Business loan Eligibility Criteria
The eligibility criteria for applying for a business loan in Faridabad are:
- The business should be in operation for at least 2 years
- Minimum 10 lakh of annual banking credit
- Last year ITR of more than INR 1.5 lakh
- Either house or business premises should be self –owned
Business Loan Documents
Following documents are necessary to apply for a business loan from ZipLoan:
Business Loan Interest Charges
Get more information about the business loan interest charges and the nominal rates for the ZipLoan business loan
The types of business loan available in Faridabad are:
- Term Loans - business owners who want to make investments in specific business areas or have an ongoing need of working capital look for term loans. The loan processing is faster and fewer requirements when compared to traditional bank loans.
- A Business Line of Credit – the funding is appropriate for business owners who want a flexible form of financing to cover immediate funding needs. In this loan, the lender gives the borrower access to a specific amount of money that can be drawn from at any time as needed.
- SBA Loans – Established businesses with strong financials who need funding for a variety of purposes. The loan is not provided by them but partially guarantees the loans that banks & other lenders make small businesses.
- Equipment Financing - These loans are generally taken by the manufacturing businesses for purchasing equipment, machinery required for the business expansion.
- Invoice Financing – The time lag between the business raises and invoice and finally gets paid gets plugged by taking the loan against the invoice from the Banks and financial institutions.
- Commercial Real Estate Loans – Business owners looking to finance purchasing new or existing commercial property or renovating commercial space.
- Microloans – It is a type of business loan that can be used for working capital, expansion and the requirements that aren’t too stringent.
- Merchant Cash Advances – a lender grants an advance of capital & purchases a portion of the daily credit & debit card sales.
How to Get a Business Loan in Faridabad?
You can conveniently avail a business loan in Faridabad by following these simple 4 steps:
- Apply Online: Duly fill the business loan application form on our website to apply for a small business financing in Faridabad. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Faridabad.
- Submit Required Documents: After applying for loans for small business in Faridabad, submit the PDFs of the required documents.
- Approval of Business Loan: Our representative will process your business loan application within a few hours after you submit it. We have our own holistic credit evaluation process, ZipScore.
- Business Loan Disbursement: Our business loan disbursement process is very quick and we disburse the business loan in Faridabad within a few hours after you sign a contract with us.