Business Loan
A business loan is a type of financing provided to businesses to help them cover various expenses and fuel growth. These loans can be used for numerous purposes, including expanding operations, purchasing new equipment, managing working capital, or funding new projects. Business loans come in different forms, such as term loans, which are repaid over a set period, and lines of credit, which provide flexible access to funds as needed. Additionally, some loans are specifically tailored for equipment purchases or real estate acquisitions.
Lenders, including banks, credit unions, and alternative financing companies, offer business loans with varying terms and interest rates. These terms depend on factors like the size and financial health of the business, the loan amount, and the purpose of the loan. Business loans can be secured, requiring collateral, or unsecured, relying on the creditworthiness of the borrower.
Access to business loans is vital for companies aiming to scale operations, invest in new technology, or improve cash flow. By providing the necessary capital, business loans enable businesses to seize opportunities, enhance productivity, and maintain a competitive edge in the market. Thus, they play a crucial role in supporting business growth and sustainability.
Fees & Charges for Business Loan
| Loan Amount | Rs. 1 lac to Rs. 1 Cr |
|---|---|
| Tenure | 1 Year to 3 Years |
| ROI | 14 % to 22% |
| Processing Fees | 0.50%-3% + GST |
| Foreclosure Charges | Nil or 4% + GST |
| Part Payment Charges | Nil or 2% + GST |
Feature & benefits of Business Loan
- No collateral or security is needed.
- Fast Processing & Disbursement.
- Consolidating debt through CC payments or other loan payments reduces greater EMI load each month.
- Lower rate of interest (ROI) than friends, family, or other money lenders.
- Dropline Overdraft Facility: Only pay interest on amounts actually used.
Criteria for Business loan
- Self-employed people, business owners, private limited companies, and partnership firms engaged in the manufacturing, trading, or service industries.
- Those who have been working in the current industry for at least three years.
- Person must be older than 23 and have a good CIBIL score of 700 or higher.
- A person must not have missed or delayed payments on any EMIs in the previous 12 months.
- The tenure varies from one to three years.
- Loans up to 1 Cr are available without the need for collateral.
How will Narmada Loan help you?
As a financial service provider, for Business Loan in Bharuch and Unsecured Business Loan in Bharuch. we can assist clients in obtaining both kind of Loans in Bharuch along with personal loans in Bharuch from a variety of banks and NBFCs because we have connections to all of these institutions and strong working relationships with them. Across all locations, we are able to deliver quicker procedures and seamless services right to the client’s door, (Pan India).
We are able to give service in accordance with the needs and requirements of the customer because of our team’s extensive expertise and knowledge. We will make bank or NBFC recommendations to clients based on their profiles and financial qualifications, and we assist clients in obtaining the best deal from banks. Our motto is “Not to lend but to help,” and we use that to address our clients’ financial issues.