As businesses gear up for growth and expansion, they require adequate funding. Insufficient funds can lead to stunted growth or even business failure, resulting in financial hardship for both owners and employees. This is where business loans come in as the best solution to fulfil the financial needs of businesses.

At FlexiLoans, we understand the importance of financial support for businesses and are dedicated to providing tailored solutions to meet the diverse needs of entrepreneurs. Whether you need funding to expand operations, purchase equipment or hire employees, our business and MSME loans can help you achieve your goals. Our quick and easy application process lets you focus on running your business while we take care of the financial aspects.

Thus, if you are a business owner in Pune, you can easily apply for a business loan through FlexiLoans. Our range of financial products and dedicated support can help you take your business to the next level.

What is a Business Loan?

Business loans are a popular form of financing that businesses can use to support their operations, growth, and projects. Banks or other financial institutions usually issue loans, charging interest rates and requiring businesses to make repayments through Equated Monthly Installments (EMI).

Businesses may avail of business loans for various reasons, including procuring fixed assets, expanding their working capital, consolidating debt, and hiring new staff. Small business owners looking for financial support can apply for small business loans to achieve their goals. At FlexiLoans, we provide a range of financial products to meet the unique needs of entrepreneurs.

Features and Benefits of FlexiLoans Business Loan

FlexiLoans provides the following benefits to those looking for a business loan in Pune:

1. Simple and Fast

The application process for our business loans is easy and simple. The loan application process is fully online, and the requirement for paperwork is minimal.

2. Repayment Options

We provide several repayment options to entrepreneurs who can choose at their convenience. The term of repayment varies between one to five years.

3. Credit Rating

We share the repayment details with three major credit rating agencies, including CIBIL. We also provide loans to businesses that have experienced a drop in their credit score in the recent past, up to a certain level.

4. No Collaterals

The loans we provide are collateral-free. This means that the businesses will not need to pledge their assets.

5. Low Interest

We carry out a thorough analysis of the businesses before determining the interest rates that will be most feasible for them. The interest rates that we charge are one of the lowest in the industry. Businesses can check the interest rate by using the business loan calculator available on our website.

6. Quick Disbursal

We understand the value of time, which is why we transfer the loan amount to your account within 3 days from the date of approval of your loan.

7. Minimal Documentation

There is minimal paperwork involved in the application process. The application process is completely online, which saves your effort and time.

Eligibility Criteria for Business Loans

The following are the eligibility criteria for business loans:

1. Age: The minimum age for applying for a loan is 21 years, and the maximum age is 65 years.

2. Income: The annual revenue of the business should be at least 10 lakhs or above. The business should have been profitable in the last year.

3. Business Stability: We at FlexiLoans take several factors into account when approving a business loan. Business stability is one of the key factors that we consider. A business with an established track record is more likely to get the application approved. The minimum business vintage is 1 year, and the business experience must be 2 years.

4. Outstanding Debts: Businesses that have high debt in their financial statements are more likely to get a lesser amount approved. The amount of loan sanctioned is determined based on the repayment capacity of the business, which again varies from business-to-business.

5. Creditworthiness: An applicant with a higher CIBIL score is more likely to get the loan approved. A CIBIL score of 700 or more is generally considered good for obtaining a loan, but the minimum that we consider is 650. The amount of loan approved and the interest rates charged also depend on the credit score.

6. Other Factors: The applicant should be an Indian citizen and should not have defaulted on any previous loan. The applicant should also own a home, office, shop, or godown.

Documents Required for Business Loans

The following table contains all the documents necessary to avail of a business loan at FlexiLoans:

How to Apply for a Business Loan Online?

Interested businesses undergo the following steps for applying for a business loan online through FlexiLoans:

1. Fill out the application form on the FlexiLoans website, which will take about 5 minutes

2. Upload the necessary documents on our platform.

3. Following approval, the business loan gets credited into your account within 3 days, and our experts contact you with the repayment details

Conclusion

A business loan is a loan that is used to start and grow a business. The funds are usually from a bank, government, or other financial institution, and can be used for many different purposes.

We at FlexiLoans aim to help businesses in Pune overcome their monetary hurdles so that their ventures can scale to newer heights. We provide tension-free business loans without the need for collaterals, and with a minimal documentation process.

Frequently asked questions