Delhi has boosted its economy in the last 5 years giving an opportunity to a large number of home grown entrepreneurs in every sector right from retail to manufacturing to business hubs. Expanding further away from Delhi has been possible giving rise to areas like Noida, Gurugram, Ghaziabad and so on. The BFSI (Banking, Financial Services and Insurance) has picked up rapidly along with IT Hubs, construction and real estate.
Giving rise to all of these business activities has also given rise to a greater demand of loan for the SME and MSME sector for working capital, cash flow management or line of credit. To avail a business loan you need to fulfill some criteria like a minimum CIBIL score, profitability in the last 1 year and so on. The amount of loan that can be availed can range from some lakhs to crores depending on the nature of your business and financials.
With a flexible payment structure, taking up a loan according to your requirements and repayment in line with your business cash flows is a major boost for a loan.
In a fast moving city like Delhi, where everyone is running for time a loan procedure may seem like a lengthy process but on the contrary the loan approval process is a piece of cake provided you fulfill all the eligibility criteria.
With increasing opportunities for businesses to do well, taking on a loan will help stay ahead in the game. By improving the working capital or a shorter cash conversion cycle, efficiency will be at its peak, thus increasing revenues.
Having a retail store is not always feasible, but there is always opportunity in the e-commerce sector.
A business loan can be provided to an individual, a partnership, limited liability partnership, proprietary firm, self employed. To be eligible for a business loan there are a lot of factors that are considered. Every bank that offers loan will look into many criteria prior to sanctioning it. Few important ones are:
Here is the basic documentation required for getting a Business Loan:
Interest rates for an SME or MSME business are calculated on various aspects and tangents taking in criteria the CIBIL score, net worth, profitability of the business, cash flows, working capital, inventory ratios and the tenure of the loan. Usually a longer dated loan would have a lower EMI while a risky business would have a higher EMI.
Here at FlexiLoans it is very convenient to apply for business loans with a full hassle free process. We provide loans in more than 400 cities all over India with innovative product solutions for our customers.
If you are a business owner or a company, please do click here to apply today