OVERVIEW
Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital to start up a new business or enable the rapid growth of an existing business. Scaling up always requires a influx of finances. Which is why, we go to all lengths to ensure that we can disburse a loan that can help you take your business to the next level. Business loans are very special to Andromeda and we have been helping our customers scale to new heights of success by helping them finance their dreams for their enterprises. While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name. Business loans are categorized broadly into following 2 segments. 1. Unsecured business loans – 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet. 2. Secured business loans – Working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies
Eligibility & Documents Required
Eligibility Criteria
Your eligibility depends upon your repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.
Documents Required
- Duly filled application
• Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
• Passport size Photographs of all applicants
• Business Proof
• Latest Address Proof
• Last 2 years income tax return of firm / Company
• Last 12 months bank statement of main operating account of the firm
• Audited financials
• Certified copies of MOA /AOA / Partnership deed as applicable
• Professional qualification certificate , if applicable
• Existing Loans Sanction Letter/Repayment track if any
Frequently Asked Questions: FAQ
What is a Business Loan?
Business Loans are the easy fast and Unsecured Loans offered to you by bank. You can use it for any business purpose
What are the loan tenure options?
Salaried and Self Employed Professionals can avail funding from 12 to 60 Months. Self Employed Non Professional can avail funding from 12-48 Months
Are there any additional charges?
A processing fee up to 2% depending on Banks, of the loan amount is payable upfront. This fee will be deducted from the disbursal amount payable to you
What are the minimum and maximum loan amounts?
These loans range from Rs. 5 Lacs to 500 Lacs. The Loan Amount is based on your income and repayment capacity.
How many days does it take to process the loan?
On submission of your entire documents in accordance with the Bank requirements it takes 7 Working Days. All loan approvals are at the discretion of the Bank.
How do I repay the loan?
You can repay the loan through Equated Monthly Installments (EMIs) which can be paid either by post dated cheques in favour of Lending Bank, or through ECS facility.
Do I have to offer any security or provide any guarantor for my Business Loan?
To obtain the loans there is no need to provide any security or collateral.
Can I prepay the loan earlier? What is the procedure to prepay my Business Loan?
You can choose to repay the loan anytime after 6 months of availing the loan at a prepayment penalty of 4% to 5% on the principal outstanding of your Loan. There are few institutes offering nil foreclosure charges.