Business Loan Features & Benefits

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.

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

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).

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

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

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

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.

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

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