Private finance companies provide funds to a business as a business loan to accomplish business objectives for the year. Business loans are used for a myriad of reasons, such as procuring new equipment or machinery, upgrading the factory/business, hiring, marketing, managing cash flow and even purchasing raw materials. Beyond the aforementioned needs of the enterprise, business loans can also pay taxes on time and ensure the diligence of the business.
For income tax filing during the tax filing season, which is at the end of the financial year in March, Private Finance Companies can provide tax loans to businesses, which can be accessed quickly with minimal documentation, faster approvals and quick disbursal of these Loans.This ensures that businesses can pay their income tax on time and build credibility for further expansion.
Business loans from JP Finance exclusively for the business tax season, often referred to as tax loans, provide some respite to businesses, aiding businesses to pay income tax on time and reducing the impact of penalties because of late or non-payment of income tax on the business. The tax loan can also help improve the company’s cash flow, allowing for increased growth, expansion and enterprise.
Eligibility of taking a Tax Loan
To be eligible for a tax loan from JP Finance, there are a few important criteria that need to be fulfilled
- The business must have a minimum monthly turnover of 25L.
- An operational business of a minimum of 3 years from the time of establishment is required.
- Proper GST declaration for 6 to 12 months is essential.
- The immaculate repayment history of EMIs and Loans is checked to ensure transparency.
- The eligibility criteria must be fulfilled for the smooth transaction of loans. JP Finance ensures fast eligibility checks, done within a 30-minute timeframe.
- To enjoy the benefits of a business loan during the business tax season, the business/company should qualify and meet all the above-listed criteria.
The basic requirement of a tax loan is for tax filing purposes. However, this type of loan is as much a business loan which can be utilised by the business depending on the need.
With JP Finance, businesses have the JP advantage with the business loans they choose.
- Hassle-free and easy application
- Minimal documentation
- Lower interest rates
- Flexible repayments
- Zero hidden costs
These types of business loans are far more effective for the need of the business. The private finance companies ensure the business loan is sanctioned quickly so that the businesses can make timely use of the finances to pay the taxes on time.
All the factual information must be available for the financier to go over and sanction the required tax loans.