With an estimated GDP touching 37 billion USD, Ghaziabad is one of the strongest emerging cities in India. The economic capital of Uttar Pradesh, Ghaziabad ranks second to only Faridabad in per capita income and purchasing power parity of its inhabitants. As the city is witnessing a massive flow of investment, the small and medium scale enterprises have also witnessed a steady growth. The revenue from SMEs and MSMEs rose from 22.2 billion USD in FY 2017 to Rs. 26.7 billion USD in May 2019.
Such rapid growth of industries has also led to a sky-rocketed growth of lending activities. The easy availability of business loans in Ghaziabad has fuelled this growth of industries.
Now, with per capita GDP of Ghaziabad at Rs. 71,876, the city’s business owners are applying for financial advances to provide their ventures with the necessary boost. So, if you are considering obtaining a business loan, here is a guideline to make your loan procurement process hassle-free.
It is possible to upgrade your business machinery, maintaining cash flow and expand your operations with business loans in Ghaziabad. However, you need to meet the specific eligibility requirements and arrange documents as per the lender’s criteria.
Documents required for business loans
Here is a list of documents required for a business loan that you need to furnish during application:
- Identity proof: Aadhaar card, PAN card or Voter ID card.
- Proof of address: Electricity bill, trade licence, sales tax certificate, ration card or lease agreement.
- Income proof: Bank account statements for the last 2 years.
- Financial documents: IT returns from the past 2 years for salaried professionals. For self-employed individuals, ITR along with profit and loss balance sheet for last 1 year audited by a CA.
- Age proof: Voter ID card, Aadhaar card, a recent passport-sized photograph.
- Proof of business ownership: Self-employed applicants are required to furnish business loan documents like sole proprietorship declaration, certified copies of the memorandum, etc.
While obtaining financial advances, always opt for lenders that offer nominal paperwork and relaxed eligibility criteria. You can consider lenders such as Bajaj Finserv who not only provide collateral-free advances but also offer instant loan approval, fast disbursal of the sum with minimal documentation.
The following applicants are eligible for a business loan –
- Self-employed (Non-professionals): Traders, proprietors, retailers, manufacturers.
- Self-employed (Professionals): Chartered accountants, doctors, engineers, architects, etc.
- Organisations: Private limited companies, Limited Liability Partnership, etc.
Individuals applying must fulfil the following:
- Minimum age of applicant: 21 years
- Maximum age at loan maturity: 65 years
- Years in business: 3 years of business vintage
Prepare for business loans in Ghaziabad
While you prepare your organisation for a business loan, follow these tips to get your loan approved quickly –
- Consider the loan amount
Whether you are starting a business or expanding an existing one, you require availing ample funds. Before you apply for an advance, consider how much loan amount you should obtain. Use a loan EMI calculator to estimate your monthly outgo and decide accordingly.
- Review your credit score and rating
Holding a high credit score of 750 or more proves beneficial while availing a credit. It not only reflects your creditworthiness but your capacity to repay the loan on time.
- Compare between lenders
Before opting for financial advances, it is recommended to settle on a lender. Pick a lender that offers the best deal.
With this information at hand, you can obtain a business loans in Ghaziabad without any hassle. Make sure to repay it in time to improve your CIBIL score.