I want to take a loan and I have been suggested to contact an NBFC.
I need a business loan and I was thinking of contacting an NBFC . What things an NBFC would want to know before giving me a loan?
If you are thinking of taking a loan from an NBFC, you should first know about the information they would want to know before starting with the loan process.
Every NBFC would firstly want to know your business turnover. The turnover should be in between Rs.15 lakhs to Rs.1 crore to be eligible for a loan.
The age of the applicant should not be less than 21 years (during loan application) and older than 65 years (at the time of fnal loan payment date).
Next is the age of the business which depends from NBFC to NBFC but is minimum of 3 years.
Every appllicant’s credit score or CIBIL score is thoroughly evaluated. A bad credit score means difficulty in obtaining a buisness loan.
All of the documents mentioned below should be in place before applying for a business loan.
Aadhar & PAN Card details of the proprietor.
Last 12 months bank statements
Balance sheets and P&L
Income Tax Returns of the previous two years
The required clearances
Compliance and licenses required to conduct the business
GST registration details and receipt.
If you are interested in getting an unsecured loan , contact Gromor. We offer loans up to Rs.10 lakhs through a simple online application process. If application gets approved you can a loan in 3 days or less.