Overall, these eligibility requirements have been put in place to ensure that the borrower can make the most of our services. A small business has comparatively fewer employees, less revenue, and lower working capital requirements. Age – not less than 24 years at the time of application and not more than 65 years at the time of maturity of the loan. Apply now for simple, fast, and accessible loans for business from Clix. They have minimal end-use restrictions, allowing SME owners to use the amount they like and fund expansion according to their plan. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document is required.
Payment history accounts for most of the FICO score model (30%). Therefore, make repayments within the stipulated time to improve your score significantly. You can also set reminders to make payments on time without fail. For small businesses that do not have a lot of assets or cash flow, pledging collateral can be difficult.
Features, Types, Fees & Charges- MSME Loans
If you are unable to repay the loan within the specified period, most small business loans also allow for flexible repayment. Small Business Loan is an unsecured loan borrowed by small and medium-sized business owners to cover their business-related expenses. Use a Business Loan EMI calculator to get an idea of the EMI amount you’ll need to pay as per different loan amounts, interest rates, and repayment tenures. At Clix Capital, you can choose from customised repayment and down payment options. However, the interest rate of your business loan depends on various factors, such as the specifics of your application . We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents. The interest rate for business loans in India is usually between 10% and 15%.
Some of the reasons why Buddy Loan is the best choice are;
The business loan application process typically involves submitting the application, providing financial and business information, and performing a credit check. Keep your documents handy, such as tax returns, financial statements, and a business plan. You may also need to furnish additional information before approval. Business loans are vital for entrepreneurs looking to kickstart or expand their businesses.
TOOLS & CALCULATOR
We charge a nominal processing fee starting from 3% of the loan amount plus applicable taxes. This fee is charged to cover administrative costs and ensure gcbroking.in that we provide the best possible service to our customers. You don’t have to step out of your office when applying for a Small Business Loan.