There could be many reasons for businessess to get a business loan for their business with the aim of fulfilling business needs or requirements for the business’s growth or success. Here at plangrip, you will be taught all the lucrative details with respect to personal loans for businessess from applying to getting approval.
Plangrip lets you avail of a personal loan with minimum documentation, quick processing, and easy approval. So, let’s get ready to apply for a personal loan for a small business start-up.
What Is Personal Loan For Business?
Let’s first understand what exactly personal loan is, as there are different business loans with different interests available for different purposes of your business.
Generally, the personal loans are those kinds of unsecured loans where you don’t have to provide your assets as collateral to banks or any other financial institution and have less maturity time period which could be 1 or 2 years or less.
In order to qualify or get the approval of the personal loan, your credit history and income will matter most.
How Does Personal Loan For Your Business Process?
Having done with required demands and getting approval for a personal loan for business, then you receive the entire amount of money or cash in a single payment which you will have to repay with fixed monthly installments according to the time set by your lenders or any other financial institution.
Advantages For Acquiring Personal Loan For Business At Lowest Interest Rates
- You will be availing loan with less interest rates
- No lengthy procedure is required to fill the application form
- Women entrepreneurs can also avail the loan
- As we told you earlier that, a personal loan is a type of unsecured loan where you don’t have to give you any assets as collateral to the bank.
- It includes less qualifying criteria
- Approved easily
- Pocket-friendly Repayments
- Pre-approved applicants will be approved under 10 seconds with no extra documents.
Some Factors Seems Ideal For Obtaining Personal Loan For Business
- Your business history
- Requirements for personal loan
- Annual revenue and Income will be asked
- Business credit score will be required too by the lenders and in order to avail the loan you should have a minimum credit score 580 and 600
- Ability to afford interests rates
Required Documents you must keep With Yourself while applying For Personal Loan For Business
Here we have elaborated most required documents or papers that you must carry with yourself for a personal loan and also we have categorized required documents for salaried and self-employed people both in order to avail of the personal loans.
- In order to avail of a personal loan for business, you will be required to submit or show your identity proof which will include your Passport, Driving License, Voters ID, PAN Card, and Adhaar Card.
- Your residency proof will also be required for personal loans like Leave and License Agreement, Utility Bill – not more than 3 months old, or Passport.
- Recent bank statements up to 3 months
- Salary Slips for the last 3 months
- Recently clicked 2 passport size photograph
- Financial documents such as profit and loss account, balance sheets certified or audited by a CA.
- KYC Documents such as Proof of Identity, Address proof, DOB proof.
- Residency Proof or address proof- will be Leave and License Agreement, Utility Bill (not more than 3 months old, Passport.
- Income proof for the last two years.
- Latest 6 Months Bank statement.
- Office address proof
- Proof of residence or office ownership.
- Proof of continuity of business.
Why You Must Use Personal Loan To Start Or Expand Your Business?
- Cashflow is something that you can not take it for granted in order to keep your business running smoothly or we can say it is the backbone of your business. Moving or flowing money in and out of business in the form of payments and taxes is all about cashflow which you can increase by obtaining a personal loan.
- Flexibility to select tenure
- Considered good for accepting credit cards repayments
- Have a fixed rate of interest
Check Your Eligibility To Get Personal Loan For Business
- Your minimum age must be under 21 – 28 years only
- Maximum age limit –Applicant should have maximum age 58 – 65 years
- Employment status –You must have 2 – 3 years in business
- Minimum income –$144.03 or will be above $144.03
- Work experience –Minimum 1 to 2 years is also required
- Business profit –Net profit of at least $720.15
- Applicant profile –you should be working in any registered company.
- An amount of 1 lakh to 10 lakh will be offered for business activities
How Palngrip Assists You To Get Personal loan for business?
- You will have to fulfill less qualifying criteria
- No requirement of security and collateral
- women entrepreneurs also avail personal loan for business
- EMI payment is also available
- Getting approval is instant