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Banking Surrogate means ascertaining the eligibility of the customers only on the basis of his banking statements.

Banking Surrogate Business Loan

A "Banking Surrogate Business Loan" in India typically refers to a loan provided by non-banking financial institutions (NBFCs) or other financial intermediaries to businesses.

In India, where access to credit can be challenging for many businesses, especially small and medium-sized enterprises (SMEs), NBFCs play a crucial role in providing financing solutions.

These surrogate loans often have more flexible eligibility criteria and documentation requirements compared to loans from traditional banks, making them accessible to a wider range of businesses.

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Banking Surrogate Business Loan-

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Following are the procedure steps:

1. Research and Comparison:

Research various NBFCs or financial institutions that offer surrogate business loans. Compare their loan products, interest rates, eligibility criteria, repayment terms, and other features to find the best fit for your business needs.

2. Documentation:

Prepare the necessary documentation required for the loan application. This typically includes:

  • Business registration documents (such as GST registration, MSME registration, partnership deed, etc.).
  • Financial statements (such as balance sheet, profit and loss statement, cash flow statement) for the business.
  • KYC documents of the business owners/directors/partners.
  • Business plan or project report detailing the purpose of the loan and how it will be utilized.

    • 3. Loan Application:

    Fill out the loan application form provided by the NBFC or financial institution. Submit the completed application along with the required documentation.

    4. Credit Assessment:

    The NBFC will conduct a credit assessment to evaluate the creditworthiness of your business. This may involve assessing your business's financial performance, credit history, repayment capacity, and other relevant factors.

5. Loan Approval:

If your loan application is approved, you will receive a loan offer detailing the approved loan amount, interest rate, repayment schedule, and other terms and conditions. Review the offer carefully and ensure you understand all terms before proceeding.

6. Documentation and Agreement:

Once you accept the loan offer, you'll be required to sign a loan agreement outlining the terms and conditions of the loan. Make sure to read the agreement thoroughly and seek clarification on any terms you don't understand.

7. Disbursement:

After the loan agreement is signed, the NBFC will disburse the loan amount to your business bank account as per the agreed-upon terms. Ensure that you use the funds for the specified business purposes.

8. Repayment:

Repay the loan according to the repayment schedule outlined in the loan agreement. Timely repayment is essential to maintain a good credit history and avoid penalties or adverse effects on your business's creditworthiness.

9. Monitoring and Support:

Stay in touch with the NBFC or financial institution throughout the loan tenure for any assistance or support needed. Some lenders may also offer additional services such as financial counseling or assistance with restructuring loans if needed.

Why choose Livanity for Banking Surrogate Business Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Banking Surrogate Business Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Banking Surrogate Business Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Banking Surrogate Business Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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