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Business Loans Vs Working Capital Facilities
Business Loans   Working Capital Facilities
Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity.
Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor.
Business Loans can be used for any related works, and there is no restriction for usage of funds. WCF will be used only for business and business related purpose, there is a restriction on usage for facilities.
Business Loans will be only provide the fund based limits. Working capital facilities can be sanctioned for fund based or non fund based requirement.
Only one type of facility can be availed from the Business Loans from the bank Various types of facilities can be offered by the bank under WCF facilities.
Business Loans can be availed by small business owners. WCF facilities can be availed by small business owner to big corporate.
Maximum tenor of loan is 48 months offered by the banks. Maximum tenor will be 12 months based on the facility requirement.
Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy.
Minimum of 3 years vintage will be required for the business loans. Min of 1 year vintage for calculation of eligibility will require for WCF.
Generally Business Loans will be used for unexpected requirement in business. WCF will be used for regular activities of business.
Loan disbursement will be max 7-15 days from the date of application. Min of 15 days to max of 90 days will require for process the WCF request from the date of application.
Banks/Financial Institutions will prefer to provide the business loans to WCF customers. Banks will prefer to take more collateral to fund the WCF.
Interest will be on total loan outstanding and will be calculated on monthly basis. Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis.
Who are Eligible:

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Following entities are eligible for Business Loans:

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    1. The Entities with business vintage minimum of 3 years
    2. Proprietorship/Partnership, Private Limited and Public Limited Companies.

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All the entities with the above two and also having minimum turnover of Rs. 1.5 Cr can eligible for a Business Loans, and applicant should fulfil Bank/Financial Institute eligibility criteria.

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Business Loan Documentation:

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Entity Proof:

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    1. Pan Card of Entity
    2. VAT/Service Tax Registrations
    3. MOA, AOA (for Private and Public Limited Companies), Partnership deed for Partnership entity
    4. Bank Statement of Last 6 or 12 months

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Address Proof: (Anyone of the below)

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    1. Telephone bill (any Landline bill)
    2. Electricity bill
    3. Title deed of property
    4. Rental agreement
    5. Bank Statement /CA Certificate confirming the Address of Entity

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Banking History: (Anyone of the below)

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    1. Overdraft/Cash Credit Account Bank statements of latest 12 months (if Any)
    2. Last 6 months Bank Statement of Current Account.
    3. All other Vehicle/consumer/Business Loan repayment track.

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Financial Information about the Entity:

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    1. Last 2 Year's Income Tax Returns     2. Last 2 Year's Certified Financial Statements Duly Certified by CA
    3. Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
    4. Any Other Income Proof That is Not Reflected in the Above Documents

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Apart from these, promoter (s) or Directors minimum KYC (Pan Card, Address Proof) details need to furnish by the applicant.

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