business loan in pune

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Business Loans in pune

A business needs a lot of factors to keep running and generating profits. In few years, there are many issues which can crop up right from increase in expenses, need for extra credit, increase required in the working capital, buying new machinery and equipments and also the issue with expanding the business. One cannot always utilize the personal funds to manage the business on a day to day basis. Hence, opting for a business loan seems to be a viable option for business persons. A business loan helps you with the necessary finance needed to fulfill short term and long term obligations. It helps upgrade your machinery and also ensure in the smooth running of your business. One can avail for a business loan for an ongoing venture. There is a set criterion for business persons and different sets of documents are needed to fulfill the eligibility criteria. Bank and NBFC offer customized solutions to business persons who want to avail a business loan in Pune as per their requirement. Business loans are also specifically designed for women entrepreneurs. Banks and NBFC’s provide customized loan plans so that women can run the business and build a strong hold in the market.

Why should I take a Business Loan in Pune?

Pune is also called as the cultural capital of Maharashtra. They are also known as the “Oxford of the East” due to the presence of various educational institutions. Due to this extensive importance on education, there are many opportunities which can be used to be a successful business person. Entrepreneurs can take a business loan in Pune to fulfill many business obligations like;

Business loan for working capital

A business needs working capital which sustains the day to day obligations and short term payments. To make sure there is no shortage of the working capital, one can take a business loan in Pune and make sure there is no stoppage in the working.

Business loan for business expansion

One of the most important goals of any business is to strive competition and grow outside local boundaries. After a certain point of time, there comes a need for every business to increase its presence in the market. There are many advantages to doing this right from increasing your customer base and also the profit capability. But one must also not forget that in order to expand, there is a lot of time, planning and expenses that need to be invested. Apart from this, new location (property), machines, equipments, manpower and distribution channels will require a lot of money. One can use the savings and extra profits to expand the business but not every business can afford it. Hence, it is viable to take a business loan in Pune for expansion.

Business loan for buying machinery or equipment

Technology has been growing at a quicker pace and hence new machines and equipments are releasing in the market. These machines and equipments are very efficient, need less repairs and also give more output. Unfortunately, these machines are also costly. A business cannot keep updating new machinery every few months as the cost is very huge. But once in a few years, they can opt for upgrading their machinery. In order to get the latest machinery, one can opt for a business loan in Pune and reap the benefits.

Business loan for developing infrastructure

A business must have a good infrastructure. This is needed as you can attract customers and potential clients by having a good infrastructure for your space. Clients and customers need to have a good first impression of your business and hence a good infrastructure set up for your working space will help in keeping a good image for you and your business. Setting up the infrastructure needs lot of money flow and hence taking a business loan in Pune can help the business person in 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 Pune 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 Pune 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 offer customized repayment schemes for business loans in Pune. 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 Pune?

Business loans in Pune are used for various purposes as mentioned above. These needs are multipurpose and hence Banks and NBFC have come up with business loan in Pune for specific needs. These types are given below as follows;

Micro business loans

This type of loan is given to a micro or small business. Pune is well known for many micro level businesses that operate in the city. There is rapid growth which has resulted in many micro level enterprises opening in the city of Pune. The difference in micro business loans in Pune and the regular business loans in Pune is that the repayment term is shorter than the regular business loans. The repayment of a micro business loan in Pune cannot exceed 6 years*.

Business loans for self employed professionals:

Business loans in Pune are also provided to self employed professionals. This is an unsecured type of a loan. The loan amount given begins from 25,000 to 75,00,000*. The loan amount is decided by the Bank/NBFC as per the professional’s financial history. Here, the list of professionals includes Architects, Traders, Doctors, Chartered Accountants and Engineers etc.

Business loan to finance a project:

One can avail a business loan in Pune to start a new project. The loan amount is provided by the Bank/NBFC only after they analyze the project assessment report. After the Bank/NBFC approved the project report, the individual can get the loan and begin with the business.

Business loan to finance equipment:

Machinery and equipments are needed for the effective and efficient working of the business. It helps them to increase production and profits. Buying a new machinery and equipment is costly and hence business persons can avail a loan to buy these equipments. This can help them increase the efficiency and profits.

Business loan for working capital:

Working capital is needed for the day to day expenses and also for short term cash obligations. During off seasons, a business does not generate profits usually and hence the working capital takes a hit. To avoid the reserve cash to be used, a business can avail the working capital loan and run the business in a smooth manner. Once the season gets better, the loan can be repaid off and business can continue to grow.

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

To avail a business loan in Pune, Banks and NBFC have set criteria. If an individual can fulfill the eligibility criteria, they can get a business loan in Pune quickly. The criteria differ from lender to lender. They also check the financial strength of the borrower. Apart from these, there are many common factors which are similar in all the Banks/NBFC. These common factors are mentioned below in the form of a generic list;

  • Banks and NBFC 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 Pune 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 Pune?

  • 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 in Pune?

Ruloans is India’s fastest growing loan distributors. Our team has professionals with extensive experience in the loan industry. We help our customers borrow right. Our team has come up with an internally developed loan calculator algorithm. Using this, every customer can find out the total EMI they need to pay for a certain loan amount. An individual can apply for a business loan in Pune by logging onto our online portal. They can choose from a variety of Banks and NBFC’s to take the business loan in Pune.

Hassle free process

We at Ruloans believe in making the process of availing a loan simple and hassle free. Hence our interface is user friendly and helps the customer in not only filling the application form with ease but also helps them to upload their documents quickly. To understand what kind of an EMI they will have to pay for the loan, we have internally developed a loan calculator which guides the customer to understand the total amount they will need to repay toward the loan.

Benefits of applying with us:

Ruloans has been a part of the loan industry for many years. Hence we provide expertise to our customers and give them value on applying for a business loan with us. Applying for a business loan in Pune with Ruloans gives you a good chance to avail deals and offers from our partnered Banks/NBFC.

Compare your loan options

On the online portal of Ruloans, you can compare rate of interest, offers and different services that we provide. This can help you choose the loan and lender of your choice.

Free expert guidance and advice

Being in the loan industry has allowed us over time to become experts in this field. Our financial experts work to give you perfect advice based on their knowledge of the entire industry and also the current trends in the market. All of this is provided to you without charging a single penny.

Privacy policy

Privacy is very important and we at Ruloans understand this. Hence we protect your documents and keep them safe. Every loan application is processed electronically with complete privacy and transparency.

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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