Business Loan in Mumbai With Aapka Bank
every business, it is important to have sufficient funds. While some businesses
need money to carry on daily operations, others may need it for growth and
expansion. For businesses that lack enough funds for their business, a business
loan is a great option. There is so much that goes behind getting a business
loan, and it is important to make an informed decision so that you get the best
you are also looking for a business loan in Mumbai, Aapka Bank can
be of substantial help. While Aapka bank doesn’t offer you a loan, it offers a
whole lot of information that helps in getting the best loan. We are a leading
financial institution that offers assistance in getting all types of loans
along with information about credit score assessment, eligibility,
documentation, and process along with interest rates about various banks and
NBFCs. You can make required comparisons between business loan provider
in Mumbai and choose the best option that suits your needs.
are certain things that you must know and prepare before you apply for the
must have a business plan
you are seeking a business loan, the first thing to do is have a full-proof
business plan so that you can convince the lender. The lender would wish to
know that you have a credible business and you have required skills and
knowledge to grow the business. The business plan must have everything that has
to do with your business. It must include goals, competitors, past, as well as
projected revenue along with market analysis, expenses, and how you plan to
expand your business. Also, write a summary to draw the attention of the lender
to your vision as it is the first thing that they read.
must provide the financial statements to the lenders of both past and future.
You should provide a plan that you aim to follow and show the projected numbers
so that lenders can see your goals clearly and determine if you will be able to
make money and pay them back. You must include your cash flow statements,
income statements, and balance statements for the past 3 to 5 years along with
estimates for these statements for the next few years.
and amount of loan
you are done with the financial statements and business plan, you must be clear
about what you wish to accomplish with the loan and how much money you need to
reach the goal. It would be easy for the lender to understand if you can state
your goals. You must identify the strategy and equipment you need for growth
and anything else that you would do with the loan amount.
- Have a
look at your credit history
is a known fact that for any kind of loan, it is important to have a good
credit history. Thus, you must have a look at it before applying for a business
loan. This becomes all the more important when you didn’t have time to build a
credit history. The lenders will want to be sure about the credit history of
the individual whom they are lending a loan. Your financial responsibility has
a significant role to play. You must build your personal credit history before
applying for a business loan. Some lenders may also ask for your personal bank
statement and tax returns for the last year.
your capacity for collateral
are few loans that need you to put down some type of collateral and business
loan is one such type of loan. You need to assess the value of your collateral
that you put against the business loan. The lender will want to know about this
number, and you will have the assurance that you have something tangible to
secure the loan. Just make sure that you are able to repay the loan so that you
don’t jeopardize the property and lose it in case of non-payment of the
the overall cost of the loan
must find out how much time you would need to pay off the loan. It is important
to find out the kind of offers various lenders will be able to give and use the
interest rates and fee for estimating the payments. You must add up all this
information to your payments to see how much the loan will cost you in the end.
Know the terms and conditions attached to each loan offer before you decide
which one will be best for you.
all loan options
is the first step when looking for the best loan deal as only, then you will be
able to find the best bank or NBFC. There is no rule of thumb when it comes to
loans. You may find a bank a suitable option, and others may find NBFC or
credit unions a better option. It all depends on your goals and needs. Be ready
to adjust plans as you may get turned down but keep trying as you will
certainly find someone who would be ready to offer a business loan. Requirements
to meet for a business loan
deciding business loan eligibility
- For a
limited or Pvt. Ltd. company, the net income should be 150000/ annum for a
business loan up to 1500000 and over 300000 for business loan above
Partnership or proprietorship firm, a minimum of 25% stake each can be
clubbed to the income of the concern.
- A chartered
you are looking for small business loans in Mumbai, connect with
Aapka Bank as we work towards making more and more people self-reliant by
offering required assistance for getting loans.
applicant should be minimum 21 years and maximum 65 years old.
should be profit-making at least for the past 2 years.
turnover should be a minimum of 150000 per annum.
is not mandatory for a business loan.