oriental-business-loan

a. Age - 21-65 years

b. Credit score: 650 or above

c. Business Type:

· Individuals

· Proprietorships

· Partnerships

· Private Limited Companies and Public Limited Companies

· HUFs and any other legally permissible entities

· MSMEs serving trading, manufacturing and services sectors.

d. Minimum net income: At least 1 year with profit margins.

e. Business Experience: 3 years of business stability 

All type of business loan applicants are required to submit the below-listed documents with the bank:

● Filled up application form

● Recent Photographs

● ITR of previous 2 years

● Proof of Identity Proof

 ● Proof of Residency

● Proof of Signature Authenticity

● Proof of business establishment

● Address proof of Business

● Income Tax Returns

● Proof of Business continuity of the past 3 years

● Copy of bank statement of the past 180 days

Identity Proof (for all borrowers)

● Driving License

● Aadhar Card

● Valid Passport

● PAN Card

● Voter ID

Proof of Residential Address (for all borrowers)

● Utility Bill

● Receipt of Property Tax

● Valid Passport

● Voter ID

● Registered Rent Agreement

Birth Date Proof (for all borrowers)

● Driving License

● Valid Passport

● Voter ID

● Aadhar Card 

Financial and Income Tax documents (for all borrowers)

· Latest audited ITR and financial returns for the last 2 years. (P & L A/c, Balance Sheet, Computation of Income with all schedules)

· Articles of Association, Memorandum, (COI) Certificate of Incorporation (for Companies)

· Latest shareholding patterns for Private Ltd. / Public Ltd. Companies.

· Partnership Deed and partnership authority letter (for partnership firms)

Memorandum and Articles of Association and Board Resolution from the company.

· GST Returns

· Estimated & Projected Financial Statements

· All Registrations/Approvals of the business entity

· Collateral property documents

The loan verification proceeds in the following stages:

1. Fill the application form and upload it on the official website or wherever required. Submit copies of all the relevant documents required for the application verification. It can be quickly done by signing up on apnapaisa.com.

2. One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies (in case you chose offline submission of documents).

3. The concerned officials will verify the documents and the details there. They may visit the property if necessary.

4. Once your application is approved, the loan amount will be disbursed to your account, and you will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.

Oriental Bank of Commerce business Loan (Punjab National Bank) interest rate starts from 10.95% onwards.