If you are running a business without any loans, and if you require loan to expand your business, you can apply for MSME loans. The procedure are very fast and easier. You can complete it faster than new Business start ups. Because, your business is already running, bank can easily understand the business values and market values, considering the transactions.

You need to submit monthly GST returns, current account statements, stock statements along with the bank loan application

You can also submit local body approvals and other statutory documents if any.

If you require loan for purchasing new equipment or to open a new branch in other district, you need to submit project report also along with the application.

If you need loan to purchase commercial vehicles for your business, you can get loans for that also.

If you don't have a current account still, open a current account immediately with your bank

As today all transactions are done digitally, include QR code in your current account and do all payments digitally.

Sales Turnover is the important factor while taking loans. Hence, all transactions should be accounted properly.

Use expenses for material purchase from this account only.

If you have disciplined accounting system, you will get loan very easily.

 

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