BUSINESS LOAN | SOURCECORP Solution Private Limited

BUSINESS LOAN DETAILS

Features and Benefits

Loan Amount: Ranges from ₹50,000 to ₹5 Crore, depending on the lender and business profile.
Repayment Tenure: Flexible tenure of 1 to 5 years, with some loans offering up to 10 years.
Interest Rates: Typically ranges between 10% and 24%, depending on creditworthiness and loan type.
Secured and Unsecured Options:
Secured: Requires collateral like property, equipment, or inventory.

Unsecured No collateral required, but interest rates might be higher.
Quick Disbursement Funds can be disbursed within 3–7 working days for eligible borrowers.

Purpose: Financing working capital, business expansion, purchasing equipment, inventory, or covering operational costs.

Types of Business Loans

Term Loans: Lump-sum loan for long-term business needs.
Working Capital Loans: To manage daily operational expenses.
Equipment Financing: For purchasing machinery or equipment.
Overdraft Facility: Credit limit offered against assets for flexible usage.
Invoice Discounting: Short-term borrowing against unpaid invoices.
MSME Loans: Tailored loans for Micro, Small, and Medium Enterprises.

Eligibility Criteria

Business Type: Sole proprietorship, partnership, private limited company, or other registered entities.
Business Age: Minimum of 1–3 years in operation.
Annual Turnover: Minimum turnover requirement varies by lender, typically ₹10 lakhs and above.
Credit Score: Minimum 650 for unsecured loans; higher scores preferred.
Profitability: Should show consistent profits for at least 2 years.

Documents Required

Identity Proof: Aadhaar, PAN, Passport, or Voter ID.
Address Proof: Business address proof, utility bills, or rental agreement.
Business Proof: GST registration, trade license, or partnership deed.
Financial Documents:

Income Tax Returns (last 2–3 years).
Bank statements (last 6–12 months).
Audited financial statements (for larger loans).

Collaterals (if applicable): Property or asset papers.