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IDFC FIRST Bank Business Loan is an unsecured business loan offered to businesses (MSMEs and non-individuals), to meet their varying business needs like expanding to new markets, buying new equipment, meeting working capital, and so on.
GST Business is a collateral-free loan that is available to businesses (MSMEs), on the basis of their GST Returns with no requirements of other financial documents. Such loans help in quicker loan financing resulting in better cash flow and enhanced business operations.
A business loan can be used for working capital management, especially one that is immediately disbursed and provides sufficient cash for business operations. Working capital management is essential for day-to-day business functioning and can define business profitability in the long run.
Lendingkart Finance is a Non-banking Financial Company (NBFC) that offers various business and working capital loans to Small and Medium-Sized Enterprises (SMEs) across India. Lendingkart provides online access to loan applicants for a hassle-free documentation process.
A payment gateway is an online payments service that can be integrated into an e-commerce platform. It acts as a channel for making and receiving payments. Payment gateways are used to receive an endless number of payments securely. This allows a quick and convenient payment process and aids in multiple payment-related tasks.
Some of the top banks that give business loans easily are mentioned below along with the business loan type offered
650 is not a ‘Great' credit score, but it is a ‘Fair' score. It can get you a business loan if you are able to submit substantial documentary proof to support your repayment capacity.
Mudra Shishu scheme offers loans up to Rs.50,000 as collateral-free loans to eligible businesses.
Credit bureaus don’t always get information on consumer activities directly. Often, small businesses that deal with credit bureaus can begin transferring information to them. Apart from the information available from banks, the reporting done by small businesses can contribute to the credit bureau’s database. Here is how small businesses can report to credit bureaus
A business loan will offer the right kick-start to your business and even help in its expansion. If you don't have the required credit history for a business loan, it could be hard to get one easily. However, there are many options to get one easily, such as using collateral for a business loan, applying with a cosigner, etc. In some cases, the business loan amount may not be as much as you need or it may come with higher interest rates.
Depending on the bank or lender, a business loan can be sought with or without security. Whether you require a business loan for an existing business or to start a new one, many banks and lending institutions in India offer business loans for small and large-scale businesses.
If you meet the lender’s eligibility criteria, you can get a business loan without any mortgage or collateral. Many lenders offer business loans without any collateral or mortgage. You just have to meet their basic eligibility criteria.
There are a lot of online loan apps that give you instant business loans. Some of them are
The above is a common list of criteria required to apply for a business loan. The lender will further look into these factors and scrutinize them before approving your loan.
Every business, small or big, requires enough capital to get going. And ‘Yes!’ you can get a business loan with no initial capital or collateral.
In the current pandemic situation, going out should be avoided at all costs. But you cannot let that hamper your business, can you? What is the next best option? Applying for business loans online.
Let us compare the features of business loans from IndusInd Bank and YES Bank so that you can decide which is the right choice for you
MSME or, Micro Small and Medium Scale Enterprises is the backbone of the Indian economy. They form a major part of the industrial sector in the country offering employment to more than 12 crore individuals across the nation.
The Government of India has a number of financial schemes to help startups in India. As part of the ‘Make In India’ initiative, startups are provided with other non-financial aids like training programs, handholding programs and other support schemes.
Yes, there are business loans that can be availed without any collateral. Running a successful enterprise requires a lot of capital infusion. We seek loans and other forms of credit from banks from time to time to meet these financial needs.
Get loans starting from 11.25% interest rate
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