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Business Loan for Hotels – Fast, Flexible Funding to Elevate Your Hotel Business
In an acclaimed hospitality industry, availing a Business Loans for Hotels or utilizing a cash credit can be helpful for growth and expansion, improving the business' potential.
Nonetheless, if they are not completely aware of such a procedure, obtaining sufficient financing for a hotel business can be difficult, whether they are building a novel hotel building or renovating as well as to upgrade existing establishments.
Features & Benefits
Eligibility
Who can apply:
- Minimum 2 years business existence
- Credit score - 700 or above
One ownership is mandatory
( residence or office)
Age:
- Above 21 years and below 65 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
- Current account bank statement (Last 1 year)
- Income tax returns ( Last 2 years)
- Proof of office address
- Proof of business existence
- GST registration certificate
- Proof of residence or office ownership
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
At LoansJagat, we provide ideal business loan for hotels easily and effectively without having a tough process of application. The aim is to offer an untroubled process so that no one has to wait for their dream to become a reality. Apply for a loan today!
- Scroll Up. Fill in your business details. For example, your email, company name, and DOB.
- Fill in your business details. For example, your email, company name, and DOB.
- Mention your credit score, PAN number, and salary-related information.
- Compare the offers from 20+ banks and NBFCs before applying for loans.
- Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed, all digitally.
- After successful document verification, your loan will be approved and money will be credited to your bank account within 24 hours.
Tips to Avoid Loan Rejection
The required recommendation assists in enhancing the chances of loan approval to abstain from the rejection possibility of business loan for hotels.
1. CIBIL Score Above 700
You have a high chance of loan approval if your CIBIL score is more than 700. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If your business heavily depends on your credit card, even after utilising the monthly profit, the chances of loan approval are low.
3. Clear Existing Debts
If your business heavily depends on your credit card, even after utilising the monthly profit, the chances of loan approval are low.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Business
Make sure that you have a profitable business for more than 1 year. If you have a history of flop businesses, then banks might hesitate to lend you a loan.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Business Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your business bank account.
10. Multiple F&O Transactions in the Stock Market
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Average Bank Balance
If you can retain 25% of the profit generated from monthly sales as savings in your bank account, then banks will prefer to approve your loan application.
FAQ’s