Business Loan

Business loans are vital for entrepreneurs looking to kickstart or expand their businesses. R.K. Mantra OPC Pvt Ltd range of financial products has continually innovated to cater to businesses that seek funds. R.K. Mantra OPC Pvt Ltd small business loan is designed to fulfil capital requirements for small and medium enterprises. The MSME business loan is a comprehensive product that offers quick funds to help you grow your small business and invest in vital infrastructure, machinery, plants, operations, advertising, marketing etc :-

High Business Loan Eligibility

Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.

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Criteria for Business Loan Approval

Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 1-2 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.

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Common Documents

Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.

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Features and Benefits

Term Loans, Working Capital Loans, Business Expansion Loans, Equipment Financing Loans, Invoice Financing & Bill Discounting, Machinery Loans.

Eligibility Criteria & Eligible Entities

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Business Type

Most lenders provide loans to various types of businesses, including sole proprietorships, partnerships, limited liability companies (LLCs), corporations, and more.

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Credit Score

A good credit score is often required to qualify for a business loan. Lenders use your credit history to assess your ability to repay the loan.

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Business Age

Some lenders require a minimum operational history for your business, usually ranging from a few months to a year or more.

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Eligible Entities

Individuals, MSMEs, Sole Proprietorships, Partnership Firms, Public and Private Limited Companies, Limited Liability Partnerships, retailers, traders, manufacturers, and other non-farm income-generating business entities engaged only in the services, trading, and manufacturing sectors.

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Collateral

Secured loans might require assets as collateral to secure the loan. Collateral can be real estate, equipment, inventory, or other valuable assets.

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Annual Revenue

Lenders may have a minimum annual revenue requirement to ensure your business has a stable income.

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Cash Flow

Lenders often evaluate your business's cash flow to determine your ability to repay the loan.

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Age Criteria

Min. 21 years at the time of loan application & Max. 65 years at the time of loan maturity.

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Additional Criteria

Applicants must own either a residence, office, shop, or Godown.

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Credit Score

700 or above (Preferred by most private and public sector banks).

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Business experience

Min. 1 year, business location to remain same.

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Annual Turnover

Shall be defined by the Bank/NBFC.

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Nationality

Indian Citizens.

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Business Vintage

Min. 1 year or above.

Documents Required To Apply

Company Identity Proof

Company PAN Card, Certificate of Incorporation, MOA, AOA, List of Directors, and Shareholding pattern for Pvt Ltd companies.

Residence or Address Proof

Address Proof for Residence such as Voter Card, Passport, Aadhar Card, Telephone Bill, Electricity Bill.

Financial Proof

Last Financial Year's provisional Financials and future year's projections.

Address Proof for Business

Address proof for Business such as the Telephone Bill or Electricity Bill.

Business Continuity Proof

Business Continuity proof of 3 years (3 years old ITR/Company registration etc).

Bank Account Statement

Current Bank Account Statement for the last 12 months.

Partnership Document

Partnership Deed, Company pan Card for Partnership Companies.

GST Documents

GST registration certificate and GST returns of latest 2 years.

Rent agreement

Rent agreement copy of factory and residence (if property is rented).

Company's Business Profile

Company's business profile on the letterhead.

Photographs

2 photographs of promoters and property owners.

Udhayam Aadhar Document

Udhayam Aadhar registration certificate.

D-Vat/Sale Documents

D-Vat/Sale tax registration copy.

PAN Card

Photocopy of PAN Card.

TR

TR for the past 2-3 years.

EMI Calculator

An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your personal loan within a specific period. By using the Ruloans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Ruloans Personal Loan calculator.

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Fees and Charges

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans.

Loan Processing Fees ₹4999/- to 5% of Loan Amount.

Loan Cancellation Usually ₹3000/- to 5% of Loan Amount.

Stamp Duty Charges ₹150/- to ₹300/-.

EMI / Cheque Bonus Approx ₹499/- to ₹599/-.

Legal Fees as per actuals.

Penal Charges Usually 2% per month.

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