Are you a start-up in India looking for business loans?

India is a country full of young and fresh minds. Innovative ideas are produced in this land every hour. From science to arts and literature, every field has rapid growth in the entry of enthusiastic minds.You get to read or hear about new start-up ideas every other day. It is no longer something to wonder about.

When you move ahead to start up a new business, it gives you the freedom to do everything to you. But, before taking the next step, after ideation, the practical approach suggests that you must be ready with the required amount of funds. The start-ups mostly depend on investors for the initial fund to start their business. Other than investors, and private lenders, the business start-ups can also go for loans from different sources that provide secured as well as unsecured business loans for start-ups in India.

 

Must Read : Do you know how to form a startup company ?

 

 

Eligibility for a new business loan in India

For every business loan for a new business, there is a certain requirement that must be met in order to be eligible for the loan.

 

Any start-up or company looking to expand to ensure the following:

  • The applicant for the start-up business financing should be above the age of 21 years and should be below the age of 65 years.
  • ID Proof of the individual must be provided in the form of a driver’s license or Aadhaar card.
  • Bank statements for the past six months must be procured and presented at the time of loan negotiations.

These are essential to establish the credibility of the individual who is applying for the start-up loans.

 

Also read : Do you know about negotiation techniques in start up fundraising ?

 

Documents required for a new business loan:

  • Identity proof: For this, one can present their driving license, passport, PAN card, Voters ID card or even their Aadhaar card.
  • Income proof: The bank and financial statement for the last 2 years must be procured.
  • Proof of business ownership: It is mandatory to have documents like a Sole Proprietorship Declaration or a certified true copy of Memorandum and Article of Association in order to show proof of the business and/ or start-up for which the loan is being raised.

 

Read more about the business start-up loans in India:

Government loans for start-ups:

Want to know about the 10 business loans for start-ups and MSMEs by the Indian Government? To know more, Click here

Bajaj Loan opportunities:

With ample opportunities for new businesses, the Start up ecosystem is rapidly booming in India. To support the growth of your Start up, Bajaj Finserv brings to you Start up Loan - Know more

 

We, at OpenGrowth are constantly looking for trending start-ups in the ecosystem. If you want to know any further information about the start-up ecosystem, then do let us know in the comment section below.

 

About the Author: Amrita Sinha

Amrita is in the field of media. She has a deep inclination towards writing and public speaking. She has the aim of removing the stereotypical mind-set of society. She loves to read and photography is her passion.

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.

Comments

AONEFINANCIALTRADE@HOTMAIL.COM

20th Sep'22 03:18:52 AM

Hello Viewers We are aone investment platform, we have come here with premium packages for investors on crypto Future trading, crypto future trading has made life easier for new generation investors, you too can benefit and earn from this investment program,You can trade and earn with our signals.. we earning 700% profit for our investors weekly those who can"t take the trade market risk on their own, for example you invest $5k and in 7 days you get $35k profit this is 100% safe getting profit when due is guaranteed For more information on this kindly contact us: Whatsapp: +27633586789 Email: Aonefinancialtrade@hotmail.com ....

Mr. Sumiti

4th Jul'22 01:48:17 AM

Borrow money here Fast loan reasonable interest rate of only 2%. We offer loans to those with bad credit and those who intend to invest in positive business ventures. That's why we offer personal loans, business loans, business loans, investment loans and many more. Contact us today for more information about our loan service (Whats App) number:+917310847059 contact email id : sumitihomelend@gmail.com Mr. Sumiti

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Get $5,500 USD every day, for six months! See how it works. What'sApp : +393512615163 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so much testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. Email : carolblankatmcard@gmail.com Hangout : carolblankatmcard@gmail.com What'sApp : +393512615163 They also sent me the blank atm card. I have used it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. The Dark Web is giving out cards just to help the poor. Hack and take money directly from any atm machine vault with the use of an atm programmed card which runs in automatic mode.

Chastity Stickle

25th May'22 10:14:24 AM

CREDIT KARMA IS A SCAM. A year ago, my husband and I planned to get a new car for me and the children, so we decided to build our credit using credit karma app. We followed every instruction diligently and always made sure we did everything right. My husband’s score rose to 780’s in 9 months, we were very happy that our dream would come earlier than expected. Imagine our disappointment and frustration when my husband applied for a car loan and was declined due to a low credit score. We realized that his score was 630. A dealer recommended Rootkits Credit Specialist; they helped us raise our score by 80 points within 5 days. It was an amazing experience. Are you in need of any kind of credit assistance, they are the real deal. We reached them via mail: rootkitscreditspecialist@gmail.com or mobile: 815 524 8116.

naomi aubrey

1st Mar'22 03:56:18 PM

I had a couple of lucrative business ideas I was going to start up at the beginning of the year so as to quit my job but stupid divorce buried  me to my neck in debt coupled with a low credit score and negative items on my report. I'm super grateful to boost credit for stepping in at the time he did last year as he didn't only get my credit score increased but also erased the negative items and walked me through my crypto process. Today, I'm a happy single mom and my own boss. It's solid working with; ''BoostmycredIt at FastservIce . Com''.