goal set which sees them cross from local to national and then towards the international markets. There are many advantages of doing this right from creating a brand to increasing customer base and profits. But buying a new space, hiring new employees and suppliers plus distribution channels is a costly affair. Hence in order to not affect the working capital and reserve capital, a business person can opt for a business loan in Bangalore to expand his/her venture.

Business loan for buying machinery or equipment

Machinery and equipments are very carefully purchased by a business so that they can increase their production and also ensure that the machine is safe for the employees to use. But with technology advancements happening at a rapid pace, it is not feasible or advisable for a business to keep upgrading their machinery. It is a costly affair and hence a business can upgrade their machinery once every few years by taking a business loan in Bangalore.

Business loan for developing infrastructure

A business must have an attractive space that can not only attract customers but also potential clients. A good infrastructure depicts that the business is good. As a business one needs to keep revamping their space so that everyone visits their business space. The cost for revamping the entire space is costly and hence a business person can avail a business loan in Bangalore for developing infrastructure.

What are the Features and Benefits of a Business Loan?

  • One can avail this loan to tackle with their immediate financial obligations like daily capital needs.
  • One can avail a business loan in Bangalore ranging anywhere between Rs.50,000 to Rs. 75 lakh.
  • One does not have to keep anything as collateral or need a guarantee for a business loan in Bangalore up to Rs. 75 lakhs.
  • Business loan offers you lower interest rate compared to personal loans.
  • With minimal paperwork and flexible repayment options, more and more business owners are leaning on business loans to fund their business needs.
  • Banks/NBFC’s offer customized repayment schemes for business loans in Bangalore. You can repay the business loan Daily, Weekly or fortnightly.
  • Business loans can also help in tax benefits for the company.
  • You don’t need to show Income Tax Return for loan up to Rs. 10 lakh.

What are the different types of Business Loans available in Bangalore?

Business loans in Bangalore are provided to business persons who run a business or want to begin a new one. Banks and NBFC’s understand that the need for every business loan in Bangalore is different and hence they have come up with a list of business loans in Bangalore for different needs. The list is mentioned below as follows

Micro business loans

Micro business loans in Bangalore are given to a small level business person. There are many micro level businesses that operate throughout the city. The difference between a micro and regular business loan in Bangalore lies in the loan amounts and also the fact that the loan repayment term is short (6 years*) when compared to a regular business loan in Bangalore.

Business loans for self employed professionals:

A business loan in Bangalore is given to a self employed person is an unsecured type of a loan. The amount ranges between 25,000 to 75,00,000. Professionals like Doctors, Engineers, Traders and Chartered accountants can apply for this type of a loan. The Bank/NBFC checks the financial history of the individual and accordingly approves the loan when the individual fulfills the eligibility criteria.

Business loan to finance a project:

An individual can apply for a business loan in Bangalore when they want to start a new project. The first step would involve the individual providing the Bank/NBFC with a project assessment report. After the Bank/NBFC analyzes the project and approves it, the individual gets the loan approved and can begin with the business.

Business loans for self employed professionals

This is a type of unsecured loan which is given to self-employed professionals. The loan amount varies from Rs. 25,000 to Rs. 75,00,000. The amount depends on the applicant's financial status and history. Self-employed professionals include CA, CS, doctor, engineer, architect, trader, commission agent, contractor etc.

Business loan to finance a project

This type of loan is given for a long term specific business project. The company has to present a project assessment report on which the loan is granted.

Business loan to finance equipment

With the technology advancing today, new machines get launched in the market which is very effective and safe for the employee’s health. These machines are costly and hence a business person can take a loan to finance the equipments. Using these machines can increase the production and profit making capability of the business.

Business loan for working capital

For any business, a sufficient working capital is needed to run all the operations and fulfill all short term obligations. A business person can take this type of a loan during off season when the profits are low and utilize it for running the business in an efficient manner. The loan can be repaid back when the business starts excelling.

What are the Eligibility Criteria to get a Business Loan in Bangalore?

Every Bank or NBFC sets eligibility criteria for anyone who wants to avail a business loan in Bangalore. If the individual can fulfill all the mentioned criteria, he/she can get the loan quickly. The criteria differ on the basis of many factors such as the lender, the income level of the applicant, the credit score of the applicant etc. But there are many factors that are common with every lender in the market. We have made a generic list and have mentioned the criteria below; Banks and NBFC’s divide applicants in two categories purely based on their profession.

  • Banks and NBFC’s divide applicants in two categories purely based on their profession. The eligibility criteria and list of documents change as according to these two categories.
  • Self Employed Non Professionals (SENP): Trader, commission agent, contractor etc.
  • Self Employed Professionals (SEP): Doctors, CA, CS, architects, engineer etc.
  • If you are applying as an enterprise, you can avail a business loan in Bangalore by applying under following entities:
  • 1. Limited Liability Partnerships
  • 2. Limited Companies-Listed
  • 3. Partnerships/Proprietorship
  • 4. Private Limited Companies
  • Other important requirements to avail a Business Loan in Bangalore:
  • 1. The age of the applicant should be minimum 25 year and maximum 65 years.
  • 2. The borrowers should have a strong credit history. They should have a credit report ready for bank reviewing.
  • 3. You should have minimum 3 years of experience in current business and 5 years of experience in overall business industry.
  • 4. The minimum turnover of your business should be Rs. 60 lakh. The turnover should be in positive track.
  • 5. Your business must be making profit for last 2 years.
  • 6. You should have paid your business’s Income Tax Returns for last 2 years.

What are the Documents Required to avail a Business Loan in Bangalore?

  • 1.Passport-size photographs.
  • 2.Neatly signed and filled loan against property application form.
  • 3.Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • 4.Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card.
  • 5.Copy of details of all existing loans.
  • 6. PAN Card – For Company /Firm/ individual.
  • 7. Business proof (registration of business)
  • 8. Bank statements of last 6 months from application date.
  • 9. Copy of challans proving that Advance Income Tax has been paid.
  • 10. Copy of ITR/Assessment Orders of 3 years
  • 11. Proof of continuation which will include ITR, trade license, establishment and sales tax certificate.
  • 12. Balance sheet and Profit & Loss details of business from last 2 years. These details should be certified by CA.

Why Choose Ruloans To Apply For Business Loan?

Ruloans is India’s fastest growing loan distributors. We help our customers to borrow right. Our esteemed team of professionals has knowledge and experience in this industry. We are up to date with all the current trends of the market and advise our customers as per their requirement. We have developed a loan calculator algorithm. Every customer can use this calculator and understand the total EMI they need to repay back to the Bank/NBFC. Anyone can apply for a business loan in Bangalore by visiting the Ruloans website.

Hassle free process

The loan process in Ruloans is simple and hassle free. We have kept our online process user friendly. This helps the customer to complete the loan application and upload their documents quickly. Keeping the process simple is important as we want our customers to borrow right.

Benefits of applying with us

Ruloans believes in helping the customers borrow right. We give our customers good value and benefits in form of deals and offers with our partnered Banks/NBFC’s.

Compare your loan options

When you log into the Ruloans portal, you can check different offers and services that we offer. You can also compare the rate of interest and derive how much you would need to repay to the Bank/NBFC. Doing this helps you in choosing the loan type and the lender of your choosing.

Free expert guidance and advice

Our professionals are experts in the loan business. With over a decade of experience in the market, we help our customers with high valued advice and perfection in helping them choose the correct loan. We provide this guidance with our customers and do not charge any fee for it.

Privacy policy

At Ruloans, we have a strict privacy policy. All the documents of the customer is protected and kept safe. These documents are processed electronically with complete privacy and hence no outsider can get that information.

How to Apply For a Business Loan on Ruloans?

  • Applying for a business on Ruloans involves few easy steps:
  • Step 1: Go to the 'Business Loan' page on our website and click on 'Apply Now' button.
  • Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

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