Business Loan for Startups

Have you always dreamt of starting your business venture but have been deterred by the need for funds? Well, there is no better time than now. Leading lenders offer startup business loans without collateral. Also known as unsecured loans, you do not have to support the loan application with any asset like machinery, equipment, gold, goods or property. Access to a collateral-free loan opens up immense possibilities for startup businesses. The loan allows you to set up and grow your business easily, and you do not have to be hassled with the need to keep your assets at stake.

Here are the documents that you need to apply for a startup business loan:

• 2 passport-size photographs

• Proof of Identity: Aadhaar card/ Driving licence/ PAN card/ Passport/ Voters ID

• Address proof:  Aadhaar card/ Passport/ Utility bills/ Lease Agreement

• Signature Proof: PAN Card/ Passport/ Bank verified signature

• Bank statement for the last 6 months

• ITR form and certified copies with income computation, balance sheet, and Profit and Loss (P&L) statement for the last 2 years

• Sole Proprietorship Declaration or authenticated copy of Partnership Deed

• Certified copy of Memorandum and Articles of Association

Most lenders allow you to apply for an instant business loan for Startup using online as well as offline modes. To apply for business loans for startups, follow the steps given below: 

• Step 1: To apply online, visit the lender’s official website and to apply offline, visit the lender’s nearest branch.

• Step 2: Fill up the application form and submit the necessary documents.

• Step 3: The lender will contact you to assist and understand other related aspects.

• Step 4: The loan application is then evaluated before it is approved.

• Step 5: After approval, the funds get transferred into your account quickly.

If you are seeking loans for your startup, you need to consider the following points:

• Provide a precise estimation of the available working capital

• Create a clear, thorough, and workable business plan

• Your business plan should be able to explain where you intend to spend the funds

• Include a summary of the company's aims and objectives

• Provide a graph of expected profits and expansion of the venture

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. The final interest rate applicable to you will also depend on factors such as your repayment tenure, age, monthly income, and CIBIL score.

Before applying under any scheme or with any lender, carefully assess the terms and conditions of the loan. This will enable you to understand which is the best deal and ensure the growth of your venture. Visit the Bajaj Markets website to compare small business loans for startups and apply with ease.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.