business loan


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Business Loan


Many times businessmen find themselves in need of credit to expand or fund their business for multiple reasons. They need the funds to buy some equipment, working capital gap ,payment to creditors, pay off business dues, pay employee's salary, to expand etc. Businessmen can't put the funds in line from their personal savings. Thus they opt for business loans. The business loan works as the perfect financial aid for such situations. Taking a business loan is always a safe and easy way to tackle your business related financial needs. You can also apply for a business loan if you want to start a new business. The terms and conditions to avail such a loan are different than the loan taken for already running business. Also each business is different in various aspects thus it requires different documents and is applied to different criteria. That's why banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. These plans are applicant/s centric and made with keeping financial alternatives in lure. Banks and NBFCs also offer special loans for women entrepreneurs. They are customized business loan plans for women to cater their needs and give them a chance to build a competitive business in the market.

Why should I take a Business Loan?


Businessmen or entrepreneurs take business loan to meet with their various business related needs. We have listed a few of them below:

Business loan for working capital

Even in an ongoing business, businessmen require ample amount of funds to sustain and fund for their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.

Business loan for business expansion

Every entrepreneur wants his or her business to flourish beyond the boundaries of its local position. This though comes to their mind when business starts to grow in its initial location and there is a positive flow of profit. Businessmen understand the need and urge to expand their own product i.e. the very own business. But expanding the business beyond local capacities is not easy, financially speaking. It surely needs a strong monetary backing to meet with the needs of expanding the business. Whether its location, equipments, new recruitments or paying for new communication channel, businessmen need a bucket full of finance. Thus they opt for business expansion loan. By taking this loan, businessmen make sure that their respective business touches new heights of success.

Business loan for buying machinery or equipment

Almost all types of businesses need specific machinery or equipments for smooth functioning. Many times these equipments are higher in price. Thus businessmen opt for this type of loan to buy such equipments and pay it off with profits which will come from the use of these equipments or by putting them out on lease later.

Business loan for developing infrastructure

Having a well built exquisite infrastructure is one of the key points of a business. Your clients many times judge you from the infrastructure you work within. Also it is easier to many businesses to have a well sorted customized infrastructure for smooth day to day affairs. Obviously having any kind of infrastructure, small or large, does not come in cheap. Thus businessmen opt for this type of loan.

What are the Features and Benefits of a Business Loan?


  • You can avail this loan to tackle with your immediate financial requirement like daily capital needs.
  • Business loans can also help in tax benefits for the company
  • You don't have to put anything as collateral or need a guarantee for a business loan up to Rs. 75,00,000.
  • Banks offer customized repayment schemes for business loans. You can repay the business loan Daily, Weekly or fortnightly.
  • You don't need to show Income Tax Return for loan up to 10,00,000.
  • Business loan offers you lower interest rate compared to personal loans.
  • You can avail a business loan ranging anywhere between Rs.50,000 to Rs. 75,00,000.

What are the different types of Business Loans in India?


There are many types of businesses in India which require various types of loans. To match with all of their needs, banks and NBFCs have come up with various types of business loans. Some of these are mentioned below:

Business loans by government

The government of India helps various small businesses by offering them business loan under various schemes. One such scheme is Micro Units Development and Refinance Agency ltd, also known as 'Pradhan Mantri MUDRA Yojana'. It was started with one goal: fulfilling all the funding needs of non cooperative small businesses. Through this scheme, loans are sanctioned to the elderly and minorities, for factory their business needs.

Micro business loans

This is a type of small business loan which give you a smaller repayment term. The maximum repayment term for micro loans is 6 years.

Business loan for buying machinery or equipment

Almost all types of businesses need specific machinery or equipments for smooth functioning. Many times these equipments are higher in price. Thus businessmen opt for this type of loan to buy such equipments and pay it off with profits which will come from the use of these equipments or by putting them out on lease later.

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

Almost all types of businesses need specific machinery or equipments for smooth functioning. Many times these equipments are higher in price. Thus businessmen opt for this type of loan to buy such equipments and pay it off with profits which will come from the use of these equipments or by putting them out on lease later.

Business loan for working capital

Even in an ongoing business, businessmen require ample amount of funds to sustain and fund for their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.

What are the Eligibility Criteria to avail for Business Loan


Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories

  • Banks have divided applicants in two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories
  • Self Employed Professionals (SEP): Doctors, CA, CS, architects, engineer etc.
  • Self Employed Non Professionals (SENP): Trader, commission agent, contractor etc.
  • Also, if you are applying as a company, you can avail loan by applying under following entities:
  • 1. Partnerships/Propretorship
  • 2. Limited Liability Partnerships
  • 3. Private Limited Companies
  • Other important requirements to avail Business Loan:
  • 1. The minimum turnover of your business should be Rs. 60,00,000. The turnover should be in positive track.
  • 2. You should have minimum 3 years of experience in current business and 5 years of experience in overall business industry.
  • 3. Your business must be making profit for last 2 years.
  • 4. The age of the applicant should be minimum 25 year and maximum 65 years5. You should have paid your business's Income Tax Returns for last 2 years.
  • 5. You should have paid your business's Income Tax Returns for last 2 years.
  • 6. The borrowers should have a strong credit history. They should have a credit report ready for bank reviewing.

What are the Documents Required to avail a Business Loan?


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

Why Choose Ruloans To Apply For Business Loan?


Ruloans is India's fastest growing financial distributors.We serve customers from all the major cities in India like Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Nashik and many more. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for a business loan with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get a business loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a business loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are 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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