Sole Proprietor Business Loan

Sole Proprietor Business Loan - Different Varieties Available

A sole proprietorship is one of the most common forms of business organization in India. However, the problem with this kind of organization is that most of the time, it gets tough for the sole proprietors to get credits for funding their working capital requirements and for improving the flow of cash. This is the reason why a large number of sole proprietors go for sole proprietor business loans for meeting their working capital requirements. These financial options from FlexiLoans are a massive hit among the proprietors mainly because they do not require them to pledge their business or personal assets in the form of collateral. They can avail unsecured sole proprietor business loans on favorable terms and conditions.

New Age Small Business Loans for the Sole Proprietors

The term loan is a very common new-age small business loan available to the sole proprietors. The loan helps borrowers in availing credit at a fixed rate of interest while repaying the loan amount with fixed installments. Thus, it gets very easy for the sole proprietors to get an idea of the monthly payments they would have to make against the loan. It even helps them in managing the position of cash flow within their organization. NBFCs like FlexiLoans are one of the best avenues for getting such loans. This is because it does not require the borrowers to have fantastic credit scores for availing the loans.

A loan against POS is a business finance option specifically designed in the form of an advance. Sole proprietors that make the large scale use of credit and debit card payments can take the advantages of these loans for meeting their working capital requirements. However, the sole proprietors need to sacrifice a certain percentage of their regular card sales for making the payments in advance. The providers of these loans determine the loan amount based on the credit or debit card sales of a business every month.

Basic Eligibility Criteria

How can a Sole Proprietor Get a Business Loan in India?

If you are wondering how to get sole proprietor business loans in India, then you must know that the whole procedure is quite an easy one. First of all, the sole proprietor business loan eligibility is minimal. Next, there are factors like holdings, financial statements, credit history, experience, and industry being served taken into account. But with FlexiLoans, things can be different because the nature of these loans is unsecured there.

Documents Required for Sole Proprietor Business Loan

Frequently asked questions