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There comes a time in every business when there is a need for extra credit and funds for its smooth functioning. These funds help you, the business owner, to expand, invest and help in your working capital needs. At times like these, a quick business loan is the best financial aid that can help you grow.
This borrowed capital can be applied towards daily capital expenses, for specific project funding, expansion of the business including purchasing of new machinery for the business. You can also apply to take a loan for business if you need investment for starting a new business or ancillary units for your existing business.
Here’s a list of the basic documentation you will need to submit:
To avail a business loan, you will need the following documents:
Business loan eligibility criteria are simple and aimed at small and medium sized companies. We have categorized the businesses into self employed and self employed professionals.
The eligibility criteria are as follows:
The documents required for availing business loan are basic and include:
You can use the Business Loan EMI calculator to decide on the EMI you are comfortable to accept. The EMI calculator seeks three parameters from you which are
You input these values into the calculator and it will tell you the EMI payable. You can iterate by changing the values. Each iteration results in values depicting
You can use a Business Loan to:
Increase your business cash flow
Lease bigger office premises
Renovate your office
Purchase, lease or repair machinery and equipment
Upgrade to the latest technology
Stock up on inventory
Hire seasonal employees
Purchase raw material for bulk orders
Expand to another area or city
Scale up operations and take on bigger projects and much more