Business Loan

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. 

Any financial institution will give you business loans at low interest rates if you have a good credit score and credit background. With a good credit score to back you, you will be able to bargain for low interest rates business loans.

Government business loans were introduced to provide funding to Micro, Small and Medium Enterprises and there are many schemes like the MUDRA scheme, PSB loans in 59 minutes, National Small Industries Corporation (NSIC) Subsidy.

Finance is more mathematically involved than most aspects of economics. Most finance degrees are a mix of finance, economics and a little of accounting. Depending on the courses provided some institutions provide more economic focus, which might be harder. There are few things to consider before you decide whether you want a career in finance. Financial discussions might be difficult because not everyone will understand financial terms when you are explaining a situation to them. You would need good communication skills to break down what you need to convey, without using any jargon.

Business finance refers to the money that is used to run a business. It is required to purchase resources like goods, raw material and is also needed for handling assets. Capital is needed during the initial stages and also during the fully operational stages of a business. As a business grows it would need to establish a functional financial unit that would analyze the overall expenses and provide data that would be useful in turning the business profitable and mitigate losses if any.

GST is an indirect tax that is levied on goods and services. Business loans have become expensive after the implementation of GST. This is because the GST is levied at the rate of 18%. Thus, the processing fees of these loans make it expensive for borrowers.

When it comes to retirement, it’s always better to start saving earlier. It’s always better to classify your savings into long term, short term and medium term. If you decide to start a business with the long term money that you had saved for your retirement, then you would be short of funds when you start your retirement life. Your long term savings can’t be used for your immediate needs of starting a business as you might not have anything left for your retirement.

The government, in collaboration with, Small Industries Development Bank of India(SIDBI), has launched a portal through which one can apply for a business loan online. This initiative was started to ease access to credit to individuals and MSMEs. It aims at automation and digitalization of various processes of business loans in such a way that a borrower gets an in-principle approval letter in less than 59 minutes. The borrower will be given the flexibility to choose their own lender.

Most of the small businesses thrive on seed money that they acquire as a loan from financial companies. There are many options when it comes to financing your business.

Kick starting a business takes a lot of planning and especially a lot of funding. New entrepreneurs need to have a smart plan in mind to get the funding they need as it's one of the crucial parts of starting a business.