Vizag is also called as Visakhapatnam which is the financial capital of Andra Pradesh. Vizag offers numerous business opportunities and is home to some leading banks and NBFCs in India.
Are you looking for a business loan in Visakhapatnam? Then you at the right place. LoanOnMind offers business loans at attractive interest rates. Business loans are providing to the people who run their own organization. The loan dispersal will depend on the creditworthiness of the people.
Anyone who is running a legitimate business with good profit can eligible to apply for a business loan. Banks follow certain eligibility criteria to provide business loans. The following are the eligibility criteria of a business loan:
The age of a person should be between 21 to 65 years old but no more than 65 years at the time of the loan maturity.
Applicant should have a PAN card and 2 years IT returns.
The planned business must provide the commercial profit of not less than 2 lakhs per annum. The applicant should prepare the business plan and must be presented to the lender.
Track record and type of business.
The below are the basic and mandate documents need to submit for getting a business loan:
Age Proof: Any ID card which is issued by the Government such as PAN card, Aadhar card, Voter ID, Driving License, Passport, etc.
ID Proof: Driving License, Aadhar Card, Passport, Voter ID, PAN card, etc.
Residence Proof: Documents which contains address can be presented as residence proof such as gas connection book, bank book, etc.
Photo: Latest passport size photo.
Income Tax Returns: Past 2 years IT returns and profit & loss.
Bank account statement of 6 months.
As per the state Government policy of Andra Pradesh, the following criteria can be taken into an account when calculating the rate of interest for micro, mini and medium-sized businesses and SMEs.
CIBIL (Credit Information Bureau India Limited)
Productivity and commercial profit
EMI: The monthly installment of a loan mainly depends on the tenure of a loan. If you choose longer tenure, the EMI is decreased.
Corporate Credit Nature and Cost: According to the business plan, we analyze other lending charges from customer to customer.
First payment fee