Grow your business with low interest rates on business loans
Most people, who want to start a business, either by themselves or on an entrepreneur’s team, have at one point considered taking out a small business loan. But many people today are wary of discussing the subject of getting a loan, because they fear they don’t have enough capital to get started or that some part of their business plan might fall through because they can’t attract the funding they need. But getting a business loan is what you need to give that boost to your business.
A business loan allows businesses to expand or purchase equipment or office inventory in a stable market environment. There are many different loan types available and each has specific requirements as well as conditions attached to it. Knowing what loan is right for your business will ultimately reduce your time and expenses while giving an edge to your business.
Collateral-free- Collateral-free loans mean that you can qualify for financing without putting your assets on the line. Businesses can get loans without pledging any assets, which makes funding accessible to everyone.
Faster Process- Because you don't need to submit assets, the appraisal of your property takes less time. This accelerates the processing time for loan approval, streamlining your application and getting you the money you need when you need it.
We know that you have to consider the specifics associated with business loan. Moreover, the aspects depend solely on whether you want to startup your business or need funds for the new one. Hence, we assist you in the following ways-
It is a type of commercial loan that’s secured through small loans or cash advances. It is a highly flexible financing option for entrepreneurs who need to fund projects or ongoing operations and development. When applying for a loan you will need to provide a detailed breakdown of the costs involved and the timeframe required paying off the loan. The tenure for which you obtain a term loan ranges anywhere between 1 and 5 if it is unsecured and up to 15 a 20 for secured loans.
Working capital loans represent an alternative financing source that are typically used by entrepreneurs or small businesses that may be unable to obtain conventional financing. Working capital has one main purpose – it is used to generate cash flow that can be used to operate the business during a temporary or permanent cash shortage.
While being involved in the manufacturing industry, anyone can see how expensive it is to employ machinery. In fact, it is estimated that only a fraction of factories actually utilize machinery domestically, due largely to high startup costs and setup period. The good news is that there are ways to reduce the initial cost, and the setup period, of setting up a factory. Equipment financing can make it easier for you to save money on machinery and other equipment of all kinds.
If you're here, we know you are looking to check whether you are eligible for getting a business loan. Read on to learn more:
The 3-digit number representing the credit history of an individual is known as the CIBIL score. Your average CIBIL score ranges from 300-900 and is calculated based on your past debts.
Most banks require a good CIBIL score as a condition for their loans. If you want to strengthen your credit score, it is essential to pay monthly payments on time as well as honor your credit line. Ensuring that your CIBIL score is up to date will help you get the right business loan at the right time.
To get a business loan, you need to prove your creditworthiness. The bank will check that you have a reliable income. The following documents are required in order to verify eligibility for a business loan:
Each bank has a different policy, so you'll need to speak with your loan provider directly. Some banks allow you to close your loan before the lock-in period is over. However, there is typically a penalty for early closure. To avoid it, make sure to check if there are any early-closure fees before signing up.
There are a few banks that allow you to pay off your loan partially. However, there may be limits on how many times you can do this. Clarify your doubts with the bank you are taking a loan from.
Depending on your eligibility and the documents required, the bank decides to disburse your loan. We'll work with the banks to try and get you the loan within 5-7 working days after submitting the completed documents.
Businesses/individuals applying for a loan need to submit the following documents:
You may be asked to submit additional documents if required.
The interest rate is between 16% and 23% (depending on the loan amount), and there is a 2.5% processing fee. Some banks also insist on taking an insurance cover in case of any misfortune.
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