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How Much Can You Get For A Business Loan In India And From Where?
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Securing finance for a business through an online business loan application is a convenient way to meet a whole range of venture expenses. It's not just about numbers; it's about bringing your entrepreneurial vision to life. Whether you're an experienced business owner with expansion plans or still finding your feet in the industry, understanding the factors shaping your eligibility for a business loan is significant.
This guide will help you along the path of procuring business finance in India. From the convenience of online loan applications to unique requirements, read on and transform your aspirations into triumphant tales of success.
Where to Get Business Loans in India?
Banks
Leading banks like Kotak Mahindra Bank are your go-to financial partners, offering many options when wondering how much business loan you can get. From instant bank loans to flexible schemes, there’s financial assistance tailored to your needs. With such support, you can explore large business loans up to Rs.1 Crore, with competitive interest rates, and flexible repayment terms ranging till 60 months. These offerings play a crucial role in nurturing enterprises in India.
GST Loans
GST loans are ideal for businesses dealing with the Goods and Services Tax (GST). If you're curious about how much business loan you can get in India under GST, it's often linked to your GST returns; however, you can secure loans of up to Rs.1 Crore. Along with this, through the Facility against Credit Card Receivables, you can avail of a Business Loan or an Overdraft Facility of up to Rs.3 Crore. These loans help manage your GST dues, maintain smooth business operations, and foster growth. Plus, they come with hassle-free processes and competitive interest rates. You can avail of these from leading institutions such as Kotak Mahindra Bank.
Credit Guarantee Scheme (CGS)
Worried about how to get a loan to start a business without hefty collateral? The Credit Guarantee Scheme (CGS) has your back. This scheme encourages lenders to offer loans with minimal collateral requirements. Under CGS, the Government provides guarantees, making it easier for small businesses to secure loans. It's an incredible boost if you’re wondering how much business loan they can get without mortgaging their assets.
Also Read: Government loan schemes for small businesses
Eligibility Criteria for Business Loan
Now, let's dive into the eligibility criteria for securing a business loan from us. If you're wondering "how much business loan can I get", you'll need to meet certain requirements:
At Kotak Mahindra Bank, we offer an extensive range of business loan amounts, depending on your eligibility and the nature of your business.
Documents Required to Avail Business Loan
Identity Proof
Address Proof
Ownership Proof
Business Continuity Proof
Financial Documents
Also Read: Types of business loan in india
Conclusion
When it comes to business loans in India, your eligibility plays an important role. How much loan you can secure depends on your business's financial health and credit history. Understanding these factors helps you make better financial decisions. So, make sure you are well versed with all the terms and conditions before applying for a loan you need for your business.
FAQs
1. What is the maximum limit for business loans?
The maximum limit for a business loan varies depending on your eligibility and the lender's policies. At Kotak Mahindra Bank, we offer business loans starting from Rs.3 Lakh to Rs.1 Crore.
2. Who is not eligible for a business loan?
Those with less-than-perfect credit scores, insufficient business vintage or inadequate financials may not be eligible for a business loan.
3. Who is eligible for a small business loan?
Eligibility for a small business loan depends on factors like creditworthiness, business vintage, and financial stability.
4. Can I get a business loan without income proof?
No, income proof is generally required for a business loan to assess your repayment capacity.
5. How much turnover is required for a business loan?
To qualify for the loan, you should have a business track record of at least 3 years, with a minimum annual turnover of Rs.40 Lakh. Additionally, the business must show a profit for at least one year.
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