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Applying for a business loan online in India

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Title: Applying for a business loan online in India


1
Applying for a business loan online in India
2
  • Businesses need funds at every stage, whether it
    is for implementing new business plans,
    purchasing new equipment or moving to a new
    office. The need for funds also varies, based on
    the size and requirements of the business.
  •  
  • This is where business capital loans can make a
    huge difference. Fortunately, the process of
    getting a business loan in India has become much
    easier, as there are many banks and financial
    institutions fulfilling this by offering options
    to apply for a business loan online.
  • Gone are the days when you have to go to follow a
    long procedure spanning several days to apply for
    a loan. Now, you can get a business loan in
    India, at the click of a button.
  • However, before you apply for a loan, it is
    important to know a few things about business
    loans in India.

3
  • Types of business loans
  • Broadly, there are two types of business loans
    that funding institutions offer to help with your
    business plans. They are secured and unsecured
    working capital finance. 
  • To get a secured business capital loan, a
    business needs to provide collateral security.
    This can be in the form of assets or property
    such as computers, company vehicles, shares and
    real estate (these have to be owned by the
    business).
  • In the case of collateral free business loans,
    the company gets the funds without pledging any
    property or other assets.\
  • Depending on your specific requirement, you can
    apply for a secured or a collateral-free loan.
  • Factors to consider before getting finance for
    business
  • There are several individual and
    business-specific factors and objectives that you
    need to consider before applying for a custom
    business loan.

4
  • Goals Your Companys vision and mission are as
    important for the lending institution as they are
    for you. They need to be assured that the
    business loan will support business growth
    objectives that will make a difference to your
    companys bottom-line.
  • Loan amount As a borrower, you need to have a
    clear idea of how much funds you want to borrow.
    For this, having a business plan iscritical to
    figure out how much money is needed to drive the
    business objectives for which youre seeking the
    loan.
  • Business plans Putting plans down on paper makes
    it easy to convince a financial institution on
    reasons why business capital loans are needed. A
    business plan is like a road map and an essential
    component of the loan process.
  •  

5
  • Loan Repayment Schedule When taking a new
    business loan, you need to consider the monthly
    EMI that you need to pay for the loan, as you
    cannot afford any surprises. You need to check
    your EMI calculations, considering the interest
    rates and period of taking a loan, to get exact
    amount of EMIs payable.
  • Documentation Depending on the type of loan
    required secured or unsecured the
    documentation you need to submit will vary For an
    unsecured loan, the minimum documentation
    required is your KYC documents (Aadhar and PAN
    Card), the bank statement of the business, and
    business documents. These will vary for each
    lender.
  • A small business can apply for a loan with a bank
    or a new-age lender. New age lenders offer a
    range of custom easy business loans, personalized
    to your business needs. This ensures that you can
    get the specific funds tailored to your specific
    needs, just when you need them.

6
  • Once you have applied for a loan by filling up an
    online loan application, with all necessary
    supporting documents, the loan processing takes
    about 3 to 10 working days from the date of
    submission, depending upon the lender. Once the
    processing is complete, you will receive the loan
    amount into your bank account.
  • Visit us https//www.tribe3.com/

7
  • Author BIO
  • Tribe 3 offers the best unsecured business
    loans online in India, on transparent and
    competitive interest rates. Click to know more.
  • Contact us 917666207768
  • Visit us http//www.webcogitate.com/
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