A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
Purpose of Loan
- Up-gradation, renovation and extension of residential property.
- Medical, emergency expenditure for maintenance of family.
- To meet the Wedding Expenditure.
- Major Surgical operation.
- For expansion of your existing business or begin a dream venture.
- Meeting any other genuine need as may be specified by the Borrower and agreed to by the Lender.
- Planning to start a small Business.
Features & Benefits
Attractive Interests Rates.
Eligibility
- Member of the Suvhya Nidhi Holding either single account or joint account with other family members’ viz., father, mother, wife, son or daughter with regular source of income.
- Individuals who may be employed/self-employed in business having regular income.
- Permanent employee of Central/State/Defence//Public or Joint Sector Undertaking/reputed firms/established Educational Inst/Professional/Businessmen having regular income.
Quantum of Finance
As per eligibility and Income Earning Capacity.
Repayment Details
By EMI or Regular.
Processing Charges & Service Tax
Processing Fees and Other Charges (Inclusive) PLUS Service Tax as applicable.
Supporting Documents for Loan Sanctioning Photo Identity Proof
- Passport.
- PAN card.
- Voters Identity Card.
- Driving License
Residence Proof
- Telephone Bill.
- Letter from any recognized Public Authority.
- Electricity Bill.
- Ration Card.
- Letter from employer subject to satisfaction on Bank.
- Properly Tax Book/Receipt.
- Registered Lease Deed.
- Application on Prescribed form.
- Two photographs of Borrower and Guarantors.
- Address proof of Borrower and Guarantors (copy of Ration Card, Election card, Telephone bill, Driving License etc.).
- Income proof, Copy of Income Tax Return, Financial Statement of the Firm, Sales Tax returns etc.
- Profile of Guarantors.
- Loan should be guaranteed by three financially sound Guarantors having net individual worth twice the loan amount.
- Any other marketable security.