Individuals who wish to expand their business or fund a business idea can opt for a business loan offered by a number of reputed financial lenders.
Individuals who wish to expand their business or fund a business idea can opt for a business loan offered by a number of reputed financial lenders.
Typically, most financial lenders offer business loans up to Rs.75 lakh for the purpose of business expansion with repayment tenures stretching to 60 months.
Munafawala.com offers Business loans in Jaipur at the range of Rs.50,000 to Rs.50 lakh at interest rates that are determined on the basis of your business profile, loan amount, financial assessment, loan tenure, and past track record. business loans agency in Jaipur at the lowest interest rate. supplies, inventory, or commercial projects. The lender wants to know how the business intends to use the borrowed money, so business. Get loan from our best business loan agent in Jaipur owners should ensure that they clearly understand how to use the money.
If you are an engineer, doctor, or a chartered accountant and wish to avail a business loan, Axis Bank offers collateral-free business loans that can be repaid in easy equated monthly instalments (EMIs).
| Interest Rate | 11.90% p.a. – 30% p.a. |
| Loan amount | Rs.50,000 – Rs.75 lakh |
| Repayment Tenure | Up to 60 months |
Listed below are several financial lenders offering business loans and the key details of the small business loans:
| Financial Bank | Interest Rate | Loan Amount | Loan Tenure |
|---|---|---|---|
| HDFC Bank | 11.90% p.a. – 21.35% p.a | Up to Rs.50 lakh | 12 months – 48 months |
| Capital Float | 15% p.a. – 24% p.a. | Rs.5 lakh – Rs.50 lakh | 12 months – 36 months |
| Capital First | Capital First | Rs.3 lakh – Rs.75 lakh | 12 months – 60 months |
| RBL Bank | As per the terms and conditions set by RBL Bank | Up to Rs.10 lakh | 12 months – 60 months |
| IIFL Finance | 16% p.a. – 30% p.a. | Up to Rs.50 lakh | 12 months – 36 months |
| Bank of Baroda | As per the terms and conditions set by Bank of Baroda | Up to Rs.5 lakh | As per the terms and conditions set by Bank of Baroda |
| Axis Bank | As per the terms and conditions set by Axis Bank | Rs.50,000 – Rs.50 lakh | As per the terms and conditions set by Axis Bank |
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Since many lenders including banks and non-banking financing companies (NBFCs) offer small business loans to their customers, it is easy for companies to receive financial aid for their business needs using this scheme. With multiple online EMI calculators available, borrowers can also plan their loans better beforehand to avoid loan rejections and manage their finances better. Additionally, most of the banks and NBFCs offering this kind of a loan provide online applications to allow their customers to keep a track of their loans after the amount is disbursed. Borrowers can remotely check details such as interest certificate, payment schedule, repayment history, etc. through these applications.
When an entrepreneur opts for this financing plan to fund his or her business venture, he/she has the option to repay the loan using a repayment method that is convenient to him/her. Since lenders understand the difficulties and underlying complexities involved in running a business, they might devise a personalised repayment plan before sanctioning the loan. This not only helps the borrower manage the business cash flow better, but also make timely loan repayments. Under this scheme, customers can also choose to increase/reduce the EMI amount or opt for the bullet payment method as per the financial condition of the business.
Due to minimal documentation and simple application process, this scheme is preferred by many entrepreneurs to fund their business requirements. Many banks and NBFCs provide online application method to the borrowers so that they can easily apply for this scheme without having to step out of their houses.
When a businessman applies for a loan under this scheme looking to start a new venture or expand his or her current company, he/she can be assured that the funds will be quickly disbursed to his/her account. Owing to the fast loan application and approval process, borrowers can get access to quick funds when applying for a small business loan.
All loans are not created equal, business loan has become a great option for people to use.
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a business loan.
Maximum age of applicant at loan maturity: 60 years
Minimum Net Monthly Income: Rs 15,000
Applicant should have the bank specified credit score.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
You can pay your EMIs via standing instructions with the lender for an auto debit or through your net banking account. You can also give the lender postdated cheques for the EMIs.
The turnover of the business is important, and your individual credit score will not be taken into consideration.
Using the application reference number, you can check the status of the loan using your net banking account. In addition, when the loan is approved, the lender will get in touch with your via SMS or email before the disbursement of the loan amount.
Yes, you have the option of cancelling the loan before the disbursement of the loan amount. You will not be charged a fee for cancellation at this point.
No, the interest rate will change based on the lender and the applicant. It is not standard or fixed.
It can be really challenging to get a small business loan for a business idea as most banks prefer lending to businesses that have been running for at least 6 months. However, there are some NBFCs that may offer you loans based on your business idea. Remember to explore all the options available before you pick a specific lender for a business loan. If in worst cases, you are unable to find a lender to fund your business idea, you can always avail a personal loan and use it to fund your business idea.
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