A business loan is one of the best ways to overcome the problem that you are facing while running the business like expanding your business, increasing your inventory, recruiting and hiring new talented employees, improving your business’s cash flow, moving your business to a new location, improving and expanding your marketing. There are many types of business loans, some of them are bank loans, mezzanine financing, asset-based financing, business cash advances, and cash flow loans.

Business Loan Eligibility

Some of the basic eligibility criteria for business loan from ARK Finance Services are as follows:

• Eligible Entities- self employed with own business or proprietor / partner / director of an existing business
• Nationality- Resident Indian
• Age criteria- Age between 25 – 65 years
• Turnover- Minimum annual turnover of INR 10 lakhs per annum and profit after taxes of INR 2 lakhs per annum
• Business Experience- Must have a business that has been existing for at least 3 years, with stable income and profits for the past 2 years
• Credit Score- CIBIL score of 750 or higher

Documents for Business Loan

Documentation for business loan application involves basic KYC documents (PAN, Address proof), Bank Statements and business documents. Here is a list for your quick reference.

• Recent photograph
• Valid Identity Proof such as PAN card, Driving License
• Valid Address Proof such as Electricity bill, Passport
• Bank statements
• GST or ITR
• Income proofs
• Proof of Business existence (like Certificate of Incorporation, etc.)