Business Loan
Getting a house or an apartment of your own matters a lot to you. But, saving money to buy or construct your dream home is neither sufficient nor a practical option for that. And for that, business loans will always have your back. One of the significant benefits of business loans is that you can get the tax deduction facilities issued by the Government of India. Apart from that, you can get up to 30 years of tenure to repay your business loan.
A business loan can be of different types like a home construction loan, plot loan, housing loan, property loan, etc. that depends on your requirements and business loan eligibility. And CreditLine is always there to assist you the get the best online business loan at a lucrative business loan interest.
Beneficial Features Of A Business Loan
As there are multiple types of home loans available in the market, they attract several benefits or advantages for the borrower:
- Home finance becomes more realistic with the help of home loans.
- Home loan interest rates are lower than other loans that make the repayment affordable.
- The prolonged tenure of a home loan makes it easier to repay.
- The benefits of the tax deduction on the principal and interest amount of the home loan U/S 80C, 24b, and 80EEA lower your annual tax amount.
Business Loan Eligibility
To be a potential borrower, you need to meet the following eligibility requirements.
| Criteria | Eligibility |
|---|---|
| Residential Status | Indian, NRI, PIO (Person of Indian Origin). |
| Employment | Salaried/ Self-occupied |
| Annual Income | Minimum 6lakhs p.a. |
| Credit Score | 750 or more. |
| Current Residence | A permanent residence/ rented residence (at least 1 year of tenancy required before you apply for business loan online) |
Documents Required To Apply For A Business Loan
Irrespective of the type of business loans you applied for, your residential status and employment type will decide the documents to prove your eligibility. However, you must produce four to five basic types of proofs, such as:-
| Criteria | Eligibility |
|---|---|
| Proof of your identity | PAN/ Passport/ Voter ID/ Driving License |
| Proof of your residential status | Electricity bill/ telephone bill/ Aadhaar card/ etc |
| Proof of your employment | Employment details. |
| Proof of your income | Salary slips/ salary statement/ IT returns/ work permit/ etc. |
Apart from these, you may also need to show bank statements, loan account statements, PIO card, TDS certificate, audited balance sheet, property papers, and much more.
Types Of Business Loans In India
In India, there are some significant types of home loans or housing loans that banks offer at convenient home loan interest rate, such as:-
- Home purchase loans are for buying a house or flat for the very first time.
- Home construction loans are for the construction of a new house.
- New home loans are for buying a new house or property.
- Plot loans are for buying a new plot.
- Home extension loans are for the extended construction of your existing house.
- Renovation loans are for the renovation of your home.
- Home loan top-up is for borrowing more on your existing home loan.
- Balance transfer home loans are for transferring the home loan amount from one bank to another to avail lower rate of interest on the loan.
However, the types of home loans may vary from bank to bank.
How To Apply For A Business Loan Online
To apply for a home or housing loan, you need to keep the following things in mind.
- Put your details like your ID, residential status, income, the value of the property, etc. on the website.
- Now search for the best yet authentic home loan offers and home loan interest rates.
- Opt for home loan comparison to select the best loan according to your needs and incomes.
- Use the home loan calculator provided by the website to check the estimated interest amount. Check for the tenure and the terms and conditions of the bank.
- Then you can apply online. However, the documentation, verification, approval, and disbursal will take some time.
- At CreditLine, we will assist you to compare the best home loans offered by the top banks in the Indian market and help you to get the best one for you.
However, the types of home loans may vary from bank to bank.
Compare Business Loan
Frequently Asked Questions
- Identity Proof – Voter ID/ Pan Card/ Driving License/ Passport.
- Residential Address Proof – Telephone Bill/ Electricity Bill/ Aadhaar Card.
- Employment Proof – Details Of Your Employment/ Organisation.
- Income Proof – Pay Slips/ Salary Statement/ IT Returns.. Please note, these are the basic documents that you need to provide for any business loan. Different Organizations may require other documents to approve the business loan.