Where can I get a business loan at low interest rate?
Sep 01, 2021
Where to get a business loan at a low-interest rate?
A business loan is one of the best financing options preferred by businessmen either for making an investment in an existing business or giving reality to its new business ideas. Be it small or medium-sized enterprises, it is the wish of everyone to get a business loan in India at very low interest rates.
Whether you are willing to expand the business or have a working capital requirement like purchasing or replenishing inventory, business marketing plan, or making payment to additional staff, apply with FlexiLoans. We ensure that the loan applicant gets the best financial solutions and the lowest interest rate.
We are equipped with a financial expertise team that works hard to offer customer convenience. Customer satisfaction is the main priority. We believe in maintaining long-term relations with the clients.
Types of business loans offered:
- Flexi-Vendor financing
- Working capital loans
- Flexi-merchant advance
- Flexi-line of credit
To offer the best business loan interest rates, we have adopted an end-to-end digital procedure. It makes the loan application procedure hassle-free. All that is required from the side of the applicant is a filled business loan eligibility application.
Where can all one make use of the small business loan amount?
Here are some of the areas where one can avail of the benefits of using the small business loan amount:
- Helps you in keeping a track of your payrolls.
- Save monthly EMIs by consolidating all the high-interest debt with one low-interest rate business loan.
- If you are planning to expand your business, you can apply for an unsecured business loan
- Purchasing of the new-age equipment for the business for increasing the productivity at the workplace.
- Executing advertising campaigns and innovative publicity
- Apply small business loan to meet immediate financial requirements
The documents required for a business loan
- Upload recent photographs in the application
- Identity proof- PAN Card, Driving License, Passport, Voter ID Card,
- Address proof: Electricity Bill, Passport, Voter ID Card
- Bank statements
- GST or Income Tax Return
- Income proofs
- Proof of Business existence (like business Certificate or certificate of Incorporation, etc.
The eligibility criteria to apply for a business loan
- The minimum age to apply for a business loan is 21 years and the maximum is 65 years old.
- We are offering collateral free business loans to cope with the short-term financial requirements of sole proprietors, private companies, or for providing production services.
- The business loan applicant must be in the same business for at least 3 years and have 5 years of overall working experience.
- The monthly revenue of the business should be a minimum of Rs 200,000.
- You can only apply for a business loan online if the company is at least 3 years old.
- We would also ensure that there are no errors in previous accounts, and as such the company is tax compliant.
Here at FlexiLoans, we are striving to bring you the best and most reliable business loan offers at a low interest rate.
Main features of applying for a business loan with FlexiLoans
Offer a flexible loan repayment option
We offer a flexible loan repayment option to our valuable customers. The loan tenure ranges from 12-60 months as per convenience. We make sure that the loan repayment schedule matches the cash flow of the applicant. The best part about applying for a business loan here is that here you can prepay the loan without paying any additional interest charges.
Online application procedure
Online sitting from the comfort of your home, you can apply for a business loan. Started from filling out the loan application to uploading scanned documents, all easily done online. Gone are those days when you need to stand in long queues to apply for a loan.
The whole procedure of applying for a business loan is contactless and touchless. In this pandemic situation, we are offering the safest ways of filling the financial requirements of the smooth running of the business. Track and manage business loans anywhere, and at any time.
- Collateral Free loans: With FlexiLoans, a loan applicant gets easy access to collateral-free business loans. There is no need to pledge any security or business assets against the loan amount. All that is required is a good credit profile.
- Customized finance solutions: At our platforms, we also have pre-approved business loan offers for our valuable customers. Even one can avail of the facility of top-loans and select the repayment tenure of the same as per the convenience.
Why apply for business loans with us?
The aim of offering loan assistance in business is to help the businessmen in redrawing the business strategies that match perfectly with nowadays work environments. Get to know the benefits of applying for a business loan:
Fast loan processing
Here, we designed our loan application procedure so that whenever anyone comes to our platform, we make sure that loan disbursal takes place quickly. We understand that if a business plan is executed timely, it makes it easier to speed up the business operations and results in making the company profitable.
The amount of loan is not restricted with assets worth
The MSME business loans offered at our platform are multipurpose. We have put no restrictions on the usage of the loan in your business. You can use the loan amount for business furniture buying financing requirements of the equipment business loan, GST business loan, and e-commerce business loan. Here the loan approval is solely based on our credit score and cash flow of the business.
Preserving the business ownership
A business loan is unsecured where there is no risk of pledging the valuable assets against the loan amount. So, FlexiLoans offer business loans to help the applicant in preserving the business ownership at times of financial crisis. We offer you financial assistance when you need it the most.
Increasing your credit score
Applying for an NBFC loan with FlexiLoans is one of the best ways of boosting the business credit score. We have a team that reports about all the loan accounts to the credit bureaus. If you are looking for quick ways of improving your credit score, apply for loans with us.
Best financing option for self-employed
Unsecured small business loans prove to be the best financing option for self-employed people whenever they are having any short-term financial requirements. FlexiLoans offers customized self-employed business loans tailored to the needs and requirements of the customer.
Here are some tips to get a business loan at a low interest rate:
Convincing the financial institution about the ability to repay the loan on time is not at all easy. So here are some tips that could help in getting a business loan at the lowest interest rates:
Must have sufficient cash flow and good repayment history
Whenever anyone applies for a business loan, the lender always checks the business credit profile. They always prefer to offer loans to a business that has sufficient cash flows with good repayment history.
Must design a good business plan
To get quick loan approval, draft a good business plan. It is a key to create a good impact in the front of the lender and result in increasing the chances of quick loan approval. Make sure that the business plan showcases well the loan purpose, business priorities, strategies, and goals of running a company.
The lender always analyzes the requirement of a business loan. There are certain categories designed in business loans, you need to mention the category for making the loan applying procedure transparent. Suppose if you want financial assistance for buying new-age office equipment, apply for equipment loans. Specifying the reason makes the application process faster.
Healthy Credit Score
It is one of the most important factors that lenders consider at the time of approving an unsecured business loan. To get a business loan at a low-interest interest rate, it is a must to have a credit score of 700, or above. In case you are looking for a revenue-based loan, you can only get a loan with a good credit score.
Before you apply for a business loan, keep all the financial records of the company updated. The lender reviews the business financial statements and records to determine creditworthiness. It makes it easier for you to get a quick and the best interest rate for a business loan in India.
Check your loan amount eligibility
Always check your business loan eligibility before applying for a loan. If you are looking for a loan amount exceeding your eligibility, you may have to deal with many financial difficulties. So, do a proper analysis before filing a loan application. Online, you can check the same with FlexiLoans business loan EMI calculator to plan your EMIs well in advance.
Be it any kind of financial requirement, FlexiLoans gives you the best interest rate offers in the market. We are one of the best financial institutions to apply for MSME business loans like Line of Credit loans and Term loans with the best of user-friendly terms and conditions. Here, the loan was disbursed in just two days. We leave no stone unturned in trying to make the experience of loan borrowing pleasant and satisfactory.