A business loan is a great source of financing whether you want funds to start your business or already need funds to meet existing expenses. Businesses have been known to face rough patches, and a business loan is a welcome relief to tide over hard times, bringing you some much-needed temporary relief. The recent lockdowns have slowed and closed many businesses, especially small ones, for lack of a source of funding. Banks and NBFCs offer competitive interest rates to give you the best loans.
What is a Business Loan?
With loan amounts in your bank account in 24 hours, provided you have the appropriate documents, a business loan can be used for any purposes of meeting expenses of a business. This is an unsecured loan offering you ways to meet any expense requirements of your business. From funding working capital expenses like daily running costs to starting a business, you can take any types of working capital loan or business loan to give you monetary help. Although working capital loans are primarily used to fund the short-term assets of any business, like employee salaries, rent, etc, a business loan can also be used to pay for these, as well as long-term assets like infrastructure.
Why Should You Take a Business Loan?
The reasons for taking a business loan are related to the benefits/features a business loan gives you. Here they are:
- High Loan Amount – You can avail a business loan of up to Rs.20 lakhs.
- Flexible Repayment – With a business loan from Finserv MARKETS, you can choose flexible repayment tenures from 6 – 60 months.
- No Collateral – This is an unsecured loan and you will be eligible without collateral, provided you meet certain criteria.
- Any Purpose – You can use a business loan from Finserv MARKETS for any business expense requirement, from buying office space to raw material.
- Easy and Convenient – You get approval for your loan online, in a matter of 2 minutes online and funds in your bank account within a day. This helps you kickstart your business activity faster.
What is the Eligibility Criteria You Require?
Getting a business loan or any types of working capital loan from Finserv MARKETS is easy, provided you fulfil certain criteria, mentioned below:
- You should be between 25-65 years old
- You must be self-employed, and doctors, lawyers, and other self-employed individuals like traders and manufacturers can avail a business loan
- Minimal annual income should be Rs.1.5 lakhs
- You must have a credit score (CIBIL score) of 700 and above
- Minimum business experience of 3 years is required in your existing business, and 5 years overall experience
Now that you know how a business loan can help you get off to a flying start or act as a relief from tough times, nothing should stop you from taking a business loan from Finserv MARKETS. The application procedure is online and easy and quick, ensuring that funds are in your bank account when you need them for your business requirements the most. A business loan guarantees that your business remains up and running whatever hurdles you may face.