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Business Loan – Vital Things to Know About it

Do you have a small business to which you always wanted to give wings and take it to the next level? Although you had a wish to do that, did you face monetary issues to do that?

You are not the only business owner who faces such a situation in India. Many business owners have the idea to expand their businesses, but it is the shortage of money that discourages them. In this case, what is the way out?

You don’t need to sell off your assets or use your savings to procure money for the expansion of a business. Yes, you can apply for a business loan and get up to Rs.30 lakh at a reasonable rate of interest. If you wish to know more about the benefits of business loan and usage of a loan app to track its status and do more, then go through this post.

What is a Business Loan?

A business loan is a collateral-free or unsecured funding facility that has been created by the leading banks and other lenders to help small businesses. You can borrow up to Rs.30 lakh at a nominal rate of interest.

Business Loan Eligibility:

  • Your age should be 25-55 years.
  • Your business should be at least 3 years old.
  • Your business must have filed ITRs for at least the last year.

For what Purposes can you Use the Business Loan Amount?

  • Invest in infrastructure.
  • Expand business operations.
  • Upgrade to the latest machinery and plant.
  • Increase your working capital hire.
  • Hire seasonal employees.
  • Office renovations.
  • Grab bigger projects and take your firm to the next level.

Business Loan Benefits at a Glance:

  1. Loans up to Rs.30 lakh- No matter what business need be, you can use a business loan to do everything. You can get up to Rs. 30 lakhs to fund everything that would expand your business.

  2. Flexi loan facility- No need to keep paying EMIs on your entire business loan with or without using the entire limit at a time. You can now use the flexi loan facility to withdraw an amount from your total loan limit as per your needs and pay only the interest as EMI. The remaining amount gets adjusted after the end of the loan tenor. This way, you can easily pay 45% lower on EMIs compared to conventional EMI payments.

  3. Hassle-free loan facility to suit your needs- A business loan is an unsecured loan facility and is approved within 24 hours after the submission of the online loan application form. Once you have the loan approval, you can get money disbursement into your bank account within 3 days.

  4. Online loan account access- You can also use the digital customer portals of your lenders to monitor the progress of your business loan right from anywhere and 24/7.

Nowadays, lenders are also extending the facility of online loan app, which you can download on your smartphone and access multiple financial services. Some of the key things that you can do on easy loan apps in India are:

  • Access your active and closed loan details and even download loan statements.
  • Pay EMIs, prepayment, and foreclose the loan.
  • Access pre-approved loan offers.
  • Raise a request.
  • Rate the app.

Now that you have an idea about many aspects of business loans, including features of an online loan app, you can apply for it online.

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