Here are a few factors
|Location||50Km from Branch|
|Business Vintage||3 Year|
|Minimum Turnover||2.50 Cr+|
|Loan Amount & Tenure||15
Lac -50 Lac
12 Month to 30 Month
|Loan Product||Only Term Loan No OD Limit|
|Rate of Interest & Type||19% - 21%(Reducing)|
|TAT||Sanction-4 Day, Disbursement-7 Day|
|Foreclosure Charges||5% Fixed after 12 Months|
|Applicant Type||Individual, Proprietorship Concern, Partnership Firm/LLP/Company/School/Hospital|
|Whether Co-Applicant Mandatory||Yes ,In case of proprietorship concern female co-applicant is mandatory|
|Proprietor Age/Co-Applicant Age||25 Year- 65 Year|
|Part Payment Allowed||Yes|
|Whether Ownership Proof Required||Yes, Either Office or Residence should one should be owned.|
|Business Registration Proof Mandatory||Yes|
|Program||GST Surrogate upto 35 lakh ITR or Income upto 50 lakh|
|Product for Professionals||No|
|Negative Profile||Grain Traders, Advocates, Jewellers, Share Traders, GYM, Liquor, Real Estate|
|USP||No Financial in GST Surrogate, Business Loan to School Also|
|Additional||In Turnover Program Minimum Bank Churning 70% required|
Growth Source Business Loan EMI Calculator
|Interest %||19 %|
|Emi (monthly)||₹ 9,216|
|Total Interest||₹ 10,588|
|Loan Amount + Interest||₹ 110,588|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 23,263||₹ 4,385||₹ 27,648||₹ 76,737||23.26 %|
|₹ 76,742||₹ 6,202||₹ 82,944||₹ 0||100.01 %|
Documents Required for Growth Source Business Loan
Business loan eligibility is based on basic terms like CIBIL score, age, business turnover, and more that candidates must fulfil to avail business finance
Let’s look into the required Documentation to make your application process even smoother:
KYC of applicant & Co-Applicant
Last 3 year ITR with computation of income of applicant & co-applicant
Last 3 year audited balance sheet of applicant
Last 3 year Tax audit report of applicant
Last 12 month Bank Statement of applicant & co-applicant
26AS of last 2 year of applicant & co-applicant
Copy of GST registration
Copy of MSME registration
Copy of Last 12 month GST return
Sanction letter of all running loan
Latest utility Bill of residence if owned or rent agreement if rented
Latest utility Bill of Office if owned or rent agreement if rented
2 Reference with contact details
Last 3 year Debtors & Creditors on letter head
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Some Important Points
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
Note : Growth Source Business Loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
About Growth Source Business Loan
Growth Source is a recently established new age financial institution. They are registered with the RBI as a Non-Deposit taking NBFC. They are one of the largest financial platforms to go live in India in the recent past, backed by marquee investors.
Start with Growth Source Business Loan in few steps
If you are planning to apply for a home loan at Growth Source Business Loan there are certain details that you should be aware of, Let’s discuss
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
Growth Source is a leading loan lending company that helps people get business loans on easy terms. Their business loan is curated to help businessmen make a significant investment in their business to grow.
The interest rate on the growth source business is around 19% to 21%.
The maximum business loan amount that Growth Source lends 50 Lakh.
The repayment tenure for the Growth Source Business Loan is 12 to 30 months, which is common for both salaried and self-employed persons.
The top features of the Growth Source Business Loan are as no collateral is required, quick approvals, faster process, low processing fees, attractive interest rates, and flexible tenure.
You should have a turnover of at least 2.5 crore minimum.
Yes, You can apply. If you meet all the eligibility criteria, you will be approved for the required loan amount.
It is a term loan.
No, the terms of the loan are the same for everyone.
Yes, you will be allowed
to make partial payments.