Online Business Loan – Get 10 Lakh Online Loan For 5 Years – Online Loan For Business
Online Business Loan
Prest, a leading financial institution, offers a variety of online business loans designed to meet diverse needs, including unsecured loans and electric vehicle loans. This essay provides a detailed guide on how to secure an online business loan from Prest, covering eligibility criteria, required documents, and the benefits of each loan type.
Table of Contents
Types of Loans Offered by Prest
Prest offers three main types of loans:
- Business Loans
- Unsecured Loans
- Electric Vehicle Loans (2 & 3 Wheeler)
Each loan type has distinct features and eligibility criteria tailored to meet the specific needs of different businesses.
1. Business Loans
Features of Prest Business Loans
Prest’s online business loans are designed to support the growth and operational needs of small and medium enterprises (SMEs). Here are the key features of Prest online business loans:
- Loan Tenure: Up to 3 years
- Loan Amount: Up to ₹ 5 lakhs
- Quick Disbursal: Loans are disbursed within 24 working hours after the completion of the required documentation.
Eligibility Criteria for online Business Loans
To qualify for a online business loan from Prest, applicants must meet the following criteria:
- Operational Business Duration: The business must have been operational for a minimum of 2 years.
- Premise Ownership: The business owner must have a self-owned business or residential premise.
- Minimum Income: The business must have a minimum income of ₹ 2.50 lakhs per annum for the last two financial years.
- Credit Score: The applicant must have a good CIBIL score and a clean credit history.
Also Read… Kogta MSME Loan – Get 1.5 Business Loan With 10 Year Tenure
Required Documents for online Business Loans
Applicants need to provide the following documents to apply for a business loan:
- KYC Documents: Identification documents for both the applicant and the organization.
- ITR Documents: Financial documents, including Income Tax Returns for the last two years.
- Bank Statements: Bank statements for the last 12 months.
- Loan or Overdraft Sanction Letters: If applicable, any existing loan or overdraft sanction letters.
2. Unsecured Loans
Features of Prest Unsecured Loans
Prest’s unsecured loans provide a flexible financing option for businesses that do not want to pledge collateral. Here are the main features:
- Loan Tenure: Up to 5 years
- Loan Amount: Up to ₹ 10 lakhs
- Quick Disbursal: Loans are disbursed within 24 working hours after the completion of the required documentation.
Eligibility Criteria for Unsecured Loans
The eligibility criteria for unsecured loans are similar to those for business loans:
- Operational Business Duration: The business must have been operational for a minimum of 2 years.
- Premise Ownership: The business owner must have a self-owned business or residential premise.
- Minimum Income: The business must have a minimum income of ₹ 2.50 lakhs per annum for the last two financial years.
- Credit Score: The applicant must have a good CIBIL score and a clean credit history.
Required Documents for Unsecured Loans
To apply for an unsecured loan, applicants need to provide:
- KYC Documents: Identification documents for both the applicant and the organization.
- ITR Documents: Financial documents, including Income Tax Returns for the last two years.
- Bank Statements: Bank statements for the last 12 months.
- Loan or Overdraft Sanction Letters: If applicable, any existing loan or overdraft sanction letters.
3. Electric Vehicle Loans (2 & 3 Wheeler)
Features of Electric Vehicle Loans
Prest also offers loans specifically for electric vehicles, catering to the growing demand for eco-friendly transportation solutions. These loans cover 2 and 3-wheeler electric vehicles. The detailed features and eligibility criteria for these loans are similar to those of business and unsecured loans, ensuring easy access to financing for environmentally conscious businesses.
Advantages of Electric Vehicle Loans
- Promotes Sustainability: Encourages the adoption of eco-friendly transportation.
- Cost-Effective: Reduces fuel costs and lowers the overall operating expenses for businesses.
- Government Incentives: Access to potential government subsidies and incentives for electric vehicle adoption.
Conclusion
Securing an online business loan from Prest can be a game-changer for businesses seeking financial support for growth, operations, or sustainability initiatives. With a variety of loan options, including business loans, unsecured loans, and electric vehicle loans, Prest caters to diverse business needs. The straightforward application process, quick disbursal of funds, and competitive terms make Prest a reliable partner for business financing.
