What Is an Instalment Loan?
Definition: This kind of loan is often extended to proprietors, partnership firms, private limited companies, and professionals. Business Instalment Loan is generally an unsecured and collateral free loan that is granted to businesses with a certain turnover.
A Business Instalment Loan could potentially help your business generate more revenue by fulfilling your business requirements, be it a requirement of working capital, funds for business expansion or to grab that once in a lifetime business opportunity.
Features of Business Instalment Loan
• Hassle-free application process
• Higher loan amount depending on the credit history of the business
• Longer loan tenor up to 60 months – varies from lender to lender
• No collateral/security required
• Quick approvals
These loans are an excellent way for businesses and other concerns to focus on their growth and generate more revenue. Over the years, such loans have become popular in India amongst SME owners as it helps them overcome short-term financial hurdles.
Business Instalment Loans are generally unsecured by nature, but it could also be secured, depending on your credit situation. Unsecured loans are solely on the creditworthiness of the business. Some businesses—who have the requisite collateral to offer—might go for secured loans, since the loan amount is larger than an unsecured loan.
Both public and private lenders offer business installment loan. You need to fulfill certain eligibility criteria in order to qualify for these kinds of loans. Such loans are generally offered to those who have their business established for at least 2–3 years and have a proven track of profit.
There are variety of loan offers that are available in the market. The greatest challenge, however, is to find the right loan product that will suit your business needs.
Business Instalment Loan – How to apply
If you are looking for a Business Instalment Loan and are unsure about how to apply, then CreditMantri can guide you. You can typically apply for a business loan which can be utilized as working capital for your business, and to cater to other needs of your business.
You can check your eligibility and apply for a business loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your business loan application getting approved are higher.
Click here to sign up and apply for loans, the CreditMantri way!