BUSINESS LOAN FOR MACHINERY

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Home > Business loan in Indore

Business loan in Indore

In this era that we live in, everyone wants to start their own business. Most of them fail to do so because they do not have the funds to do so. Either when you are starting your business or expanding it, you will need a lot of money. Without money, it won't be easy for any business to grow.

Indore is a central hub for manufacturers, education, and India's commercial center, which is why it is an attractive place for upcoming entrepreneurs. Due to a lack of funds, the businesses remain in a stagnant state. Loans for small businesses in Indore will give them the push that they need to rise in this competitive world. Therefore, you should consider taking an unsecured business loan in Indore from one of the leading creditors.



How To Get Loan For Business In Indore

It is prevalent that people don't even know how to get loan for business in Indore. An unsecured loan is where you will get money without keeping any assets as collateral. This kind of arrangement is perfect for early-stage business, where their assets are small and don't want to put anything as collateral. 

The process of getting the loan for a small business in Indore is relatively straightforward, and anyone can do it. All you need to do is head to your creditor's website and check for your eligibility. Most of the creditors have different business loan eligibility criteria. Therefore, if you cannot get a loan from one creditor, all you need to do is check the other website. 

If you are eligible, then all you need to do is apply for the loan. In the application, you will have to submit some financial documents for verification. Once the verification is done, you can sign the contract, and then you are done. Now, it is up to you on how you utilize the fund and take your business to the next stage.


Basic Eligibility Criteria

Minimum Business Vintage 1 year
Monthly Business Sales Minimum 2,00,000

Rate Of interest On Business Loan

When we talk about the rate of interest on business loans, it is complicated to put a fixed number on it. Every lender has different interest rates, and they depend on multiple factors. You will have to do thorough research on your lender's interest rate policies. Below we will discuss some of the common factors that will affect your rate of interest on business loan.

Nature of Business

If you look at it, the lender will classify all businesses based on its nature. They will classify it as a priority and non-priority sector, where the latter will have a higher interest rate.

Business Existence 

If your business has existed for a longer time, it will be better for you, as you will get a lower interest rate. There is a higher risk with the new business, which is why the interest rates are also high.

Credit Score

The credit score of a business is similar to the credit score of an individual. It depends upon your past credit payments. A good credit score will get you a loan with a lower interest rate. If your credit score is not acceptable, then you might get a higher rate. Sometimes it so happens that you might not get anything at all, and your application might get rejected.

Business Turnover

The creditors look at your business turnover so that they can judge the profits the company is making monthly. If the business is making a good revenue, you can get a loan at a lower interest rate. If not, then you might end up with a high-interest rate for your loan.


Documents Required for Business Loan for Machinery

Personal KYC PAN card
Residential Address Proof (Any One) Rent Agreement | Driving License | Voter's ID | Ration Card | Passport | Aadhar Card
Banking Last 6 months current account bank statements
Business KYC (Any One) GST Registration Certificate | Shops & Establishment Certificate | Business PAN Card

Frequently asked questions

What are the purposes for which I can get a loan via FlexiLoans?

FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
  • Expanding your business
  • Servicing regular working capital needs
  • Managing seasonal working capital requirements
  • Manage short term cash flow gaps

Why should I avail loan via FlexiLoans?

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

What documents are required to apply for a loan?

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

Are there any charges other than interest rate that I have to pay to avail the loan?

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.

The maximum amount of loan that I can take for Machinery?

You can get an unsecured business loan up to ₹1 crore.

Is there any collateral for the business loan in Indore?

FlexiLoans provides only collateral free business loans. So, you do not need collateral for applying for a business loan.

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.

You can get an unsecured business loan up to ₹1 crore.

FlexiLoans provides only collateral free business loans. So, you do not need collateral for applying for a business loan.