Once predominantly known for its automobile sector, Pune is now becoming the IT hub of this nation. Along with being fast tracked into automobile and IT, the logistics sector in pune is picking up drastically. The region has a very good connectivity as it is connected via NH4 Pune-Mumbai Highway and Nasik Highway, which is one of the biggest industrial zones in Asia. Due to this great connectivity, business has boomed in this once weekend getaway city marking its way towards a metropolitan city. Pune has also been a student friendly town since decades with some great universities. With all these factors in mind, business has skyrocketed in Pune giving an entry point to many budding entrepreneurs. Right from the engineers trying to create something new, to innovations in automobiles and just out of college student start ups the demand for SME loans has also increased.
Talking about the synergy available in Pune the SME industries are also quick to pick up technology. This can certainly be Pune’s uniqueness as the SMEs have made a strong ecosystem right from the start of Pune’s journey as an industrial city. The SMEs have formed the backbone of Pune’s hub and the spoke model of industrial ecosystem. Over the last 10 years, Pune’s industrial scenario has seen the emergence of small, but potentially disruptive players in the form of start-ups. Individuals or small group of people have successfully used technology to come up with game-changing ideas for established business. All these growing ideas increase the need for a loan.
With some of the greatest minds of the country working out of this city, by taking on a loan, it lets the entrepreneurs work on the innovation and not worry about capital requirements.
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.
Along with the increased demand in the loan requirement, the supply of SME loans has also increased making the loan process swift and efficient without any lags in between, thus increasing the effectiveness of the business.
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 and 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 are FlexiLoans it is now extremely convenient to apply for business loans with a full hassle free process. We provide loans in more than 100 cities all over India with innovative product solutions for our customers.
FlexiLoans aims to provide you with the easiest way of securing a loan and that is our number one priority. We want you and your business to grow to the vision you have seen for it.
If you are a business owner or a company, please do click here to apply today