Business Loan

10 May    Uncategorized
May 10

Business Loan

Business Loan

Business loan is the obvious choice if you need a finance for Business finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.

By Saroj Prasad

Achieve all your goals and aspirations with the right kind of help, exactly when you need it.

Medical Emergency

Borrow Loan Company offers you business loan for your unexpected medical emergency.Get instant business loan for your all kind of medical emergency expenses.

Wedding Purpose

You can manage your deram marriage day with our business loan option. Have the wedding celebration of your dreams. Apply now business loan for wedding purpose.

Abroad Travel

Get the funds for the expenditure involved in going abroad for taking up employment. Manage your business with Borrow Company for fulfill your travelling to abroad.

Child Educations

We provides child loan for pursuing higher, We given the right tools to every potential child. Also, grant business loan for your child higher education.

Features of Business Loan

Faster Loan

For funding medical expenses, hospitalization, surgery, No collateral required. 

Choose your amount

All charges are communicated up front in writing along with the loan.

Enjoy the best rates

Our loan rates and charges are very attractive.

Decide your tenure

Our loan rates and charges are very attractive.

Business Loan – Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a business loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

About Business Loan

Business loan is the obvious choice if you need a finance for Business finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.

Tips for Successful Business Loan Application

The following are a few important tips for a successful Business loan application:

  • Assess the need for your Business loan: You will need to be clear about the need for your Business loan. You can take it for funding your wedding arrangements, paying your hospital bills, buying medicines, etc. Before you apply for the loan, you will need to assess if you really want the loan. If you are planning to take a Business loan for investing in shares or other financial instruments, then it may not be a great idea.
  • Do proper research to get the best rate for your Business loan: You can do online research by visiting third-party financial websites or by going to the banks’ official websites to compare different interest rates for Business loans. This will help you get a proper idea about the costs that you will incur.
  • Check your credit history: Before you proceed to apply for a Business loan from any bank or NBFC, you will need to assess your credit history thoroughly. This will give you an idea about the loan amount that you will receive. You need to make sure your credit history looks decent before you apply for a loan.
  • Review the fine print on your loan document carefully: Make sure you read the Business loan details carefully as this will give you a clear understanding of the commitment you are making in terms of the repayment.
  • Choose your Business loan tenure by assessing your repayment ability: A Business loan typically ranges from 1 to 5 years. You can fix the loan tenure according to your loan amount, your other monthly expenses, and the income that you earn on a monthly basis.
  • Choose an affordable interest rate: Ensure that you choose an economical interest rate for your Business loan. With a low-interest rate, your loan expenses will be low and you can repay it without any hassle. You will also avoid any defaults on loans.
  • Select your Business loan amount as per your convenience: You can choose your Business loan amount depending on your repayment capability, your income, and your expenditures.
  • Check your EMIs properly: You will need to compute your EMIs before you fix your Business loan amount. This will help you plan your expenses efficiently. You can multiply this loan EMI with your loan tenure to find out your precise loan amount. You can then choose the lowest loan amount.
  • Compare the processing fee: Most banks and NBFCs charge a processing fee for a Business loan. You can compare this fee and then decide which loan product you want.
  • Select fixed or variable interest rate according to your preference: When you choose fixed interest rate, your loan payment will remain fixed throughout the loan tenure. When you select variable interest rate, your loan payment will depend on the rate. Hence, the loan payment will increase if the rate increases and the loan payment will reduce if the rate reduces.
Do’sDon’t
Do proper research before you apply for a Business loanDo not sign your loan documents without understanding every point
Do read the fine print carefullyDo not make multiple inquiries regarding Business loans from different banks
Do save your money carefully when you are repayingDo not take a Business loan without any serious purpose
Do pay your loan installment promptly every single timeDo not be in a hurry to end your loan comparison process
Do evaluate your credit score thoroughlyDo not forget to pay your loan installments
Do apply for an affordable loan amountDo not accept bad Business loan products

How to Improve your Chances of Getting a Business Loan?

Different lenders have different requirements for customers who seek Business loans. If you are finding it hard to get a Business loan, here are a few tips to improve your chances:

  • Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a Business loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
  • Rebalancing your income and debts: Lenders ask for proof of income when you apply for Business loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a Business loan.
  • Consider Co-signers/Guarantors: If you are finding it hard to get a Business loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score and although their main aim is to guarantee that you will repay the loan, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a Business loan.
  • Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.
  • Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for Business loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.

Basic Guide to Business Loan

 

Choose Right Business Loan

 

Business Loan for Low CIBIL Score

 

Track Business Loan Application Status

 

Choose Business Loan Tenure Wisely

Resource Center

 

Loan through Peer-to-Peer Lending

 

Top 10 Business Loan Finance Companies

 

Top Banks Offering Loan Refinancing

 

Get Business Loan without Documents

Business Loan FAQs

How can I repay my Business loan?

Business loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer.

What is an EMI?

EMI or Equal Monthly Instalment is the amount that a borrower pays each month towards an outstanding loan to clear off the debt within a specific timeframe. EMI includes principal and interest.

Is part- prepayment allowed on my Business loan?

Business loans can be prepaid in parts or as a whole at any stage. Some banks may charge a prepayment penalty for the same. Some banks do not allow part-prepayment. So, check all the documents before finalising on the loan with the bank.

Will I need a guarantor to take a Business loan?

No, you will not need a guarantor to take a Business loan.

Can I club my income with my spouse to take a Business loan?

Yes, you can club the income of your spouse to boost your eligibility to avail a Business loan.

How will I be eligible for a relationship discount?

If you have been a customer for a particular bank for a while, then the bank might reduce the Business loan interest rate or other such charges. Some banks will also provide you additional services.

Do I need to open a bank account to service my Business loan?

If you do not have an account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.

How do I stop executives from calling me to let me know about other loans?

Some banks let you register yourself for ‘Do Not Disturb’. If you opt for this, the executives will not disturb you with cold sales calls.

What is the best way to apply for Business Loan?

A: The best way to apply for an Business loan is by using the online loan application tool at loanmrt.com The tool can be accessed on this page allowing users to choose Business loan from various banks and NBFCS as per their selection.

Can I Track my Loan Application?

A: loanmrt.com offers it’s loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.

Is my Data Safe with loanmrt.com?

A: loanmrt.com is India’s premier financial marketplace and takes utmost care in ensuring that all data is sent in electronic form with high level of encryption. loanmrt.com does not share data with any third party other than the financial institution.

Is loanmrt.com Business Loan Tool Free?

A: Yes loanmrt.com Business loan calculator tool is totally free and the portal does not charge any fee for its services from users.

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