There comes a time in every business when there is a need for extra credit and funds for its smooth functioning. These funds help you, the business owner, to expand, invest and help in your working capital needs. At times like these, a quick business loan is the best financial aid that can help you grow.
This borrowed capital can be applied towards daily capital expenses, for specific project funding, expansion of the business including purchasing of new machinery for the business. You can also apply to take a loan for business if you need investment for starting a new business or ancillary units for your existing business.
To be eligible for a business loan, these are the points you need to keep in mind:
You need to be minimum of 25 years of age and maximum 65 years.
Your business should have been making profit for 3 consecutive financial years
Turnover should be on a positive trend.Balance sheet has to be audited by a registered chartered accountant