- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
a. Age - 18-70 years
b. Credit score: 650 or above
c. Business Type:
Private Limited Companies and Public Limited Companies
HUFs and any other legally permissible entities
MSMEs serving the manufacturing, trading, 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
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.
Lakshmi Vilas Bank business loan rate of interest starts from 10.75% onwards