Know About Quick Business Loans – Are you struggling with funds to operate your small business smoothly? Well, no doubt, in this competitive and complex business scenario, it is vital to take strategic decisions when it comes to managing funds.
Some situations demand you to be more strategic and financially strong to tackle the situations. Now, lets’ talk about the present COVID scenario. Every business owner, either running at a small scale or large scale, is highly affected. Businesses are losing out on funds because there is no cash flow in the market i.e. the extreme level of cash crunch in the market.
Funding is essential for every business to run daily operations without causing any hassle. In this need of the hour, opting for a business loan is one of the best and ideal solutions to continue and manage the business efficiently.
Have you ever applied for a business loan? Or, do you know that there are different types of business loans offered by the banks and financial institutions? Well, even if you don’t know anything about business loans, then here we are, the team of Credit Triangle to help you out!
Before you apply for business loans, you must know the fact that there are different types of business loans offered to the borrowers. Some of the most common among the business owners are mentioned below:
- Loan against Property (LAP) – Under this business loan, the lender is usually asked for ownership documents of immovable assets like office, home or factory. A standard loan is offered to the borrower along with proper EMIs. Loan against property is commonly repayable within 3 to 5 years as a tenure period.
- Unsecured Loan – Under this loan, no collateral or security is required to apply. It is usually based on the financial statements of the business, and possibilities are financial institutions or banks can ask for ITR, bank statement or other similar documents during the loan proceedings. However, the interest rate charged on this loan is 1 to 2 percent higher than the secured loans.
- Working Capital Loan – Do you know that banks provide working capital loan? Under this loan, the banks provide working capital loan to bridge the gap between the order processing and customer payment time. As soon as you receive the payment, you can repay the loan.
- Loan for Capital Goods – To execute new orders and to expand the business, you need additional machinery, plant or land. If you are running out of funds, you can opt for this business loan, which can be repaid through EMIs.
- Loan for E-Commerce Business – Looking for financial help to expand your business on Amazon or Flipkart? Well, there are many financial institutions that provide loan along with the benefit of tenure period flexibility.
Eligibility Criteria to Apply for the Business Loan
Every bank or financial institution has its own criteria of extending a business loan to their customers. There are some clauses that have their own. Nonetheless, there is a basic eligibility criterion that every applicant must meet to avail any type of business loan. Let’s take a look at those points.
- There must be a valid business registration proof. The applicant must provide the registration proofs of the business to avail the loan.
- The applicant’s business must be into existence from three years or more.
- The yearly turnover must be Rs. 50 lakhs or above to apply for the business loan. Of course, it varies a bit from lender to lender.
Features of Credit Triangle Business Loans
Wondering why Credit Triangle is the best place to avail Business loans? We understand that you must be a little worried about whether opting us would be a great option or not. Well, we’ll not brag about ourselves, but the business loans that we provide has got some great features that you must know before you apply!
Check out the below-mentioned features of availing business loan from Credit Triangle!
1. Flexible Loan Facility
We have a flexible loan facility for all our customers! Now, you can avail the business loan as per your requirements and can repay the funds as per the cash flow of your business. You can pay the interest of your loan as EMIs and can repay the principal amount at the end of the tenure period. Moreover, the interest will be charged only on the withdrawn amount, which is further beneficial for you to lower down the EMIs.
2. Quick and Hassle-Free Unsecured Loans
If you are looking for a hassle-free unsecured business loan, Credit Triangle is here to provide you quick loan with easy eligibility criteria and least documentation procedures. Get the fastest and most hassle-free unsecured business loan from Credit Triangle to maintain the cash flow of your growing business!
How about a collateral-free business loan to expand your business? Well, Credit Triangle offers collateral-free loan for your business, which means that now you don’t have to put across any of your personal or business assets to avail the loan. From funding to minimal documentation, everything is easy peasy at Credit Triangle.
4. Low-Interest Rates
Credit Triangle offers easy and quick business loans at low-interest rates than the usual. Whether you are searching for short term business loans, intermediate or long-term business loans, we have financing solutions for all! At low-interest rates, get the quick business loan as per your requirement.
How Business Loan is Beneficial?
A business loan is beneficial in several ways! If you are planning to apply for a business loan, then you must know about its benefits, isn’t it? Let’s move ahead and understand its advantages.
- To increase the cash flow of your business funds are a necessity. If your business doesn’t have the required funds to meet the expenses, it negatively impacts your business. So, if you avail a business loan, the first and most important advantage is you can manage the cash flow within your business again!
- Looking for a better place or premise to expand your team? But running out of funds? No worries! Quick business loans are the best financing solution for you to get a bigger and better place to grow your business.
- Most of the business owners are running out of funds when it comes to renovating the office space. Does it happen with you as well? From minor to absolute revamp, funds are necessary to move ahead. Well, if you are planning to renovate your office space too, then you can choose to go for a business loan, which will help you to meet all the essential requirements for your employees or workers.
- A business loan is also useful in the purchase of machinery or equipment. Usually, businesses with manufacturing units are incomplete if they don’t have the right technology. Agree? To upgrade your business, you need the right machinery or equipment, and a business loan can help you in funds to buy those machineries.
- To meet the bulk orders on time, funds are extremely important. From purchasing raw material to timely shipment, everything requires funds. If you are not able to meet the fund’s requirement, you can get in touch with experts to avail a business loan.
- Do you want to take up bigger projects? But, not sure how to do it without funds? Availing business loan can help your business to scale-up the operations and expand your business to the next level.
Conclusion of quick business loans
We hope that you must be aware that a good CIBIL score is required to get quick business loans. The closer your score is to 900, the higher is your chances of getting the loan on good terms. And, for that Credit Triangle team is here for all types of credit counseling services. As you cannot apply for loans without a credit score in India, our expert advisors will help you out to improve your credit score and apply for quick business loans.