Financial Flow is the life blood of any successful organization. Most businesses will need a large amount of working capital to start up a new business or enable the rapid growth of an existing business. Scaling up always requires a influx of finances.
Which is why, we go to all lengths to ensure that we can disburse a loan that can help you take your business to the next level. Business loans are very special to HamaraBank and we have been helping our customers scale to new heights of success by helping them finance their dreams for their enterprises.
While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.
Business loans are categorized broadly into following 2 segments.
1.Unsecured business loans – 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet.
2.Secured business loans – Working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies
Business Loan Eligibility Criteria
Most banks have a common set of parameters that they evaluate loan applicants with, but what exactly these parameters are depends from bank to bank.
Most banks will disburse business loans to individuals aged between 24 to 65 years.
Current Business Experience
Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. If you can show sustained billing and revenues and top it off with profit, getting a business loan should not be a problem for you. Some banks give a loan amount up to 60 to 80% of your median annual profits.
Total Business Experience
A bank will prefer if you have been engaged in sustainable business for atleast 5 years to consider giving you a loan. Your diversity in terms of business experience and so on along with good results will help you acquire your business loan.
- Identity Proof
- Address Proof
- Bank Statement (Latest 6 months)
- Latest ITR along with other relevant docs like Balance Sheet, P&L, Audit Report (Certified by a CA)
Business loans range from min. of 1 year up to a max of 4 years
The processing of the loans usually takes 4 working days after all the documents are submitted.
You can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.You can make a part pre-payment with a minimum amount of Rs.50,000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year.