Gurugram being one of the major commercial cities of Delhi NCR is the hub to many unique businesses. With its 3rd highest per capita income in India, Gurugram is mostly famous for endless new business opportunities budding each day.
However, these new business ideas and their establishment not always can be funded by their own savings, which is why they often require to opt for a business loan in Gurugram.
Subsequently, individuals should keep these factors in mind before applying for a loan –
1. Loan amount
Acquiring finances for your business is crucial as this is the fundamental requirement for any of your commercial operations. Without access to funds, business operations can’t be carried out smoothly. Hence, deciding on the loan amount is important. Few lending institutions let you borrow up to Rs. 30 Lakh to meet your various financial requisites. It is ideal as an unsecured advance as it provides ample monetary support for necessary requirements.
Repay your business loan with a repayment option of up to 60 months. Opt for a tenor within this range as per your convenience and repayment capability.
Note that increasing tenor may decrease your EMIs. However, the cost of a loan may increase because of the interest paid for the tenor.
Before opting for a loan, one must be aware of the business loan interest rates offered by different lending corporations. Noting the various rates offered can help you estimate better financial opportunities and choose your preferred lender.
Besides, it is most important for candidates to calculate the equated monthly instalments using an EMI calculator. Borrowers need to enter the loan amount, tenor, and rate of interest data as input variables and calculate EMIs for the given combination.
This will help them plan their finances better for the upcoming months and adopting this financial habit will help them better manage their business growth.
Candidates willing to avail loan must abide by following eligibility terms –
- A borrower should be within the age range of 25 and 55 years.
- To avail a business loan, one must have a business vintage of a minimum of 3 years.
- Income tax returns should have been filed for the past 3 years.
5. Documents required
To avail a business loan in Gurugram, candidates must be able to produce these documents in support of their application –
- Proof of identity (Aadhaar card, PAN card, Voter ID etc.).
- Proof of address (Passport, ration card, utility bills etc.).
- Income Tax Return receipt of their business for at least the last two years.
- Balance sheet, profit and loss statements, business existence certificate, business ownership documents, etc.
- Bank account statement for the last 6 months.
6. Application process
It is as important to know the application procedure as it is important to know about the business loan interest rates. This is because lengthy loan procedures can be time-consuming and may wear you out.
7. Cost of loan
Financial corporations may charge you surplus amounts like processing fee for your loan application, EMI bounce charges, etc. Hence, borrowers must enquire and be clear on this front to avoid putting themselves into a position where they may have to spend extra. Apply for a business loan in Gurugram only after you are thorough with these pointers.
Business loans can keep your business financially healthy only if you consider these points beforehand. This will not only help you get approved for the required loan amount but will also help manage the cost of the loan and your financial obligations for the month. Once borrowers have understood the requirements, apply for a business loan from a reputed lender and follow through the application process.