Business Loan Features & Benefits

What is a Business Loan?

A business loan is an unsecured credit you can avail to meet your urgent business requirements. Business loans allow you to usher in funds for your enterprise to expand your business.

Where can a Business Loan be used?

You can use that money for any business expense like business expansion, boost production, buying new machinery, etc.

What is the eligibility for a Business Loan?

The following people are eligible to apply for an Instant Business Loan:

  • Age should be between 21 to 65 years.
  • CIBIL score must be 700 or more.
  • The candidate should own a business at least profitable for three successive financial years.
  • The business turnover must display an upward trend.
  • Your balance sheet must be audited by a registered Chartered Accountant (CA).
How to apply for a Business Loan in our NBFC Partners?

With Nowofloan's Platinum Membership, you can apply for a Business Loan in our Partnered NBFCs.

What credit score is required for a Business Loan?

Usually, the required credit score for a Business Loan is 650 or more.

What CIBIL Score is required for a Business Loan?

Commonly, the required CIBIL score for a Business Loan is 650 or more.

How long will it take for my Business Loan to be processed?

Once your application is submitted along with your documents, it can take anywhere between 1-7 days for your business loan to get approved and a couple of days after that for the disbursement.

Can my CIBIL Score affect my loan sanction?

Your CIBIL score is a crucial factor that plays an important role in your loan process and sanctions.

What are the documents required for Instant Business Loan?

Following documents are required for availing a business loan:

  • Business proof
  • KYC documents of the company
  • KYC documents of the business owners
  • Photo Identity Proof (Aadhar card/ Driving license/ Voter ID/ Passport)
  • Last six months company bank statements
  • GST Certificate
  • Last two years Income Tax Returns
  • Last two years Balance sheet and Profit & Loss accounts
  • A report with detailed information about how the candidate will utilise the business loan