Union bank Business Loan - Service with Solutions

Business loans are specifically designed for completing all the basic as well as special requirements of the business. It permits the individual to borrow for money from banks and financial institution to complete as well as to complement the business requirements. These credit are provided to customers so that  they can attain their all business related requirements.

Basically funds are required to set up business and machinery, to purchase land, machinery, building , inventory, or to increase the working capital for well functioning of the enterprise. Arranging  adequate funds is an essential part of establishing or expanding an enterprise. Funds are not required only to set up the company, but money is required to maintain the performance of the enterprise for long term which is extremely important. These credit helps in providing funds to the needed individuals or corporations.

Union bank business loan is one of the excellent offer for credits for a small, medium as well as large units. These credits are backed by government. It is sponsored by the government of India so it is risk free and is very liable for the applicant. It is availble for profit earning enterprises in every virtual industry.

Union bank business loans provides the applicant greater flexibility as compared to other institutions due to its low down payment and longer financing terms than other conventional credit options. It can be utilized for different purposes. It is the financial assistance offered to the enterprises. It may be termed as debt which is to be repaid by the applicant according to the flexibly specified terms and conditions.

This credit facility provides ease to the functioning of micro, small and middle enterprises by providing them with the credit under various schemes and benefits. The financial institution sanctions the credit up to 5 crore INR. the credit tenure for Union bank business loans is up to 10 years. The credit is offered against security. The application can be submitted as per the eligibility online as well as offline by visiting the nearest branch of the institution.

Features of Union Bank Business loans

• Secured loans: The credit  offered by this financial institution is secured which means the applicant have to submit any property or gold etc as a collateral against the credit amount to the institution. The benefit of secured credit is the interest rates are comparatively low than the unsecured credits.

• Interest charged:The interest charged by this government sponsored bank is very compatible for the individual. The minimum rate of interest which can be charged on the credit is 9.40 per cent per annum and the maximum interest rate that can be charged by the applicant is up to 14.80 per cent per annum.

• Maximum loan amount: The maximum amount of credit that can be availed by the applicant is very high. The maximum amount of credit that can be borrowed by the candidate is up to 5 crore INR.

• Minimum loan amount: The minimum amount of credit that should be availed by the applicant for this type of credit facility is of 50 thousand INR.

• Processing fee: There is no charges required as the processing fee to paid by the customer to avail the credit amount.

Eligibility for Union bank Business loans

• Category : Any salaried employee of government or a private corporate can apply for the credit in this financial institution. Any self employed, professional, partnership firm as well as any corporate company can also apply to get the credit facilities for the growth and survival of the business.

• Age: The minimum age in which the credit for the enterprise can be availed is 21 years and the maximum till which the credit can be taken from this financial institution is 58 years for the salaried employees. The minimum age to avail the credit is 21 years and the maximum age is 65 years for self employed.

• Applicant should be resident of India.

Documents Required for Union Bank Business Loans

• Duly signed application form

• ID proof: Aadhar card/ PAN card/ passport/ Driving license/  ration card

• Address Proof: Aadhar card/ Electricity bill/ telephone bill/ Rent agreement

• Income proof: PAN card/ last 3 month salary slip or form 16

• Bank statement or passbook

• Balance sheet and profit and loss statement of last 2 years.

• Business address proof

• Memorandum of association and articles of association

• MSE registration if applicable

• Passport size photographs