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Business Loan in Umbergaon
Umbergaon, also known as Umargam a town in Umbergaon has Umbergaon Infraprojects Development and Construction (UIDC) on the lines of Umbergaon Industrial Development Corporation (GIDC) helping setup 100 plus projects to make the town a self-sustaining region. Located in a hilly region with a uniform climate throughout the year, the cool and calm atmosphere makes Umbergaon an ideal holiday destination. This town of Umbergaon has a reputation for hosting India's first nanotechnology manufacturing plant.
Unpredictable conditions or market changeability may cause your commercial finances to weaken, threatening to reschedule your business development plans. Take a look nearby; there are finances accessible in the form of a Business Loan in Umbergaon at proactive rates of interest. Whether you have a strategy to procure real estate, or plan for an infrastructure project investment, or plan to upgrade plant and machinery or technology, or whether you plan to increase and train personnel, Ruloans has the preparation and aptitude to get you through every stage to get you a hassle-free Business Loans in Umbergaon at no further charge.
Features and Benefits of a Business Loan in Umbergaon
Investments are part and parcel of growing an enterprise. Advanced equipment, skilled staff, and other factors are essential for growth. However, a shortage of funds shows up as a major obstacle to growth. A business loan has the capacity to bridge the gap to provide the much-needed push, especially since such a loan requires no collateral. Take a look at the features of a Business Loan in Umbergaon.
Flexibility
Banks and NBFCs are not equity investors to interfere with how you run your business. Nobody dictates the use of the money you receive by way of a business loan. Timely repayments make sure you are in charge of spending.
Collateral Free
Small and medium enterprises generally do not possess many assets to provide as collateral for loans. Business loans on the other hand don't require collateral security, and as such you don't need to worry about going to the bank repeatedly for funds.
Multiple Options
Banks and NBFCs offer a bouquet of business loans to provide for your business needs. Whether you're looking for funds to upgrade machinery and equipment, or you're in need of funding for hiring skilled staff, you'll be surprised at what lenders have to offer.
Working Capital Option
Since there are no end-user restrictions on the funds received by way of a business loan, in times of liquidity crunches, you have funds at your disposal to tide through. You simply don't need to dip into emergency funds to cover short-term capital needs.
No Profit Sharing
When you turn to investors to fund your enterprise, you mull over profit-sharing as ROI or return on investments for investors, which fluctuate. This does not apply to funding by way of a business loan, since the terms and conditions of your loan govern by set parameters such as interest, fees, etc.
Quick Disbursal
Easy eligibility and minimal documentation cause a business loan to be disbursed quickly. Your enterprise emergencies are dealt with swiftly, and you don't need to halt operations to plan and execute growth strategies.
Eligibility Criteria for a Business Loan in Umbergaon
The term Loan Eligibility in broad terms refers to qualifications to avail of a business loan from a bank or an NBFC. Lenders use Eligibility Criteria as a standard to resolve the number of funds to be lent on the basis of your financial credentials such as your business income, financial commitments, etc., subject to your business vintage, which decides your business loan tenure. Eligibility criteria for a Business Loan in Umbergaon are listed below.
Age
Your age should be minimum of 21 years, and maximum of 68 years at Loan Maturity
Nationality
You should be a Resident Citizen of India without having defaulted on any previous loans, and without any Criminal Record
Credit Score
Your credit score should be 650 or higher
Business Vintage
The age of your business should be minimum 1 year in profitable operations
Annual Turnover
The annual turnover of minimum Rs.12 lakhs and above for existing enterprises
Eligible Entities
Individuals, SMEs, MSMEs, Sole Proprietorship, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, Retailers, Traders, Manufacturers engaged in Services, Trading, and Manufacturing Sectors
Additional Criteria
You must own a residence, an office, a shop, or warehouse
Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.
What are the Documents Required for Getting a Business Loan in Umbergaon
We at Ruloans are dedicated to making your business loan process smooth. Documents obligatory for a business loan are minimal. We request you to submit precise facts and credentials so that your business loan request can be processed in the shortest possible time. Documents required for Business Loan in Umbergaon are listed below.
Documents Required
For Self-Employed Individuals (PARTNERSHIP FIRM)
- Age proof of applicant & Co-applicants. (E.g. Pan Card, Passport, Driving License, Birth Certificate Etc.)
- Residence Proof of applicant & Co-applicant's (E.g. Passport, Tel/ Electricity bill, Lease Agreement along with latest electricity bill in the name of owner).
- Business proof (GST Certificate & Udyam Aadhar)
- Latest 3 Years Complete ITR of applicant and co-applicant.
- Latest 3 years complete ITR of the company with profit & loss and balance sheet.
- Audit reports for all three years if audited.
- Partnership Deed
- Pan Card copy of partnership company required with stamp & signature.
- Company A/c Bank Statements (Latest 12 Months)
- Saving Bank Statements (Latest updated 12 Months required)
- Company Profile of the Company.
For Self-Employed Individuals (PVT LTD COMPANIES)
- Age Proof of applicant & Co-applicant (For E.g.: -Passport, Driving License, PAN Card, Birth Certificate).
- Residence Proof of each applicant & Co-applicant - (For e.g. -Passport, Telephone bill /Electricity Bill).
- Business proof (GST Certificate & Udyam Aadhar).
- Company Pan Card copy with company stamp & signature.
- Required three years ITR Returns of Applicant & Co- applicant
- Latest three years Company ITR Returns required with Computation of Income, Profit & Loss A/c, Balance Sheet, Capital A/c, Audit Report with 3cb & 3cd (if audited) and all schedules.
- Memorandum of Association(MOA) and Article of Association(AOA)
- List of Directors with Share Holding Pattern required on company letterhead with stamp & sign.
- Board Resolution on company letterhead with stamp & sign.
- Form 32 / Annual Return file with ROC.
- Latest Year Bank statements of all Current A/c's.
- Updated one-year bank statements of all saving A/c's
- Company Profile on company Letterhead
- Provide Latest One Year GST 3B Challan required.
For Self-Employed Person (PROPRIETOR)
- Age Proof of applicant & co-applicant required (Pan Card Copy and aadhaar card)
- Residence Address Proof required of applicant & co-applicant (For E.g.- Passport Copy, Driving License copy, Latest Telephone / Electricity Bill copy)
- Office Address Proof required with company stamp (Latest Telephone / Electricity Bill, Shop Establishment Certificate, etc.).
- Latest 3 years ITR with profit and loss and balance sheet.
- Latest one-year bank statement
- GST certificate & udyam aadhaar certificate.
- Latest one-year GST challan GST-3b.
Agriculturists
- Application with Photograph
- Identity and Residence proof
- Last 6 months, Bank Statements
- Processing Fee Cheque
- Copies of Clear Title of Agricultural Land depicting Landholding
- Copies of Clear Title of Agricultural Land depicting crops being cultivated
- Details of 2 years of previous loans availed
How to Apply for a Business Loan in Umbergaon?
1
Online Application
Fill out your 'Basic Details'
2
Document Submission
After you receive your 'Business Loan Eligibility', choose your 'Financial Institution', and upload 'Required Documents'
3
Verification
The Institutions will 'Verify' your business Loan application, and submitted documents
4
Approval
Your Business Loan will be 'Sanctioned'
5
Disbursal
Receive your 'Business Loan Amount' in your Bank Account - Simply Efficient!
Compare Business Loan Interest Rates from Top Banks and NBFCs - March 2022
Bank Name
Interest Rate
Processing Fees
IDFC BANK
16.5%
2.5
ICICI BANK
16.5%
1.5
HDFC BANK
16.25%
1.5
POONAWALA FINANCE
18%
2
STANDARD CHARTERED BANK
16.5%
2
HERO FINCORP LTD
18%
2
ADITYA BIRLA LTD
18%
2
AXIS BANK
17%
2
UNITY
18%
2
YES BANK
16.5%
2
SMC
18%
2
BAJAJ FINANCE LTD
17.75%
2
FULLERTON INDIA
17%
2
GROWTH SOURCE
21%
2
NEO GROWTH
18%
2
INDUSIND BANK
17%
2
KOTAK MAHINDRA BANK
17%
2
TATA CAP FINANCE
17%
2
LOAN FRAME
18%
2
FINTREE
20%
2
FED BANK
18%
2
DEUTSCHE BANK
16.5%
2
U GRO CAPITAL
18%
2
CHOLA
18%
2
IIFL
15.5%
2
CENTRUM
17%
2
L& T FINANCE
17%
2
ASHV FINANCE
17%
2
LENDING KART
20%
3
INDIFI
22%
3
PIRAMAL
18%
3