Unsecured loans offered by banks and NBFCs to entrepreneurs, without requiring collateral, are known as business loans. These loans in Vadodara serve various purposes such as business growth, travel, shopping, medical expenses, and more. Business loans are accessible and can be secured swiftly, offering a convenient cash flow solution.

To apply for a business loan at our City, you need your KYC documents and income records like the last 3 years' IT Returns, Profit & Loss statements, Balance sheets, and a 12-month current account statement. The process is streamlined and straightforward, typically taking 3 to 7 days for approval based on your profile and the lender's policies.

Multiple lenders offer varying interest rates, tenures, and loan amounts. The loan value and interest rate depend on factors like annual turnover, business nature, net and gross profit, average bank balance, and CIBIL score. Banks grant business loans ranging from Rs. 3 lakhs to Rs. 50 lakhs.

Every document is verified by authorized verification agencies. Once documents and CIBIL credit are validated, loans are sanctioned and disbursed post-agreement with banks and submission of security cheques.

Repayment begins the following month after loan disbursement. If disbursed after the 15th of a month, EMIs start from the subsequent month, and pre-EMI interest is deducted.

At Prarvi Consultancy, we connect you with multiple banks and NBFCs, maximizing your options. Apply here to receive tailored offers, empowering you to select the most suitable loan based on your preferences, loan amount, and interest rate. Negotiate with lenders for the best deal, considering processing fees and prepayment charges before finalizing the loan agreement.

★ KYC Documents
1. Pan Card
2. Aadhar Card
3. Passport Size Photos - 3 Copy

★ Income Documents
1. Last 3 Years IT Returns
2. Balance Sheet - Computatioin & Profit-loss
3. All Bank Statements of 1 Year from Till Date.(Current & Saving)
4. GU-MAT-SA Dhara Certificate, Udhyog Aadhar, GST Certificate
5. Light Bill of Business/Rent Agrement (If Rented)

★ Resident Documents
1. Latest Light Bill Copy
2. Rent Agreement (If Rented)

1. Diverse Options for Business Loans: When seeking a business loan, each bank offers varying interest rates, tenures, and criteria. Your loan amount and interest rate depend on your profile, encompassing factors like your company, take-home salary, average bank balance, designation, and CIBIL score. Banks usually grant loans based on multiples of your net take-home salary, typically ranging from 7 to 18 times.

2. Consider the Balance Transfer Scheme: If you wish to relieve the burden of high interest rates or consolidate multiple EMIs into one, the Balance Transfer Scheme can be a game-changer. This scheme provides a chance to secure a new loan with lower interest rates and processing fees. By utilizing this scheme, you can manage a single EMI despite obtaining new funds.

3. Discover Special Schemes: Every bank and NBFC offers unique policies for business loans, often considering different factors for eligibility. Special schemes cater to diverse situations, even accommodating those who may be overleveraged. These institutions frequently introduce new schemes featuring varying loan amounts, processing fees, and interest rates. It's advantageous to seize the right scheme promptly.

4. Differentiating Prepayment and Regular Loans: In the market, there are loans with and without prepayment options, each having distinct interest rates. Choose between them based on your loan purpose, repayment capacity, savings strategy, and additional income sources. Deciding if you can make prepayments before the tenure concludes is crucial for optimizing your loan choice.

5. Understanding Flat Rate and Reducing Rate: Differentiating between flat interest rates and reducing interest rates is pivotal. While they yield the same effective interest rate, the calculation method varies. A flat rate multiplied by 1.75 equals the reducing rate. For example, if the flat rate is 10%, the reducing rate would be 10% * 1.75 = 17.5% annually. This understanding ensures informed decisions and prevents misunderstandings caused by misinterpretations.

✔ Submit Currently Running Loan Statement of account (If Any).
✔ Submit all Documents in Hardcopy Togather.
✔ Also Mail US all Softcopy on PDF File on contact@prarviconsultancy.com

1. Compare and Choose: Obtain loan quotes from different banks and lenders, then analyze and select the best option for you.
2. Listen and Learn: Pay attention to what various vendors have to say. You might discover new insights that you weren't aware of.
3. Honesty Matters: Be transparent about any negative aspects of your financial history with the vendors. This helps them guide you towards the right choices.
4. Credit History Conversation: Discuss your complete credit history with the vendors. This enables them to provide accurate solutions and avoid potential rejections.
5. Politeness Pays: Maintain a respectful attitude with the vendors. Building a good rapport can lead to more beneficial and lasting relationships.
6. Preparation Pays Off: Gather all your documentation and security cheques before applying for a personal loan. This proactive approach saves you time and ensures a smoother process.
7. Stay Connected: Keep in touch with your vendors until you receive a definitive status update on your loan application. Open communication helps you stay informed.
8. Track Your Progress: Use your application number to monitor the status of your loan application on the bank's website. This keeps you informed every step of the way.