Planning to launch your own start-up? Now is the time. India is in its best ever phase of startup ecosystem and the economic environment is favoring the aspiring minds. However, careful planning and futuristic approach are imperative to ensure your startup don’t end like the 94% that shut down their shutters within the first year of operation.
Business/Personal Funding
AUDIT & ASSURANCE
Type of auditing service we are providing
- Statutory Audit of Companies
- Tax Audit for companies, Trust, Society , Firm and Individual
- Information System Audit
- Internal Audit
- Due Diligence
- Financial Analysis services
- Stock Audit
- Physical Verification Services
Related Services
Popularly known as bootstrapping, it is an ideal plan of action when it is hard to convince others of your business idea and vision. Often investors ask for traction before making an investment, the initial round of self-funding allows you to prove the feasibility of your idea and build confidence in the investors for a further round of funding.
Bootstrapping is a great idea for startup funding especially if the initial business requirement is small. It also gives you the freedom of being your own boss. You’re not answerable to anyone and it allows you to keep an eye on the revenue earnings as well.
Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.
Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.
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Accounting
Funding is an extremely significant aspect in line with meeting the vision of a business. Funding and fundraising, both are fundamental modern business scenarios that support the growth of a startup. The first round of funding, popularly known as seed funding forms the basis of fundraising. It is followed by series A, B and C rounds of funding. While the seed funding typically refers to the basic, initial round of funding, series A, B, and C differ in the business maturity and the type of investors involved. The series funding helps in the evolvement of a startup to a full-fledged organization by helping it with calculated funds at crucial steps.
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Unsecured Business Loan can be availed by SME, professionals, manufacturers, service providers and traders
Unsecured Business Loan can be availed for tenure of 15 months, 24 months or 36 months
Q 3. What is the minimum and maximum loan amount which can be availed under Unsecured Business Loan?
The minimum and maximum loan amount which can be availed under Unsecured Business Loan is INR 10 lakhs and INR 50 lakhs respectively.
No security or collateral is required to avail of this loan.
Unsecured Business Loan is not offered to start up as the minimum business vintage of 5 years in the same line of business and business operations in the same city is required. Two years of audited financials would be required to be submitted to avail of this loan.
A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more.
You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person’s eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.
Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 30,000.
When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary. Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.
Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.
Yes, personal loan can be applied either by yourself (singly) or together with a co-applicant (jointly).The co-applicant needs to be a family member like your spouse or parents. By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. However, keep in mind that if either you or your co-applicant have poor credit history, the chances of success of your loan application may be adversely affected.
Though the documentation requirements of personal loans vary from one financial institution to another, some of the key documents that you would need to provide with your personal loan application include:
- Income proof (Salary Slip for salaried/recent acknowledged ITR for self-employed)
- Address Proof Documents
- Identity Proof Documents and others
- Certified copies of degree/license (in case of self-employed professional) and others as per the lender’s criteria.
Approval of loan is at the sole discretion of the loan sanctioning officer who bases his/her decision on the basis of the criteria specified by the bank/ financial institution. The entire process can take from about 48 hours to about two week’s time. Once all the necessary documents are submitted and the verification process is completed, the loan, if sanctioned, is disbursed within seven working days by the bank. In order to avoid delays in loan processing and disbursement, do keep all necessary documents ready along with the post dated checks (PDC) and/or signed Electronic Clearing System form