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Protium  Business Loan

Apply Protium Business Loan

Max Tenure

24 months

Best Rate

18%

Processing Fee

1.50%

View Details

Features

Pricing

  • Interest rate – 20-30%
  • Processing fees – 1.50%

Documents Required

  • Last 12 months bank statement
  • KYC of applicant and co-applicant
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Overview

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 business loan – what are the features and benefits?

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:

  • Fast loan disbursal: The lender transfers business loan amounts within only 3 days post-approval
  • Seamless online application: The online business loan application process is entirely digitized and does not involve any physical paperwork.
  • Easy monthly repayment: The lender offers easy monthly instalment payments for businesses
  • Flexible loans: Triti offers loans that are customized to individual business needs.
  • Loan amount – The business loan amount can vary anywhere between Rs. 1 to 10 lakhs.
  • No collateral: Triti does not seek any assets as collateral against the loan. Since it offers unsecured loans, the business does not have to set aside company stock or assets for availing the funds.
  • Loan tenure: Maximum loan tenure is 2 years or 24 months.

Triti business loan – how to apply

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:

  • Fill the application form from the company website 
  • A company executive will be in touch with the applicant. 
  • An applicant must then submit primary documents online. 
  • Upon receipt, the financial services provider processes and disburses the loan

What are the documents required for a Triti business loan?

Here is the list of documents required to be furnished while applying for a Triti business loan:

  • Bank statements
  • Business registration certificate
  • PAN number

What is a business loan?

A business loan is a type of financing that can be availed from: 

  • Banks 
  • NBFCs 
  • Private lenders 

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
  • Unsecured 

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.

How is a business loan helpful?

Here is how a business loan can be useful for businesses:

  • A business loan is useful since it allows access to finances without the pressure of modifying the functioning style of the business or the owners giving up on their ownership.
  • Businesses can use these funds for varied needs such as purchasing machinery, hiring talent, investing in a new office space, procuring raw materials, or anything else that can help the business sustain or expand.
  • With a Triti business loan, it is easy to apply online and get access to the required funds at the right time.

How can new businesses avail a business loan?

Here is how new businesses can go about seeking a business loan:

  • Every business that requires funding must first do detailed research to understand how much funding is needed.
  • Once the exact amount is known, business owners must do a search for the right banks or financial institution that offers the exact loan type that can suit the business.
  • Consider the business loan interest rate, and the application procedure for the loan (is it possible to be done online or should be physically done? Is a guarantor needed? Do you have to pledge your assets?).
  • You must then submit the required documentation - the required documents may vary depending on the bank or financial institution. Some lenders may have a lengthy paperwork process, while many others only seek a few key documents. PAN number is, however, one of the most important aspects of any loan. Therefore, you should be sure about your tax payments being done on time.

How can businesses use the business loan amount?

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.

What are the benefits of a small business loan?

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:

  • Loan options: Whether a loan is required for small businesses, medium-sized businesses, or women-led businesses, there are all sorts of business loan options available. These loans offer different interest rates, repayment options and tenures. A business owner can pick the right loan as per business needs.
  • Easy repayment: Business loans can be repaid in instalments on a monthly (or agreed-upon) basis. This allows businesses to avoid undue financial pressures at any point.
  • Competitive interest rates: Private lenders may charge higher interest rates and some may even establish some amount of control over the company. Banks and NBFCs often charge competitive interest rates and allow freedom of operations to the business.
  • Avail tax benefits: Business loans allow some amount of tax benefits too. As per the Income Tax Act, the portion of profits utilized for repaying the business loan amount is exempt from tax.

Conclusion

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?

FAQs

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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