Each business has its own particular set of demand and it would not be possible for the borrower to arrange all the funds by himself. There would be a need to apply for a business loan.
The requirements of business loans are that:
- The annual turnover of the must be Rs.50,00,000
- The time in business must be at least 12 months
- The businessman must have a reasonable credit score
The businessman at times might not be able to fulfill these requirements which would result in rejection of his business loan application. However, you should not be disappointed because despite the rejection you have other options available with the help of which you can achieve your dream.
A personal loan is an option for which you can apply to achieve your dream. Various financial institution like Legal Raasta, Finbucket etc. offer personal loans at easy rates and you will not be required to offer any security for the purpose of applying for these loans.
Personal Loan is a part of an unsecured loan as it does not require any security against it. It is thus the best loan to meet your current financial requirements. Personal Loans are considered ideal for those who need a quick and easy loan with manageable Interest rates and minimum documentation.
The maximum loan amount which any borrower can ask for an as personal loan is Rs.30 00 000 for a loan term of 1-2 years. However, there is a process to apply for personal loan.
Some of the minimum requirements that are required to be fulfilled in order to get personal loan in case of a salaried person is that the minimum revenue per annum should be Rs.480000 and there must be some minimum credit score and
in the case of the self-employed individuals, the minimum revenue per annum must be Rs.6 00 000 and there must be a minimum credit score.
Steps to apply for personal loan
- Before applying for a personal loan the borrower is supposed to check if he qualifies for the loan or not.
- A simple form in which details such as
- Mobile number
- E-mail address
- Type of loan
- The loan amount, and
- The loan tenure are to be filled to check the eligibility.
- Thus in order to qualify for a personal loan in case of either the salaried individuals or in the case of self-employed, the borrower should fulfill the minimum requirements which have been mentioned above.
- Once it is seen that the borrower qualifies the eligibility, our team would contact you and would further ask you about some details related to the personal loan.
The borrower is then required to send some of the documents. In the case of a salaried individual the documents are:
- Address proof
- Age proof
- PAN Card
- Last 2 years ITR
- Form 16
- Last 6 months bank statements
Documents if borrower is self employed
- Address Proof
- Age Proof
- PAN Card
- Last 2 years ITR
- Last 6 months bank statement
- Profit and Loss statement of last 2 years
- Balance sheet of last 2 years
- Proof of business existence
Legal Raasta coordinates with over 30 + banks and NBFC’s in order to get your personal loan application approved.
We try to get you the best rates and normally the interest rate is 10-15% per annum. The cost of the loan, however, depends on certain factors such as:
- What is the salary in case of salaried individuals and what are the earnings in case of self-employed
- The amount of loan needed and the tenure of loan
- The credit score of the company
Once the loan is approved, the amount is credited to the borrower’s account.