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Any business needs a constant flow of funds. Continuous capital infusion ensures that a business gets timely upgrades and resources to be on top.
There are two kinds of funding required for any business: Short Term Funding and Long Term Funding
Short Term Funding is usually in line with a company’s day to day needs or operational needs. They come with shorter terms than long term financing. They are best suited for short term business needs like raw material purchase, daily cash requirements, salaries and wages, etc.
Long Term Funding are generally aligned with the long term goals of the company. They are generally utilized for bigger plans like expansion or acquisition, investing in infrastructure and assets, large scale project acquisitions, etc. They have longer tenures and don’t have a fixed amortization schedule like other loans.
Some of the most common sources or avenues to get short term or long term business funding are:
1. Bank Loans: This is the most common borrowing method for businesses. Bank loans allow for higher loan amounts and lower interest rates. Borrowing from formal lending channels is more advantageous as they come with pre-determined terms and repayments. Bank loans are of different types: Working Capital Loans, Equipment Loans, Term Loans, Line of Credit, Bridge Loans, etc.
2. Government Schemes: The government announces various financial schemes regularly to boost the MSME sector. Be aware of these schemes to take advantage of them. Some of the schemes like the MUDRA Yojana, CGTMSE, Mahila Udyami Yojana and more have disbursed considerable funding to eligible business entities. Most of these loans are also collateral free with a very low rate of interest.
3. Angel Investors: Angel Investors are a group of investors who are looking to invest in potential business models. This kind of financing is suitable for start-ups and new initiatives. The business owner has to present his business idea to these group of investors and if they are convinced of the sustainability and profitability of the business, they will invest in it.
4. Crowd Funding: This new method of financing is gaining popularity these days. Here, the business owner presents his business on the internet and seeks funding from the general public. There is usually no minimum amount to invest and anyone can invest how much ever they want into the business.
5. Venture Capitalists: Venture Capitalists are somewhat similar to Angel Investors. Here, an investing firm funds a small business. They seek equity in the company in return. They also offer mentorship and consultancy services for the business to help them make a profit.
Conclusion: There are various sources of funding for businesses. As a business owner, you should continuously get updated with these resources so that you can approach the right channel to get your business going. Also, determine the type of funding you need; short term funding or long term funding. This helps you in getting timely funding from the best source.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.