1 Answers
SkyWalker
Updated:18/06/2024
Applying for flexible business loans in India requires specific documents for approval.
Documents Required for Flexible Business Loans
- Identity Proof: Aadhar Card, Passport, Voter ID, etc.
- Address Proof: Utility Bill, Rent Agreement, etc.
- Business Ownership Proof: Business Registration Certificate, Partnership Deed, etc.
- Financial Documents: Last 2-3 years’ Income Tax Returns, Bank Statements, Profit & Loss Statements.
- Credit History: Credit Score Report.
- Loan Application Form: Completed application with all required details.
- Business Plan: Detailing the purpose of the loan and how it will be used.
Common Questions (QA)
| Question | Answer |
|---|---|
| What is a flexible business loan? | A loan that allows businesses to adjust their repayment terms based on cash flow. |
| What credit score is needed? | A credit score of 700 or above is often preferred. |
| How long does the application process take? | Typically, it takes 1-3 days if all documents are in order. |
Statistical Overview of Loan Documents
| Document Type | Percentage of Lenders Requiring |
|---|---|
| Identity Proof | 95% |
| Address Proof | 90% |
| Business Ownership Proof | 85% |
| Financial Documents | 88% |
| Credit History | 80% |
| Business Plan | 70% |
Simple Mind Map of Application Process
- Start Application
- Gather Necessary Documents
- Identity Proof
- Address Proof
- Business Ownership Proof
- Financial Documents
- Submit Application to Lender
- Lender Reviews Application
- Receive Offer
- Gather Necessary Documents
- Finalize Loan Agreement
- Receive Funds
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