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Get business loans in India that are best matched to your credit profile
Triti business loan is a financing facility for small businesses mainly offered to proprietors and LLP companies. Companies that have an annual turnover of more than Rs. 3 lakhs can avail of this loan. Here are the details.
Triti offers small businesses hassle-free access to funding, irrespective of the business’s experience. Here are some of the main features and advantages of applying for a business loan from Triti:
Triti is a financial services company that offers a 3-step process for business loan applications. The process is very simple and entirely digitized. To apply for a business loan with the company, an applicant can:
Here is the list of documents required to be furnished while applying for a Triti business loan:
A business loan is a type of financing that can be availed from:
It can help in meeting the financial needs of a new or growing business. The funding can be used to start or expand a business, ramp up production, invest in new equipment, systems, etc.
Business loans are generally classified into two categories:
Secured loans involve pledging of assets such as property, equity, etc., as collateral against the loan amount. This can be liquidated in case the borrower does not repay the loan amount. There is no collateral requirement in unsecured loans.
Here is how a business loan can be useful for businesses:
Here is how new businesses can go about seeking a business loan:
There are many ways to use a business loan. All businesses aim to earn higher profits. One of the ways to drive growth is by focusing on working capital. With the help of a small business loan, a business can utilize the funds the way it requires. Whether it is investing in infrastructure and machinery or expanding existing operations and workforce, or investing in marketing agendas, a business loan provides access to the funds that a business needs to grow and sustain in the long run.
A business requires funding at different lifecycle stages. A business loan can offer business owners the right amount of funding, no matter at what stage and the reason for the fund requirement. Here are a few benefits of availing of a business loan:
Entrepreneurs and business owners can look for many business loan offerings in the market. While exploring options, they must consider getting answers to questions like how do loans help? what do they entail? Can anyone avail of a business loan?
1. How much income do you need to get a business loan?
A business loan applicant’s income is important in determining how much business loan he/she can avail of. Different lenders have different income requirements as part of business loan eligibility and it also depends on the loan amount and collateral offered.
2. What are the criteria for a small business loan?
For small business loans, lenders often set a minimum annual turnover requirement for qualifying for a business loan. This amount can differ across lenders.
3. What is the minimum interest rate for a business loan?
The minimum interest rate on business loans generally starts from 14.99% and may be higher depending on the specific loan features.
4. What is the maximum loan amount which can be offered in a business loan?
The maximum loan amount that is generally offered under business loans in India is Rs. 1 crore, however, this may change depending on the requirement of the borrower and conditions laid by the lender.
5. What is the minimum CIBIL™ score needed to apply for a business loan?
The minimum credit score required by banks for granting business loans is 650. Most banks scrutinize the applicant’s credit history before granting a business loan. In case the credit score is below 650 the bank may charge a higher interest rate on the loan.
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