Banks That Offer Startup Business Loans

By | February 7, 2023
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Banks That Offer Startup Business Loans – Startup culture has taken over the world. More and more people are showing interest in starting their own business. The recent growth experienced by the startup world is tremendous, and it’s not going to stop anytime soon. However, opening a startup means needing one of the most important things, which is investment or funds. Businesses cannot exist without financing.

People who have started their own business are looking for financing because they need funds to grow their companies. Businesses make money by lending cash. So, there are banks willing to lend to small businesses. In this article we will talk about some of the banks where you can take loans, their eligibility criteria and the required documents. so lets start.

Banks That Offer Startup Business Loans

Banks That Offer Startup Business Loans

Getting loans from banks for a startup with a futuristic approach is always a good idea. Loans are considered a better source of capital for a profitable business than equity because you get better leverage. You can enjoy an excess rate of return on the interest you pay on your loans. In the first place, you must know very well how to keep the interest rate as low as possible with maximum benefit.

Startup Business Loans: The Hunt For Capital

Loans expand the scope of your business by helping you expand as well. On the other hand, it also acts as a catalyst that motivates you to be more productive. You can take advantage of these benefits of purchasing startup loans –

Many banks offer small business loans to help entrepreneurs realize their business dreams. However, the most popular banks that offer loans and enjoy the most benefits are listed below:

HDFC Bank Business Startups can expand their operations by getting additional financial assistance through HDFC Bank. Every entrepreneur wants to get as little paperwork, flexible tenure and low interest rates as you can get from HDFC. The bank offers loans to fulfill the corresponding financing. All business requirements Loan amount and determination The loan amount for a business is up to 40 lak and even 50 lak in some places. The loan period is between 12 and 48 months. Eligibility Entrepreneurs, owners, private limited companies. Co. and partner companies engaged in manufacturing, trading or services. The minimum business turnover is Rs. 40 lacs. People who have been working for at least 3 years with at least 5 years of experience in the field. The minimum MAR of the business should be at least 1.5 lakh rupees per year. At the time of submitting the loan application, the applicant must be at least 21 years old and not more than 65 years of age at the time of repayment of the loan. Documentation If you are interested in a loan for business development, you can apply using the following documents. Mandatory documents [ Declaration of Sole Proprietorship or Certified Copy of Partnership Agreement, Certified Copy of Memorandum and Articles of Association (Certified by Director) and Board Resolution (Original)] Copy of any of the following documents as proof of identity: Aadhaar Card, Passport, Voter ID CardPAN Card Driving License 3 .Copy of each of the following documents as proof of address: Aadhaar CardPassport Voter ID Card Driving License 4. Latest ITR along with Profit and Loss Statement, Balance Sheet and Profit and Loss Account for last 2 years after CA approval/Verified 5. Continuation Proof (ITR/ trade license/incorporation certificate/sales tax) 6. Bank statement for 6 the previous months. interest and fees. The interest rate range for Rack is 11.90% to 21.35%. Loan processing fee – up to 2.50% of the loan amount. Advantages You do not need to provide collateral or collateral to take a loan from HDFC. The application process is very simple. The lowest number of documents. “Threshold” service is available at this bank. Another feature is access to an overdraft facility. You only pay interest on the loan amount used in conjunction with the loan protection plan. You can get a loan protection plan at a nominal cost. Citi Bank Business Loans Citi Bank Business Loans Citi Bank offers loans called CitiBusiness, which offer business loans that allow start-ups to effectively manage working capital. A startup can also opt for diverse MSME credit products that include working capital loans, short-term loans, long-term loans, overdraft and export-import financing options. The maximum amount is INR 15 lakhs. The loan period is between 12 and 120 months. response. Loans can be granted to the self-employed, to owners and even to people who choose a partnership business. People who have been in this business for 3 years. You must be 21 or older to apply for a loan. The maximum age of those who can apply for a loan is 65 years. Pan Card Documentation A copy of each of the identity proof documents mentioned below: Aadhar Card, Passport, Voter ID Card, Driving License, Pan Card 3. A copy of each of the address proof documents mentioned below: Aadhar Card, Voter Passport Identity Card, Driver’s License 4. Bank statement for the last 6 months. 5. Latest ITR along with profit and loss statement, balance sheet and profit and loss statement for the last two years after CA approval/audit. 6. Proof of continuation (trade license/sales tax certificate) Interest rate and charges Interest charges are at the bank’s discretion. The processing fee is 2% of the loan plus taxes. advantages You can get a loan in just 48 hours. A guarantor is not required for a loan. The interest rate on a business loan is low. CitiBank offers a 4% prepayment. Ordering and documentation is quick and easy. ICICIICICI Bank Business Loans ICICI Bank Business Loan also offers startup loans. They have come up with “iStartup 2.0” which provides a wide range of business solutions that help customers not only with their banking and business needs but also save time and energy and allow them to focus on the core aspects of the business. This program was created to allow entrepreneurs to use loans. If you decide to use iStartup 2.0, which includes banking services, you are offered many other services that play an essential role in the development of your business, such as a debit card that has limits and much more. The amount of the loan and the period of stay. The minimum loan amount is INR 1 lakh and the maximum loan amount is INR 40 lakh. The loan period is between 12 and 36 months. Right of use loans can be granted to the self-employed, and the age criterion is 28 years. For doctors, the age criterion is 25 years. The minimum business turnover should be INR 40 lakh for a layperson and INR 15 lakh for a professional. The minimum income should be INR 2 lakh for self-employed and INR 1 lakh for non-professionals. Must have at least one year of relationship with ICICI Bank having a current or savings account. Document copy of PAN card for proof of identity. 2. Copy of any of the following documents as proof of address: Aadhaar card, passport, voter ID, driving license. 3. A partnership deed or approval for a partnership business and a certificate of establishment of a sole entrepreneur is needed. 4. Audited financial statements for the last 3 years including balance sheets, profit and loss statements, tax audit reports 5. Bank statement for the last 6 months. Interest and fees. The interest is 15.50% .Processing fees start at 0.99% and go up to 2%. Advantages. No deposit or security is required. The bank offers an overdraft facility. There are many bank branches in India. Issuing a loan is quick and easy. When you choose iStartup 2.0, you get the The perfect solution for healthcare, IT and services, real estate and manufacturing. In short, it can be one small step before a giant leap. Axis Bank Business Loans Axis Bank Business Loans Axis Bank is among the banks that may be the right option for you. It provides the required fund as a loan for your business needs. Small and micro businesses can easily apply for a loan from Axis Bank. Loan amount and tenure The loan amount is up to INR 50 lakh. The tenure is 36 months. the right to participate. The business must be at least 5 years old and operating. There is a minimum annual turnover of INR 30 lakh to INR 10 crores. People should be in the age group of 21 to 65 years. One must be an Indian to apply for a loan. Document copy of each identity proof below: Aadhar Card, Identity Card Passport Voter Card Driving License PAN 2. Copy of each of the address proofs mentioned below: Passport Account Telephone Bank Account Bank Statement with Check 3 Income Declaration Documents for last 2 years 4 Bank statement for the last 6 months 5. Proof of establishment of a business. 6. Financial statements for the last 2 years, including a profit and loss statement and a balance sheet. interest and fees. The interest rate ranges from 14.25% to 18.50%. The processing fee is 2% of the requested loan amount. Advantages No need for collateral or security. The lowest number of documents. The loan application process is simple. The repayment period is flexible. Summary

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