Most people have aspirations they wish to pursue, just like you and me. Starting a successful business is often the first step toward fulfilling these dreams. However, setting up a business requires a significant amount of money. Obtaining a loan can be a blessing for those who are passionate about their dreams. At Quick Loan, we recognize the importance of business loans and have developed effective strategies to simplify the loan application process. We offer a variety of business loan options, including online applications, unsecured loans, small and medium-sized loans, and loans specifically designed to empower women.
Features & benefits of business loan:
If you are a self-motivated entrepreneur with a passion to turn your business idea into reality and are looking for financial support to establish or develop your small or medium-sized enterprise (SME), look no further. Quick Loan is here to provide you with business loans.
In the current Indian economic climate, SMEs require a continuous inflow of funds to expand their businesses, meet working capital needs, and capitalize on business opportunities. Digit Loan’s business loans offer an optimal solution to meet these financial requirements.
Apart from the obvious advantage of getting the right funds at the right time, there are several other benefits to choosing a business loan. Here’s a quick overview of the benefits of availing of a business loan for expansion:
1. Facilitates cash flow management
Business loans can be used to increase revenue or gain a competitive edge. For instance, a company may choose to open a new division or launch a marketing campaign. Whether you opt for short or long-term financing or a small or large loan, the idea is that the generated income will be used to pay back the loans and leave you with a surplus to use as needed. This way, you can achieve your business goals without depleting your finances.
Banks are often the go-to option for businesses seeking loans. Regular and long-term customers have better access to business loans, and though obtaining a loan can be challenging, banks typically offer lower interest rates, which can be highly satisfying.
2. Hassle-free and speedy loan process
Digital lending platforms, such as Quick Loan, provide simple and efficient loan application processes for both the borrower and the lender. Business loans can be obtained quickly and easily, and Quick Loan offers small business loans through a straightforward digital process, ensuring a seamless customer experience.
3. SME and MSME Loans
Business loans can provide a significant boost to small and medium-sized enterprises (SMEs) in India. Banks offer a wide range of flexible and customizable loan products that cater to the specific needs of each unique business. SMEs can choose the loan option that best suits their requirements, and repayment options are equally flexible. Lending companies offer business loans ranging from INR 1 lakh to INR 1 crore for varying tenures, and repayment can be made through a single “bullet” installment at maturity for those taking loans against receivables, or through EMIs for those taking unsecured loans.
Types of business loan:
Machinery loans, also known as equipment loans, are used to finance the purchase of equipment or machinery for a business. These loans can help improve productivity and efficiency by providing the necessary equipment. Earth-moving equipment, CNC machines, industrial equipment, medical machines, dental equipment, cranes, and precision tool cutting equipment are among the most common types of equipment loans. These machines can either be purchased or leased, which brings up the question of whether to take out a loan or a lease.
Women in India need to be encouraged to pursue their dreams by supporting their financial independence. Business loans are a way to provide women with the funds they need to start or expand their businesses. At Digit Loan, we believe in empowering women by providing them with sufficient funds to create sustainable business environments and pursue their business ideas.
Working capital loans are meant to help businesses cover their day-to-day expenses, including rent, payroll, and inventory. These loans can help bridge the gap between cash inflows and outflows and meet any unexpected expenses.
The following documents are required along with your Business Loan application:
- PAN Card – For Company/ Firm/ Individual
- A copy of any of the following documents as identity proof: Aadhaar card, Passport, Voter’s ID card, PAN Card, Driving License.
- A copy of any of the following documents as address proof: Aadhaar Card, Passport, Voter’s ID Card, Driving License.
- Bank statement of the last six months.
- Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous two years, after being CA Certified/Audited.
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]
What are the benefits of having a Current/Saving Account for my Business loan?
If you have a current or savings account, you can enjoy several benefits when applying for a business loan. When your loan is disbursed, having a current or savings account is taken into consideration. This account can also be used to pay off your loan through standing instructions that debit the EMI amount.
Can I repay the loan earlier for Business Loan?
You have the option to repay your loan at any time after six months from the date of loan disbursement, provided you have paid at least six EMIs along with the applicable foreclosure charges.
How can I get my address changed in my loan account?
To update your address in our records, please visit the nearest Retail Loan Service Center and provide the following documents: 1. Request form for Address Change. 2. Self-attested copy of your revised address proof along with the original address proof for validation.
How do I repay my Business Loan?
The loan amount is repaid in fixed monthly installments called EMIs (Equal Monthly Installments). The EMIs are paid through post-dated cheques.
What are the charges I have to pay to change the mode of repayment/ account for my loan?
If there are any changes made to the loan repayment instructions, a service charge will be applicable.