HOW TO GET A BUSINESS LOAN IN INDIA? All businesses cannot get a business loan, so you need to take highest care in applying for one. By ensuring that the whole lot is as accurate as possible and by putting your business in the best possible radiance, you will improve your chance to get the loan.
Step-1: Obtain a copy of your credit report to ensure that it’s accurate. Obtain a copy of CIBIL report with score. Most financial institutions review your credit report while they review your loan application. Better CIBIL SCORE will give you better bargaining power. If you’re CIBIL score is not up to the mark or if it is not correct according to your record try to improve it or rectify it.
Step-2:
Get together some essential financial statements. In order to qualify for a small business loan, the lender needs to be reasonably certain you'll be able to pay it back. Here are some of the essential financial documents you'll need to pay back: • ID Proof of promoters: Papers as proof of identity like Passport, Pan card, Voters ID Card and Driving License. • Address Proof. • Bank Statement 6 Months. • Latest ITR along with computation of income, Balance Sheet & Profit & Loss a/c for the last 2 yrs. Audited or Certified by a CA Step-3: Make a projection of future operations. This projection of future operations should go as far as a year or until positive cash flow is achieved, whichever comes first. Type in "12 month profit and l
HOW TO GET A BUSINESS LOAN IN INDIA? All businesses cannot get a business loan, so you need to take highest care in applying for one. By ensuring that the whole lot is as accurate as possible and by putting your business in the best possible radiance, you will improve your chance to get the loan.
Step-1: Obtain a copy of your credit report to ensure that it’s accurate. Obtain a copy of CIBIL report with score. Most financial institutions review your credit report while they review your loan application. Better CIBIL SCORE will give you better bargaining power. If you’re CIBIL score is not up to the mark or if it is not correct according to your record try to improve it or rectify it.
Step-2:
Get together some essential financial statements. In order to qualify for a small business loan, the lender needs to be reasonably certain you'll be able to pay it back. Here are some of the essential financial documents you'll need to pay back: • ID Proof of promoters: Papers as proof of identity like Passport, Pan card, Voters ID Card and Driving License. • Address Proof. • Bank Statement 6 Months. • Latest ITR along with computation of income, Balance Sheet & Profit & Loss a/c for the last 2 yrs. Audited or Certified by a CA Step-3: Make a projection of future operations. This projection of future operations should go as far as a year or until positive cash flow is achieved, whichever comes first. Type in "12 month profit and loss
