So, sit with your financial planners, operational heads and other business advisors to chart a strategy for growth before you apply for your first business loan. It allows a revolving credit facility, in which a businessman can withdraw money up to a sanctioned limit from their business account, even if the actual account balance is lower. The excess amount is considered as a business loan, which can be repaid by depositing the same, low brokerage commodity trading company plus interest, in the account. Last but not the least, Lendingkart business loans can be repaid in monthly or bi-weekly EMIs. Anyone can apply for our business loan if they meet the five basic criteria mentioned below. If you meet all the eligibility criteria, you will need a set of documents to complete your application process. While approving small business loans, lending institutions look into the company’s repayment capability.
We understand your ambitions and this is why we cater to your financing needs by providing you with quick and unsecured business loans. The majority of business owners apply for a small business loan without any collateral. The only collateral that is typically required is an asset such as furniture, equipment, or a vehicle.
The loan is disbursed as quickly as possible so that your business needs are met without delay. Poonawalla Fincorp offers unsecured Business Loans, which means you can avail of a loan without the need to provide any collateral. So, your business does not need to have any assets to avail of such a loan. At Poonawalla Fincorp, we provide Business Loans up to ₹50 Lakh. You can always avail of a Small Business Loan from Poonawalla Fincorp with the same eligibility criteria. If you need a loan for your business, we’ll offer the deal that best suits your needs.
Working Capital
We have SME business loans ranging from Rs 5–50 lakhs to meet every business need. The most common advantage is that a business loan is much easier to get than traditional loans. You don’t need to prove yourself or show any personal collateral, which makes it much easier to get a loan in a short amount of time. Another advantage of a business loan is that it allows you to make large purchases without having to put as much money down.
By investing in an inventory management system, you can have the right products in the right quantity and avoid products being out of stock and funds being tied up in excess stock. For these reasons and more, banks were hesitant to lend to small businesses. As a result of this hesitance, starting a business was reserved only for people who were already wealthy or had powerful contacts in finance.
Business Loans for your Special Needs
Businesses that have been operational since the past 6 months have a turnover greater than INR 90 thousand are eligible for a loan at Lendingkart. Upload digital copies of your documents in a single step process for verification. With Flexi Hybrid loan, you can pay interest-only EMIs for the initial part of the tenure. Hero FinCorp does not have any predefined minimum monthly income. In case you need to upgrade or install new machinery in your business setup, you should opt for equipment business financing. You do not need to worry about the loan costs with Hero FinCorp. Depending upon your profile, we offer a competitive interest rate; something that you can easily afford without feeling any burden.
Is a business loan helpful for the business?
The rest is retained to cover unforeseen charges, breakage, delivery and quality errors. For this kind of business loans, both the buying and selling companies have to come onboard and work with a factoring company. Lendingkart has kept the eligibility requirements to the bare essentials in order to process business loans faster. We do not require too many documents or unnecessary paperwork that can hold-up the loan approval process. Lendingkart business loans increase your window of opportunity by providing both capital and time for you to streamline your cash flow and get into profitable territory.
