Business Loan Eligibility Criteria
The eligibility criteria for applying for a business loan in Mumbai are:
- The business should be in operation for at least 2 years
- Minimum 5 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
The interest rate of a business loan from ZipLoan is competitive, get information about the business loan interest charges and the nominal rates for the ZipLoan business loan
Types of Business Loan Available in Saharanpur
- Equipment Financing – it is a kind of funds required to invest in the purchase of machinery & tools for manufacturing good volume of products
- Unsecured Business Loan – The loan is provided without any security or mortgaging of the asset. The loan is provided only after thorough background check such as credibility, financial strength, annual turnover, cash flow and risk potential, etc. As per the instructions the borrowers need to submit credit scores, KYC, business documents and bank account statements
- Line of Credit Facility – The business owner gets access to the specific amount of money that can be drawn from any time as required. Generally revolving credit facility is provided where the credit line resets after the amount is withdrawn is paid in full just like in credit card
- Invoice Financing - Business owner borrows money against the amount due from customers. It is a short term requirement that helps businesses to improve cash flows, pay employees and suppliers, and manage business operations and growth.
- Micro Loans - Small sum of money is provided to meet unfortunate emergencies, expansions, capital payments and to manage few setbacks. The interest rates are very competitive by the bank or the lending agencies as the loan amount is very small
How to Get a Business Loan in Saharanpur?
You can conveniently avail a business loan in Saharanpur 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 Saharanpur. You can also download the ZipLoan Android App from the Google Play Store and apply for easy business loans in Saharanpur.
- Submit Required Documents: After applying for loans for small businesses in Saharanpur, submit the PDFs of the required documents.
- Business Loan Approval: 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 Saharanpur within a few hours after you sign a contract with us.
Loan for Working Capital in Small Business
Working capital loan is a loan taken by the small business to finance their daily operational expenses. Working Capital loans typically carry flexible repayment terms and are laid out to help small businesses to cope with seasonal dips in revenue, inventory management and unanticipated maintenance cost.
There are different types of working capital loan:
- Fixed Fee Loans – These are loans taken in a lump sum which are repaid in regular, fixed instalments with flat fee instead of interest
- Instalment Loans - These are the lump sum payment to the small business owners, where the payment is made in fixed instalments which includes the interests.
- Small Business Administration Loan – are the government-guaranteed loans with working capital financing options
- Lines of Credit – These are revolving credit facility that allows businesses to draw amount from the maximum credit amount
- Working capitals can help early-stage companies to overcome problems related to business growth