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What is a Business Loan?
Business loans represent more than just capital; they are a vote of confidence, a confirmation that a person's ability to succeed has been validated.
The purpose of a business loan is to provide funding to businesses for a variety of purposes. In business, it is a form of debt that enables entrepreneurs to start a new venture, expand an existing one, manage cash flow, purchase equipment, or invest in marketing.
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WHAT ARE YOU LOOKING FOR
Elevate your Personal Finances with a broad spectrum of loans and credit facilities at low costs, ease and flexibility!
Why Choose Loan2cart for a business loan?
The question is, how do we go about it?
We make it easy for you!
- Apply Online: Fill out our application form, providing essential details such as your name, contact information, employment details, and desired loan amount.
- Get a Callback: You will shortly receive a call-back from our loan executive for a FREE discovery session!
- Instant Decision: Once you submit your application, our advanced algorithms review your information and provide an instant decision.
- Loan Approval: If approved, you will receive a loan offer outlining the loan amount, interest rate, and repayment terms.
- Funds Disbursement:Upon accepting the loan offer, the funds will be deposited directly into your bank account within 24-48 hours, allowing you to access the money you need quickly.
What is the eligibility criteria for applying for a business loan?
1
Credit Score
Credit scores indicate a history of responsible borrowing and increase your chances of approval. Both personal and business credit scores may be evaluated.
2
Business Age and Stability
3
Revenue and Financial Performance
4
Collateral
Loan collateral may be required depending on the loan type and amount. A collateral asset can be real estate, equipment, inventory, or accounts receivable. Having valuable collateral can strengthen your loan application.
5
Business Plan and Purpose of Loan
6
Industry and Risk Assessment
Your business industry may be considered by lenders when evaluating your risk profile. A loan may be more difficult to secure in some industries due to their higher risk.
FAQs
Business loans can take a long time to approve. However, we offer fast approvals within a few days, while others may take a few weeks or more. Approval time depends on factors such as the lender’s internal processes, the complexity of your application, and the quality of your documentation.
Depending on the lender and the loan program, different documentation may be required. A business plan, personal and business tax returns, bank statements, and business licenses are all common documents requested.
Business loan repayment terms can vary widely depending on factors such as the loan amount, the purpose of the loan, and the lender’s policies. Repayment terms can range from a few months to several years. It’s important to consider the repayment term that aligns with your business’s cash flow and ability to make regular payments.
Typically, business loans are used to expand operations, buy equipment, renovate premises, advertise, hire, and train employees, as well as manage working capital. However, it’s important to check with the lender regarding any specific restrictions on loan utilization.
our partners
We have epitomized on the strength of our network across the Top Banks & NBFCs of India who are the key pillars in redefining finance
