Apply Business Loan in Ahmedabad

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Not getting the desired loan amount

- Try adding multiple partner/director as a co-applicant alongwith the borrowing entity

Not getting the desired loan amount?

- Finance Buddha can try to do a debt consolidation/balance transfer to increase eligibility

Business Loan in Ahmedabad

There is no doubt that Ahmedabad has always been a hotbed for commercial activities and business.  With this in mind many are looking for ways to improve the have a business or expand their business in this location. Though most business minded people are very keen and willing to take the initiative, it gets blocked when financing factors become a question. Yes, it’s true that there are many banks which are ready to give business loans but finding a right one that suits your need is always a problem. In order to find a solution to this problem, Finance Buddha has come into place. Here everyone can check for the loans and offers provided by banks. Can compare and pick the best bank that suits your loan requirements.

How Finance Buddha can help you get a Business Loan in Ahmedabad?

Finance Buddha is more like a one stop solution for all loan requirements. This website is crafted to offer information of business loans and other types of loans for free of cost. Every applicant can make use of the comparison table to pick the bank that offers low interest rates and great benefits. At the end of the day, when it comes to business, everyone will be keen to save every penny that is spent on interest rates and other charges.

Business Loan Eligibility Criteria in Ahmedabad

Unless the applicant meets the below eligibility criteria it is not possible to get a loan approved from any bank in Ahmedabad. But, to a certain extent the bank branch manager can make decision:

  • Minimum business track record of 3 years with ITR and proof of business existence
  • Minimum turnover of Rs 25 lakh
  • Profit making entity with a minimum profit of Rs 1 lakh
  • Clear CIBIL report and track record
  • Bank account with reputed banks

Business Loan Documents Required in Ahmedabad

Below listed is the basic documentation necessary before applying for a business loan in Ahmedabad.

 

 Documents

Professional

Businessman

Application form

Yes

Yes

1 Photograph of Co-Applicant

Yes

Yes

Income Details of Applicant

IT Returns, Balance Sheet & P/L Account statement for the last 2 years with Annexure

IT Returns, Balance Sheet & P/L Account statement for the last 2 years with Annexure

Bank Account Statements

For last 3 months

For last 3 months

KYC documents of Co-applicant

Yes

Yes

Business Proof

Certificate of Practice

MOA, AOA/ Partnership Deed/ Shop Act License

Some of the very common list of documents for a business loan approval is:

  • Identity Proof (Passport Copy/ Voters ID Card/ Driving License)
  • Proof of Address (Ration Card/ Telephone Bill/ /Electricity Bill/ Passport)
  • Bank Statements (latest 6 months bank statement /passbook)
  • Latest ITR, along with computation of income
  • Balance Sheet & P&L Account for the last 2 Yrs, certified by a CA
  • Qualification Proof of the Highest Professional Degree
  • Proof of Continuation (Trade license /Establishment /Sales Tax Certificate)
  • Other Mandatory Documents (Sole Proprietorship - Declaration, Partnership - Copy of Partnership Deed, Apart from Copy of MOA, AOA & Board Resolution)
  • Two passport size photographs

Business Loan Interest Rates, Fees & Charges in Ahmedabad

Interest rates and charges vary from bank to bank. Here is the list of interest rates and charges for different banks of Ahmedabad for business loan.

Product Features

Loan Against Property

Unsecured Business Loan

Maximum Loan Amount

Up to 60% of the property value

Rs. 10 lakhs to Rs 5 crore

Loan Tenure

5 - 15 years

1-3 years

Interest Rate

13.50% – 15%

14% onwards

Processing Fees

0.25% - 2%

2% - 3%

 

Charges Applicable

Processing Fees

2% of the loan amount will be deducted at the time of disbursal of approved loan amount

EMI bounce charges

Rs 1000 will be charged in the subsequent month for every bounce

Penal Interest

2.00% p.m. overdue charges will be levied basis 360 days per year

Foreclosure Charges

NIL to 4%- Applicable following 1st EMI clearance

 

Frequently Asked Questions