One can take business loan to start a new project, expand the current business to a new location, and buy new equipment, purchase office space and assets. With the current state of business financing, it can be harder than usual to get a business loan.
One might not immediately posse the necessary capital for their start-up business. In such cases, the most feasible option is to apply for a startup India loans to start a business. There are many different types of startup business loans that vary depending on the nature and aim of the business.
Things to keep in mind when looking to apply for a Startup Business Loan
- Startups looking to get such a loan should ensure the following:
- Make a crisp and detailed business plan.
- State clearly how you intend to use the loan amount in your business plan.
- Summarise the objectives and goals of the business along with a chart that will highlight the potential returns and growth of the venture.
- Give a clear approximation of the funds.
Eligibility Criteria for Startup Business Loan
- The eligibility criteria to avail startup business loans may vary from lender to lender but the generic ones have been listed below:
- Age of the applicant should not be less than 21 years while the maximum age should not exceed 65 years.
- The applicant must be a citizen of India.
- Applicants should have a business plan.
Advantages and Benefits of taking up a Startup Loans
Convenience: most people are familiar with their banks and are regular visitors to the branches. This makes bank loans for startup businesses that much more convenient and more accessible for application.
Interest Rate: bank loans tend to have lower interest rate I comparison to private equity lenders.
Multiple Loan Options: Larger banks have specialized loan plans that are intended for small and new startups and businesses. The banks and their loan schemes are only concerned with the loan principal and have no affiliation any fund exchange of the startup or business itself.
Documents Required
- GST Registration Certificate
- PAN Card and Partnership deed
- (Applicable if partnership company)
- Office Address Proof
- (Utility Bills for Telephone, Electricity, GST Registration Certificate OR Bank Statement)
- Income Tax returns of the last 2 Years
Why Choose Loans from Omozing?
Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . Currently, we are offering We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
- Short Term Loans for working capital needs
- Medium Term Loans for various business needs
along with ITR Saral Copy, Computation of income statement, Balance sheet, P&L, 3 CA , 3 CD Audit reports along with all schedules.
Omozing Business Loans based on the following:
- Unsecured Working Capital Loan
- Microloans
- Invoice Discounting
- GST Surrogate
- Revenue Based Finance
- Banking Surrogate
5 Reasons to choose Omozing
1. Business Loans from INR 1Lakh to INR 1Crore
Business Loan Interest Rates and Loan amount ranging from INR 1 lakh to INR 1 Crore. The Minimum and maximum repayment period ranges from 1 month to 48 months.
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a business loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Business Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.