As a small business owner, you may need funds to meet the working capital needs or to expand your venture. Financial institutions provide multiple options to ensure that you are able to meet the financial requirements of your business.
There is no limitation on the use of the borrowed amount; you may use it to meet the working capital requirements or to install new plant and machinery to grow your business. The loans are customizable to suit your business needs and provide the boost to your venture to take it to the next level.
The entire procedure to apply and avail a business loan is simple, quick, and hassle-free. Here are the two ways in which you may apply for a loan:
Visit the lender’s website
Fill out the details such as your name, number of years in business, address, and PAN
Wait to be contacted by the lender with the pre-approved offer once they receive and review your information
Visit the lender’s website
Send an SMS on the given number
Await a prompt call from the lender with the details of a pre-approved offer once they receive your message
The eligibility criteria for such loans are simple as listed below:
You should be between 25 and 55 years old
Your business’ income tax returns should have been filed for at least the last one year
Your venture should have been in operations since at least three years
Self-employed professionals and non-professionals, as well as, entities like partnerships, private limited companies, and limited liability partnerships are eligible for such loans.
To apply for the loan, you need to submit minimal documents. These include know-your-customer (KYC), photograph, financial documents, business existence proof, and bank statement. The entire procedure is completed quickly to ensure there are no delays in disbursing the loan.
Larger loan amount to ensure your business requirements are met
Affordable business loan interest rates
Flexible and longer loan repayment tenure ensuring you do not have any difficulty in timely servicing of the borrowed amount
No need to provide any collateral; this prevents risking your personal assets
Several lenders may also provide pre-approved loans without any collateral. You may either take advantage of a higher amount through a balance top-up or lower your cost via a decrease in the interest rate. To know more about the equated monthly installment, refer to an online business loan calculator.
Financial institutions also customize loans to meet the specific needs of your business. Choose for options such as a business loan for women, machinery loan, loans for small businesses, and working capital funding. Check these out today and ensure your business does not suffer due to lack of funds.