Many people will have the dream of starting their own business or if one already has a business to expand it and build it into something better. MSMEs or MNCs everyone will require funds at one point of time or another. Andhra Bank provides business loans just for that purpose.
What isthe Interest rate & other charges for Andhra Bank Business Loan?
What are the Eligibility Andhra Bank Business Loan ?
Eligibility of Business loan in Andhra Bank relies on two important factors:
- Your ability to repay the loan
- Your past track record in repayment of loans.
The main factors on which the eligibility of an applicant depends are
- Age: Andhra Bank offers loans to those who are at least 21 years old at the time of loan approval and a maximum of 55 years at the time of loan maturity.
- Loan Amount: Apply for a loan amount that you can comfortably service. Based on the loan amount eligibility, the bank gives you loans ranging from ₹ 50,000 to ₹ 5 Lakh.
- Profitability and Revenue: Andhra Bank requires profit for a minimum of 2 years and a minimum business turnover of ₹ 0.
- Business Stability: The bank will also look for minimum growth in sales for the last three years. A decline in sales for a certain period or below a certain limit might impact your eligibility to get the loan.
- ITR and Banking: Bank gives loans only after checking your income tax return and bank statements. Your ITR details for a minimum of 0 months and bank statement for a minimum of 0 months will be required by Andhra Bank.
- CIBIL Score: Bank advises you to maintain a score of 750 and above to get loan approval. Andhra Bank will check your repayment history for all current and past loans and credit cards.
What are the Documents Required for Loan Application?
- Identity Proof
- Proof of Residence
- Business Address proof
- Balance sheets from the last 3 years along with income tax and/or sales tax returns
- Memorandum of Association (MoA)
- Rental agreements from the physical address of the business
- Copy of SSI and MSME registration certificate
- Projections in balance sheets for the next 2 years for working capital limits
- If any takeovers of advances have occurred, sanction letters must be availed from bankers and financial institutions.
- Copies of lease deeds for properties that are furnished as collateral