It is a well-known fact and well understood fact that all the business ventures, initially requires some fixed amount of capital and financial strength. Capital is paramount when it comes to funding of the business. Capital or fund acquisition is of major importance for a new start-up business. There are a few different types of startup business loans that might vary.
Eligibility for New Business Loan
For each business loan, there are some fixed requirements.
- The applicant should be above the age of 21 years and must be below the age of 65 years.
- Driver’s license or Aadhaar card for photo identity proof.
- Bank statements of past six months at the time of loan negotiations.
Steps for getting a loan to start a new business:
The process of acquiring new business loan comes with a checklist.
- It is vital that one’s cost and finances before proceeding with any step. Review and understand the overall startup cost that will help you get to know the purpose for the small business start-ups.
- The related documents and registration forms must be maintained well. Legally and officially apply for the loan with the right documents at hand. The simple ones recount business plan, overall credit score of the company and other formalities.
- There are different start-up business loans to choose from. Figure out which one works the best for you.
Do you want to get foreign investment in India? Contact FDI India, foreign funds facilitators to help you with your overall business funding. We can help you connect with the right investor to invest in your business. A right investor can definitely work well for your business.
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 startup for which the loan is being raised.