A Business Loan acts as a saviour when you need funds to renovate your office, upgrade equipment or expand your business. The requirement for a loan differs based on the size of your business, the industry your business belongs to and the present need. You can even build your working capital during a financial crisis. If you need a Rs 5 lakhs Business Loan instantly, consider applying online to save time and effort.
You can apply for a Business Loan online through the Hero FinCorp website and save yourself from long queues or mind-numbing paperwork hassles. Before you begin the application process, ensure you meet the eligibility criteria and collect all the essential documents in a folder. In this article, we will discuss what documents are required to submit an online application for a Business Loan. What are the eligibility criteria to get instant business loan disbursements through the online application process?
Features of Rs 5 lakh Business Loan
Due to easy availability, a Rs 5 lakh loan for business can be helpful in more ways than one. Here are the benefits of applying for an instant Business Loan online.
- Minimal Documentation: Online loan application process is more convenient and efficient because of the minimal documentation requirements.
- Easy Application Process: Online platforms are user-friendly, making the application process convenient. You can apply from the comfort of your home or office and get funds for your business.
- Tax benefits: Borrowers can avail of tax benefits on the interest payments of Business Loans.
- Competitive Interest Rates: If you have a strong track record of financial performance, you can secure a competitive interest rate on business loan.
- Collateral-Free: Business Loans are usually unsecured, which means you don't need to provide any collateral to secure the loan.
- Utilisation: Apply from the comfort of your home and utilise the loan amount to meet the requirements of working capital, business expansion, inventory purchasing, marketing and more.
- Quick Disbursal: When you need urgent working capital, a Business Loan can solve your problems instantly. You can receive the amount in your account within 1-2 days.
Eligibility Criteria for Business Loan of Rs 5 lakh
The online loan application process is instant and faster. However, loan approval might take time if you are not eligible. You can get a Business Loan of 5 lakhs only if you meet the below-listed eligibility criteria:
- Age: Loan applications must be Indian citizens aged between 25 and 65 years.
- Occupation: Self-employed professionals such as chartered accountants, company secretaries, doctors, and architects, along with self-employed non-professionals, including sole proprietors, traders, retailers, manufacturers, and service providers, are eligible to get a Business Loan. Furthermore, Business Loans are provided to private limited companies, limited liability partnerships (LLPs), partnership firms, and trusts.
- Business Status: SMEs with business experience of at least 3-5 years can apply for a Business Loan.
- Minimum Income: Steady source of income is required for Business Loan applications. However, there is no predefined minimum monthly income for Hero FinCorp loans. Your eligibility depends on the financial records you present that show your trustworthiness as a borrower.
Documents Required for Business Loan
Experienced entrepreneurs can utilise Rs 5 lakh loan for setting up a new business vertical. However, they should provide the required documentation as per the lender's criteria. We at Hero FinCorp need minimal documentation to approve small Business Loans.
Before you begin the application process, ensure to have the complete set of following documents ready:
- Identity proof: Submit any of these documents as proof of identity - an Aadhaar card, a voter ID card, a passport, a driving licence, or a photo ID issued by the government.
- Address proof: Your proof of address can be provided with the voter ID card, Aadhaar card, property tax receipt, utility bill, driving licence, registry copy, or lease or rent agreement.
- Proof of business continuity: Documentations that establish your business continuity can be VAT/Excise/Sales Tax/Service Tax registration, copy of partnership deed, trade license, registration certificate issued by RBI or SEBI, or certificate of practice.
- Income proof: The latest Income Tax Return (ITR), GST returns for the financial year, the latest audited financials, and the last six months’ bank statement can be given as proof of income.
- Others: Additional documents like a list of directors and shareholding patterns might also be required.
Conclusion
You cannot waste time standing in queues when you need urgent funds to fulfil your business needs. A simplified loan application process followed by top lending institutions like Hero FinCorp can help you get unsecured Business Loans online without hassle.
Here are the key takeaways from this article:
- A Business Loan can be a valuable resource for entrepreneurs and businesses to expand their operations. With the instant loan application process, you can invest in new equipment, manage working capital, or meet your financial needs quickly.
- Thanks to technology, the availability of online platforms makes the loan application process more convenient and time-saving for busy individuals.
- Fulfil the necessary Business Loan eligibility criteria, including age, credit score and business continuity proof, to get a Rs 5 lakh Business Loan quickly.
- Make the loan application process hassle-free by gathering all the required documents before beginning the application.
- The user-friendly online platform can be used by everyone with total confidence and peace of mind to apply for and get the required Business Loan quickly.
Get in touch with the service representatives at Hero FinCorp or visit the “Business Loan” section to enjoy the easy online application process.
FAQ
What is the EMI for a 5 lakh loan in 10 years?
It is essential to consider the interest rate to calculate the EMI. For example, if the interest rate is around 15%, then the EMI for Rs 5 Lakh for a tenure of 10 years would be around Rs. 8,067.
What is the EMI for a 5 lakh loan?
The EMI for a Rs 5 lakh loan depends on the interest rate and tenure. It is best to contact our representatives and call the help desk to learn more about the available interest rates and your tenure choice to calculate the specific EMI amount.
