Union Bank Business Loan

Union Bank of India prioritizes the MSME sector, providing schemes like Union MSME Gold Loan Plus, PM SVANidhi, and Union Textile. Offering loan tenures of up to 15 years, Union Bank supports women entrepreneurs with their business loan schemes.

With competitive interest rates, minimal processing fees, and swift loan approval, Union Bank stands out as an ideal choice for your financing needs.

To know more about Union Bank its business loan offerings, read further.

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Union Bank Business Loan Highlights

Union Bank's business loans offer financing solutions for various needs, from establishing a startup to empowering women entrepreneurs and supporting established MSMEs. The table below provides details associated with their loan service:

Union Bank Business Loan Processing Fees

Types of Union Bank Business Loans

Whether it's the Union MSME Gold Loan Plus supporting diverse MSMEs or the Union Stand-Up India fostering entrepreneurship, the table below provides an overview of Union Bank's focus on the varied MSME sector.

To know more highlights on ICICI Bank’s PPF offerings, glance through the table

Know more about loan criteria to help qualify for quick business loan approvals.

Documents Required for Union Bank MSME Loans

Here are the documents required to avail of Union Bank MSME Loans:

For Existing Units Seeking Working Capital (WC) Facilities:

• Last 3 years' audited balance sheet with notes and annexures.
• Last 3 years IT returns
• CMA data.
• Order book position/contracts/proof of demand.
• Last GST assessment order.
• Statutory clearance certificate.
• Lead Bank assessment note (for consortium finance).
• Details of Associate/Sister/Group Concerns (names, bankers, credit facilities, present status, etc.).
• Details of collaterals where applicable.

Additional Documents for Takeover Accounts:

• NOC/status of the account.
• Credit report from existing bankers.
• Statement of account for the last 1 year.

Additional Documents for Term Loan/Letter of Credit (LC) for Capital Goods Application (if not included in the project report):

• Cash flow statement for the entire repayment schedule.
• Fund flow statement for the entire repayment schedule.
• Profitability projections and assumptions for the entire repayment period.
• Break-even analysis.
• IRR (Internal Rate of Return) working.
• DSCR (Debt Service Coverage Ratio) working.
• CA certificate for promoter's contribution.
• Project report covering:Cost of machinery and suppliers, quotations/proforma invoices from suppliers etc

Note:These documents are indicative and may vary based on specific requirements and loan types.

Why Union Bank Business Loan

Union Banks helps entrepreneurs step into a realm where financial support meets innovation, propelling your business. To top it off, here are other major benefits offered by the bank for entrepreneurs.

• MSME Loan Products: Union Bank of India offers a range of MSME loan products like Union Sishu Mudra, Union Nari Shakti, and Union GST Gain to encourage new entrepreneurs and women entrepreneurs.
• Digital Application Process: The bank facilitates a seamless digital application process for business loans. Entrepreneurs can conveniently apply online, saving time and ensuring a hassle-free experience. The online platform allows for quick submission and tracking of applications.
• Interest Rates: Union Bank Business Loans, particularly under MSME schemes, offer tax benefits to borrowers. The interest rates are competitive for businesses looking to secure funds for various purposes, including working capital needs.
• Quick Processing and Approval: The bank aims to deliver quick approvals, ensuring that businesses can access the required funds promptly to address their financial requirements.
• Wide Range of Loan Amounts: Whether you are seeking a modest loan under Union Sishu Mudra or a larger loan under Union GST Gain, the bank accommodates varying financial needs.
• Support for Government Schemes: Union Bank actively participates in supporting government schemes like PMSVANidhi, to promote entrepreneurship and provide financial assistance to businesses.

How to Apply for a Union Bank Business Loan

Here is the step-by-step guide for applying for a business loan with Union Bank of India online:

Step 1: Visit Union Bank's Official Website

Step 2: Explore MSME Loan Section. Navigate to the MSME loan section to view available products like Union Sishu Mudra, Union Kishore & Tarun Mudra, Union Nari Shakti, and Union GST Gain.

Step 3: Select the specific MSME loan product that suits your business requirements.

Step 4: Click "Apply Now" associated with your chosen loan scheme.

Step 5: Fill Online Application Form with accurate details, including business and personal information.

Step 6: Upload necessary documents such as KYC, business proof, and financial statements as specified by the bank.

Step 7: Review and ConfirmReview the entered information for accuracy before proceeding.

Step 8: Submit Application.

Step 9: Await communication from the bank regarding the status of your application and any further steps.

Note: Refer to the official Union Bank of India website or contact the bank directly for the most accurate and up-to-date information.

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Steps to Apply for Business Loan on Buddy Loan

Buddy Loan offers business loans starting at an annual interest rate of just 11.99%. Follow the steps and apply for you loan today!

Step 1:Visit buddyloan.com or download the Buddy Loan App (Android or iOS).

Step 2:Proceed to the business loan application page and enter your mobile number and OTP to access the Business Loan Application Page.

Step 3:Specify Loan Amount and Email. Select the Business Loan option.

Step 4:Choose Business Proof (Yes/No)

• If 'Yes' (support your statement with a business proof), input both business and personal details.
• If 'No' (No business proof), select your profession type and enter your personal details.

Step 5: Provide Income Details and Click 'Submit'

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