Business Loans - Letzbank

What is business Loan??

• Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need. A business loan is debt that the company is obligated to repay according to the loan’s terms and conditions.

• According to the U.S. Small Business Administration, before approaching a lender for a loan, it is imperative for the business owners to understand how loans work and what the lender will want to see from the owner.

Eligibility• Limited or Private Limited Company• Partnership or Proprietorship Firm• Chartered Accountant / Self Employed Professional• Self Employed Professionals (SEP) - Allopathic doctors, chartered

accountants, company secretaries and architects who are practicing their profession. Proof of qualification to be documented.

• Self Employed Non Professionals (SENP) - Traders and manufacturers

• Entities - Partnerships, Limited Liability Partnership, Private Limited and closely held Limited companies.

• Other constitution types depending on their profile on a case to case basis.

Documents required for a business Loan:

• Application form• 1 Photograph of Co-Applicant• Income Details: IT returns, Balance sheet & P/L

account statement for the last 2 years with Annexure, Form 16 A

• Bank account statements for the last 3 months• KYC documents of Co-applicant• Business vintage for 5 years• Business proof: Certificate of practice

FAQ1) What is the tenure available for business loan?Ans. The loan tenure can range from 12 months to 60 months. 2) What is the mode of repayment?Ans. You can repay through Post Dated Cheques, Electronic Clearance Service

(ECS) or Direct Debit.3) How long does it take to process the loan?A) If all the required documents are in order, your process moves fast. You

need to submit requisite documents like salary slip, tax returns, Proof residence, bank statements etc. The processing will take between 2 to

7 days.