Business Loan

Guide: Eligibility, Benefits & Why Use IRB’s Intermediate Service

What is a Business Loan?

A business loan is a type of financing provided to entrepreneurs, startups, and established businesses to support various needs such as expansion, equipment purchase, working capital, inventory management, or project execution.

Unlike personal loans, business loans are tailored specifically for commercial use. They can be secured (backed by collateral) or unsecured (based on creditworthiness).

✅ Eligibility for a Business Loan

Eligibility criteria may vary based on the lender and the type of business loan, but general requirements include:

1. Business Type

• Sole Proprietorship, Partnership, LLP, Pvt. Ltd. Company, or Public Limited Company.

2. Age of Applicant

• Applicant should typically be between 21 and 65 years.

3. Business Vintage

• Most lenders require the business to be in operation for at least 1 to 3 years.

4. Annual Turnover

• A minimum turnover of ₹10 lakhs to ₹50 lakhs may be required, depending on the loan size.

5. Profitability

• The business should ideally be profitable for the last 1-2 financial years (supported by ITRs and financial statements).

6. Credit Score

• A score of 650 and above is usually preferred. Business credit score (if applicable) is also considered.

7. Documentation

• KYC of business and owners, PAN, GST registration, ITR, bank statements, audited balance sheets, and proof of business ownership are typically required.

🌍 Why Use the Intermediate Service for Business Loans from International Resource Bank (IRB)?

IRB’s Intermediate Service is a professional advisory platform that bridges the gap between business borrowers and the right loan solutions. Here’s how it benefits you:

1. Expert Business Loan Guidance

• Specialists assess your business needs and suggest the most suitable loan product, be it term loan, line of credit, or working capital loan.

2. Tailored Loan Structuring

• Intermediate experts help structure your loan based on your cash flow, repayment capacity, and tax efficiency.

3. Access to Special Programs

• Get access to pre-negotiated loan offers and specialized SME packages not available through the regular application route.

4. Faster Processing

• With dedicated support, your loan application is fast-tracked, with minimal documentation and quick approval.

5. Better Loan Terms

• Benefit from negotiated interest rates, reduced processing fees, and longer tenures for improved affordability.

6. End-to-End Assistance

• From preparing documentation to legal checks and disbursal, the service offers full-cycle support.

💬 Frequently Asked Questions (FAQs)

Q1. What types of business loans does IRB offer?

A: IRB offers:

• Working Capital Loans
• Term Loans
• Machinery & Equipment Loans
• Line of Credit
• Invoice Financing
• MSME Loans

Q2. Do I need collateral for a business loan?

A: IRB offers both secured and unsecured business loans. Collateral may be required for larger loan amounts or longer tenures.

Q3. How much loan amount can I get?

A: Depending on your business profile and income, IRB offers business loans ranging from ₹50,000 to ₹5 Crores.

Q4. What is the interest rate on business loans?

A: Interest rates typically start from 11% p.a., subject to credit profile, business stability, and tenure.

Q5. Can startups apply for a business loan?

A: Yes. Startups with strong financial backing or a solid business plan may qualify under startup loan programs or IRB’s special SME initiatives.

Q6. How long does it take to get approval?

A: With the Intermediate Service, approvals can happen in 3-7 working days, depending on documentation and loan type.

Q7. Why should I use the Intermediate Service instead of applying directly?

A: The Intermediate Service simplifies the process, increases your approval chances, and gives you access to exclusive deals, expert advice, and faster disbursals.

🚀 Final Words

Whether you’re running a small business or managing a growing enterprise, a business loan can fuel your growth journey. And with IRB’s Intermediate Service, the process becomes faster, more efficient, and tailored to your unique business needs.

Before applying:

• Review your business financials
• Understand your funding requirement clearly
• Use IRB’s advisors to choose the right loan product
• Prepare required documents in advance

#WorkingCapitalLoans #TermLoans #Machinery&EquipmentLoans #LineofCredit #InvoiceFinancing #MSMELoans