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Getting the best business loan in Varanasi can be a daunting task if you don’t know how to go about it. Financial institutions and banks can hand you over a comprehensive listicle of things you need to do or submit in order to get a business loan. This can be befuddling. Today, Bhumi Finance is here to guide you on how to get the best business loan in Varanasi on an Aadhaar Card. We will start by discussing the nuances of a business loan, the pre-requisites and the process involved.

The pre-requisites

• The documents required for the best business loan in Varanasi include an Aadhaar card, a PAN card, account statement of the last six months, a GST registration certificate and a shop establishment certificate.
• Get four passport-size photographs.
• Get your Aadhaar number linked with both your personal and business bank accounts. 
• Get your Permanent Account Number (PAN) linked with your Aadhaar number. 
• Link your registered mobile number with your Aadhaar card. 
• Have a second line of reference. Although it is not compulsory to link your Aadhaar card with identity proofs such as voter ID card, ration card etc., however, just for a backup you can link them too.

All you need to know about a business Aadhaar loan

• The business loan providers in Varanasi extend loan to any business aging one year from the registration date and with a minimum monthly business turnover of 2,00,000 INR. 
• The loan amount usually ranges from 50,000 INR to 1 crore INR for a tenure of three to twenty-four months. 
• The rate of interest for such a loan depends entirely on your business profile, the tenure of the loan as well as eligibility and usually starts from 1.33% every month. 
• The processing charges of business loan providers in Varanasi is 2%. 
• You can repay as per the options available at your disposal.
• An ideal business loan gets an approval in 48 hours after the submission of a regular offine or an online application.

The process
In order to get your loan processed speedily, one has to get a green signal on the laid down evaluation parameters of the lender, which can be a bank or a financial institution in this case. These evaluation parameters comprise of the process of getting a business loan sanctioned. These include:
The business’s financial standing 
The financial statements of your company give a clear picture of its financial standing. Make sure that your company’s account have had a consistent cash flow, the accounting practices are sound and there has been a considerable stock of financial reserves.

Utilisation - What will you do with the loan?
Your intent behind getting a loan sanctioned can be expressed clearly with your motive of utilising the amount. Hence, it is recommended to hand over a utilisation plan along with your online/offline business loan application. If your motive of utlisation seems genuine, then your loan will get approved in no time.

Keep a check on your credit score.
As per business loan agents in Varanasi, you cannot be eligible for a business loan if you don’t have a good credit score. A CIBIL score of 700+ is considered desirable for all the loans including business loans. If you have a low credit score, then you are likely to be charged with a higher interest rate. In worst-case scenario, your application will get rejected.

There is no iota of doubt that Aadhaar card has now become deeply embeded in the financial system operating inside the country. Morever, government’s consistent sloganeering of getting Aadhaar card linked to other proofs of identity has widened the scope of Aadhaar. Because of Aadhaar linking, banks get to process the loan speedily with minimal paperwork. So, what’s stopping you now? Apply for business loan at lowest interest rate at yours truly, Bhumi Finance. Reach out to us at https://bhumifinance.com/