Whether you are planning to expand your services or thinking of improving your product portfolio, a quick Business Loan can help you achieve all these goals. Business Loans are unsecured financial products that are being offered to small business owners and entrepreneurs to fund their business expansion goals.
These loans are unsecured, which makes them popular among business owners as they don’t have to submit collateral to avail of funds. Submitting collateral can be difficult for small business owners who do not have enough assets. Hence, unsecured Business Loans are being preferred by small business owners and entrepreneurs.
You can use an unsecured Business Loan for a wide range of business-related purposes such as:
- Infusing working capital
- Maintaining inventory
- Hiring staff
- Acquiring or upgrading to the latest machinery and equipment
- Debt consolidation
- Warehouse management
- Expand your product portfolio
- Invest in marketing
- Buy high-quality raw material
- Redecorate office space
Business Loan Eligibility Criteria
To help entrepreneurs and small business owners achieve their expansion goals, banks and Non-Banking Financial Companies (NBFCs) are offering quick Business Loans with attractive interest rates. What’s more? These loans come with no hidden charges and flexible repayment tenure. Below are the eligibility criteria for a quick Business Loan:
- Age- The minimum age for Business Loan applicants is 24 years and the maximum age is 65 years.
- Business vintage- The applicants should have a business vintage of a minimum of 2 years.
- Annual turnover- The applicant’s business should have an annual turnover of at least ₹6 Lakh.
Documents required for quick Business Loan
– KYC documents:
- Lenders accept Company PAN card, Director/ Proprietor/ Partner PAN Card, Aadhaar Card, and Passport as KYC documents.
- You are also required to submit Proprietor/ Partner/ Director PAN Card, Aadhaar Card, Electricity bill, Rent agreement/ Passport
- For personal documents, you will be required to produce all individuals/ Partners/ Director- PAN, officially valid documents, and proof of address
- For Business documents, your business registration proof + Business address proof (if not the same as business registration proof) will be considered
– Business address proof:
- Utility bills/ Rent agreement
– Financial documents:
- 6 months’ bank account statement
How to get a quick Business Loan online?
As lenders are offering online applications for Business Loans, you can apply for the loan in a hassle-free manner. You just have to visit your chosen lender’s official website. Post that, go to the dedicated page for Business Loans and click ‘Apply Now’. It will only take a few minutes or hours for the lender to verify your online application. You will receive a call once your verification is done. Post approval, the funds will be disbursed into your account almost instantly.
Business Loan EMI calculator
Your Business Loan is paid off in the form of monthly payments known as Equated Monthly Instalments (EMIs) over the loan tenure. With your EMIs, you also must pay the interest on your loan amount. If your loan amount is higher, then your EMI amount will also be high. If you have applied for a lower loan amount, your EMI amount will also reduce. However, it also depends on your loan tenure. Longer loan tenure allows you to pay a lesser EMI amount. If you wish to end your loan journey sooner and go for a shorter loan tenure, your EMI amount will be higher as you are required to pay off your loan in a shorter period.
Further, you can use an online EMI calculator to determine your monthly payments before you apply for a quick Business Loan. Online EMI calculators are convenient and easy-to-access tools that can be used for calculating monthly payments. The tool gives out an approximation of Business Loan EMI, enabling borrowers to plan their repayment schedule to enjoy a stress-free loan journey.
Online EMI calculators are very easy to use and give out quick results. You just have to enter your loan amount, the desired loan tenure, and the interest rate offered to you by your lender. The tool will give out an automated calculation of your monthly payments. Your actual EMI amount may vary based on the lender’s terms and conditions. Hence, the amount displayed by the EMI calculator is only indicative.
A quick Business Loan can be a good option for you if you want to avail of funds for your enterprise without submitting any collateral. Various lending institutions are offering collateral-free Business Loans at attractive interest rates.
To calculate your Business Loan EMIs, simply use an online EMI calculator. These tools are widely available online, and some lenders also offer EMI calculators on their official websites. Ensure that you choose a lender that is offering the best rate of interest without any hidden charges.