With new entrepreneurs coming up every day with fresh ideas that can revolutionise the market, the Indian traditional business landscape is set to undergo a massive change. A major roadblock to this, however, is the fact that many of these entrepreneurs lack the financial resources to pursue their dreams.
While previously entrepreneurs were reliant on friends and relatives for financing, in recent times long term business loans have emerged as an attractive alternative to this. The long term business finance option lets entrepreneurs comfortably put their plan into action, and work towards successfully scaling up their business.
The business loans, available on Finserv MARKETS, lets entrepreneurs avail up to Rs 30 lakhs with approval in only 3 minutes. Its flexible repayment tenure ensures that businesses can work towards investing the money profitably, before they are required to start repaying the capital.
There are several benefits associated with availing long term business loans. Read on to learn more.
With long term business finance options, entrepreneurs can avail a large amount which can be withdrawn as per their need. The flexi loan facility lets them repay only the interest of the loan as EMI, which makes it much easier to use the loan for achieving profitability.
A long term business loan offers flexible repayment tenures lasting up to several years. This lets businesses easily invest the capital towards future benefits without having to worry about repaying their loan in a hurry. If you avail a business loan on Finserv MARKETS, you can repay it in a flexible manner with repayment tenure lasting up to 60 months.
With long term business finance options, no collateral needs be provided in order to avail the loan. This is an especial relief since entrepreneurs need to leverage all their assets towards making their business profitable, and can’t really afford to lock any asset away as collateral.
With digitalisation taking over the entire world, long term business finance lenders have also moved operations online. Borrowers can now easily avail loans with only a few clicks and by uploading their documents online in a convenient and hassle-free manner. Additionally, it has become easier for borrowers to keep track of their pending repayment amount or even to check how much more they can avail through online portals, including both websites and mobile apps.
Despite the convenience on offer, lenders do set up certain eligibility criteria that borrowers must fulfill in order to avail the loan. Read on to learn the eligibility criteria for availing a business loan on Finserv MARKETS.
The applicant must be between the ages of 26 to 66 years
The business must be at least three years old
Income Tax returns must be filed for the business for at least the previous year
The previous year’s business turnover must have been audited by a Chartered Accountant
The interest rates applicable on long term business loans ensure that it does not prove too much a burden on entrepreneurs and allows them to easily repay the loan. On Finserv MARKETS, business loans can be availed at interest rates starting as low as 18%. Even processing fees are only charged at 2%. In case the EMI payment bounces though, borrowers are required to pay Rs. 3,000 (Inclusive of applicable taxes) for every bounce incident while penal interest is calculated at 2% per month.
Previously, entrepreneurs looking to avail business loans had to fill out numerous applications, provide a range of documents and even wait several months before the application itself could be processed. Recently, with portals like Finserv MARKETS, digitalization has made processes much simpler and much more convenient for those in search of long term business finance.
To avail a loan on Finserv MARKETS, you are required to fill out a simple, to-the-point application form. In the form, you will be asked to specify how much you wish to borrow and a repayment tenure that works best for you. You can easily choose a long repayment tenure of up to 60 months and ensure maximum flexibility for repayment.
You will also be required to upload documents including your personal identity documents such as Aadhaar or driving license, along with your PAN Card. Additionally, you may need to furnish details of your business, including documents proving your taxes are paid and everything is in order.
Once these details have been provided, the loan will be approved in just 3 minutes and the loan amount will be disbursed to your account within 24 hours.
With such easy long term business finance options available to entrepreneurs now, it won’t be long before India emerges as a hub of successful ventures and a market for all kinds of great products.