Loan for Electrical Parts and Equipments Business

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Electrical industry across the worldwide is witnessing tremendous growth. The contributions that this industry is according to the economic development are worth admiring. With technological upgradations and boom for modern electronics, this sector is stated to make profound contributions to the growth of Indian economy. In India, the electrical equipment industry has observed exemplary growth over the last few years. The industry is highly diversified and encapsulates lucrative business opportunities for entrepreneurs. In the wake of initiatives like Digital India, the demand for electrical equipment is proposed to increase. Moreover, other government programs like setting up of Special Economic Zones, promoting R&D and developing favorable conditions for FDI will aid the SME and MSMEs turn more competitive. Even the increased competition and demand will lead to the debut of new-age technology across all the facets of the said industry; be it production, processing or logistics. This sector will bloom and encounter advancements like never before level. Therefore, in view of an upsurge in demand for electrical components, we consider financing electrical business an asset. We at FlexiLoans provide hassle-free business loans for electrical parts and equipment business. Our customized business loan programs aim to meet the diverse needs of your business. With our specialized process, we make endeavors to fuel up your ambitious business growth strategies. 

Profitable business ideas for electrical parts and equipment

Electrical Switches, Plugs, and Sockets 

Electrical switches, sockets, and plugs are the most commonly used household items. Even the large scale industries and commercial establishments are big consumers of these types of equipment. Moreover, this business can be initiated easily with small capital investment. 

Electrical Wire Manufacturing

Electrical wires have wide application for domestic as well as industrial purposes. These are highly consumable products.  The business for electrical wire manufacturing can be kick-started at small-scale and then can be expanded later on to yield good results. 

 DJ & VJ Equipment Retailing

DJ (Disc Jockey) and VJ’s (Video Jockey) have become widely known concepts. They are in-vogue elements for most of the high-class events. Thus, so is with their demand for related equipment. The demand for popular items such as channel mixers, LED lights, USB grid controller, Cases & Racks, DJ sets and personal monitor stations have also increased. Thereby, starting a retail business either online or offline can be a rewarding business idea.  

Eligibility Criteria to Apply For Electrical Parts and Equipments Business

Seeking to apply for a business loan with FlexiLoans is very simple. In order to avail the benefits of business loan an applicant needs to satisfy the following eligibility norms:

  • Applicant must be between 25-55 years old.
  • Business must have filed the IT returns for at least past one year. 
  • Business must have a vintage of at least 3 years. 

Who can apply for the Business Loan?

  • Private limited companies

  • Partnership firms

  • Sole proprietorship firms

  • Self-employed individuals and professionals

Checklist of Documents required for availing Business Loan  

In order to avail the business loan funds you need to be ready with the following set of documents while applying for a loan:

  • Recent passport size photographs
  • Last 6 months bank statement
  • KYC documents (for address and identification)
  • Financial statements and  IT returns for the last two years

Furthermore, for processing the loan other relevant documents may also be required at the document verification. However, regarding it, you would be informed prior.  

Factors influencing business loan interest rates and charges 

FlexiLoans make endeavors to offer the business loan at most competitive interest rates. The credits disbursed and charges levied on you SME or MSME loan would be accomplished by undertaking the following criteria: 

  • The creditworthiness of the company
  • Type of business
  • Time in business
  • Revenue of business

Additionally, other essential charges including pre-payment charges, foreclosure charges, part disbursement charges, cheque swap charges, stamp duty, and other statutory charges would be levied on the applicant. 

Why Opt For FlexiLoans?

We at FlexiLoans understand your needs. Our easy financing options are meant to provide an extra push to your business. Cutting through stiff competition and reaching new thresholds this is how our customized funding solutions will help you grab every opportunity. Thus, to meet your unique financing needs we have got you covered by offering the following features and benefits: 

  • Speedy loan processing: Our loan disbursement is very quick and simple. Just fill an application and your loan will be processed within 48 hours. 
  • Customized financial solution: Every business has a unique demand. To meet them effectively we offer innovative product solutions solely designed for our customers. 
  • Minimal paperwork: We conduct all documentation and formalities online. 
  • Large capital: We offer a 100 percent loan amount with quick finance up to Rs 1crore.
  • Unsecured loans: We believe in your dreams, therefore, we fund to empower them without any collaterals.