A business, new or old, at some point, requires funds to run its operations smoothly. Regular expenses as well as capital expenditures call for additional money. It becomes a lot easier if we can get a business loan without any hassles. It saves time and money and makes the process of running a business relatively hassle-free.

What is a Business Loan?

Businesses need money to take care of numerous goals. Money plays an essential role to launch a new product or initiate a marketing campaign. Business loans help to raise funds for starting a new company or expanding an already existing company irrespective of their forms such as sole proprietors, self-employed individuals, partnership firms, and companies.

Most banks and other financial institutions provide unsecured business loans. The popular forms of funding different types of businesses are loans for MSMEs, small business loans, all business loans, and so on.

FlexiLoans in Coimbatore

Business loans are a requirement in all cities in India, where the competitive business environment has been thriving. The economic growth story is evident even in a city like Coimbatore, which has traditionally been known only for its textile industry. Now it is among the top economic contributors to the state of Tamil Nadu, with several business opportunities for entrepreneurs, small businesses, and MSMEs. If you're seeking a business loan in Coimbatore, you've come to the right place.

FlexiLoans is an online lending platform that assists in getting loans in simpler and quicker ways. SMEs face a major problem of rejection due to a lack of financial history and collaterals. We endeavour to function as an alternative to banking or financial institutions with a motive to aid SMEs and individuals by fulfilling their financial requirements.

Basic Eligibility Criteria

Features of FlexiLoans Business Loan

• Apply Online
  The application process is simple. Borrowers can complete the documentation at their convenience by filling in a few fields. Use a mobile device or a computer for the submission of soft copies. Doing this can save time spent on an otherwise lengthy documentation process.
• Accessibility and ease
  A long-term relationship with a bank makes it easier for a customer to avail themselves of a loan. FlexiLoans makes business loans accessible for any business in need without such history or collateral.
• Repayments
  A business loan is available for a term of one to five years. Online business loans allow repayments online, making them adjustable. There is no need to physically visit the lender to make changes to the repayment schedule.
• Tax Benefits
  Loan repayments are not taxable, but there is a reduction in income due to such repayments. Obtaining a business loan offers tax advantages, taking care of this aspect.

Types of loans Flexiloans provide in Coimbatore

FlexiLoans offers different types of loans to cater to the needs of different businesses in Coimbatore. The following is the list of loans provided by us:

• Term Loans
  Term loans are for larger financial requirements, like the expansion of business operations. The EMIs are spread over 2–5 years for repayment.
• Line of Credit
  Companies that have irregular cash flow may find this option useful, as this loan gives them access to a pre-approved line of credit that is available as needed.
• Loan against POS
  Businesses in Coimbatore with many credit card sales need this type of loan. The company can use the loan amount for any purpose. It is a secured loan against POS machines.
• Collateral-Free Loan
  This type of loan does not need any collateral. It is useful for businesses in Coimbatore that do not have any physical assets to offer as security.
• Overdraft credit
  An overdraft limit account has a preset limit, and deposits and withdrawals are available at any time, just like with a running account. For this, the bank charges interest at a set rate on the borrower's overdraft amount.
• Vendor Financing
  Businesses can finance their inventory by paying their suppliers in installments through this loan facility. Thus, the freed working capital becomes useful for other purposes.

Benefits of Taking a Business Loan

Manage Day-to-Day Business Expenditures Efficiently

A business runs smoothly if its functions run smoothly. Loans provide money to take care of daily expenditures and other procedures to keep the economy going.

Buying Inventory

Inventory maintenance is a huge task, but it becomes simple when a small business owner can avail of a loan without losing time. It helps to avoid seasonal dips and replenishes the stock. Even new products can be included in the inventory.

Buying Necessary Equipment

A business needs new types of equipment from time to time to grow and expand the scope of operations. Advanced technologies call for a change in the current machinery and tools. Serving your clients in the best possible manner makes your business stand out ahead of others.

Business Promotion and Marketing

A business unit should increase its sales and earn higher revenues. To attract new customers or grow your business, business promotional activities and marketing play can help.

Pay Off or Refinance Your Debts

The loan money can be used to pay off debts. The creditors and the credit score can both be taken care of if you manage your funds smartly by using business loans

Documents Required for Business Loan in Coimbatore

Conclusion

FlexiLoans provides special loans such as self-employed business loans, loans for furniture, financing for automobile businesses, E-commerce business loans, and GST business loans. Our motto is to provide 'Financial Access at a Click' to all small and medium-sized businesses and other consumers. Head over to our easy-to-navigate website for all the information you need for applying for a loan, including eligibility criteria, necessary documents, interest rates, etc.

Frequently asked questions