FAQs About Business Loans
We are aware that there are many questions in the minds of business persons who are planning to take business loans. Below cited FAQs will surely help you in better understanding the entire process of availing loans.
What Do You Understand By A Business Loan?
Businesses need loans for a variety of purposes such ensuring cash flow, hiring new employees, business expansion and more. We understand the importance of loans for fulfilling various business requirements. Hence, at TI Lending, we promise to help you swiftly get loans whenever you require them the most. Our business loans are designed to excellently meet your financial requirements with both customizable loan options and flexible repayment options. Availing money for perfectly meeting your urgent requirements is highly simple with our provided unsecured business loans.
Why Take A Business Loan?
Whether a business is at a starting phase or in the process of growing, increased finance can maintain the growth. At TI Lending, business loan can be availed for both long-term and short-term financial requirements to stay far away from the situation of working capital shortfall.
Which Documents Are Needed For Getting Business Loan?
Minimum documents are asked by us for smoothly processing your loan request:
- Appropriately filled application form
- Company?s KYC documents comprising Registration of Incorporation, Pan Card, Memorandum & Articles of Association and Partnership Deed.
- KYC documents of the Business person
- Balance sheet and details of Profit & Loss accounts
- GST Returns
- Bank statements of company
- Income Tax Returns
Who can Avail Business Loans?
Professionals and non-professionals, who are self-employed in nature can get loans from us. In the list of self-employed professionals, there are exclusive loans for doctors. Loans are approved swiftly and are provided at competitive interest rates. The customers who can avail business loans are mentioned below:
- Closely held Public Limited Companies
- Nursing Homes, Hospitals, Pathological Labs and Diagnostic Centers
- Partnership Firm
- Private Limited Companies
- Sole Proprietorship
What Are Options For Loan Repay?
Loan can be repaid by Electronic Clearance Service (ECS) or Direct Debit and Post Dated cheques.
How To Get Business Loan?
In case of getting a business loan, easily apply online or contact us on 080377-44444. You can also e-mail at email@example.com
Can You Avail Business Loan Without Any Collateral?
Yes, we offer business loan without any security or collateral.
Are You Eligible For Business Loan?
For availing business loan, you are eligible if:
- Having age between 25 to 65 years
- Runs business that displays profit for about last three consecutive financial years
- Holds business that depicts an upward turnover trend
- Capability to provide balance sheet, which a registered Chartered Accountant has audited
How Much Amount of EMI You Require To Pay?
The amount of EMI depends on the amount of loan taken. Please make use of a Business Loan EMI Calculator to better understand how much you require to pay.
What Is Maximum Amount Availed Through A Business Loan?
Loan can availed from Rs. 50,000 to Rs. 2 Crore.
How Much Time Can Be Taken For Loan Repaying?
You can take around 72 months for business loan repay.
Is Interest Rate Floating or Fixed?
The business loan interest rate is fixed.
What If You Don?t Require Funds At Present?
Get your evaluation done and approach to Group NBFC for the purpose of disbursement of funds when required. Funds will get disbursed from NBFC in 24 hours.
How Much Time Is Required For Getting Credit Evaluation Done?
Around 3-4 working days are taken by our partners.
What Documents Are Needed For Getting Credit Evaluation Done?
Banks are documents are required.
What Repayments Are Accessible?
Our partners renders biweekly and monthly repayments options.
What Determines Sanctioned Limit?
The sanctioned limit is ascertained on the basis of your revenues/sales. The limit gets increased with enhance in revenues/sales.
Is there any Hidden Charge?
It largely depends on Bank to Bank, on general it may be 2%
Is there any specific pre-closure charge?
Depends on majorly on Bank to Bank
Is Your Information Is Secure?
At TI Lending, data security is given huge priority. We keep all your data strictly confidential.
Is There Any Charge For Renewal of cycle?
No hidden cost. Depends on Bank To Bank.
What Fees And Charges Incurred At The Time Of Loan Processing?
Beneath mentioned are diverse types of fees and charges, which are imposed on a loan (Only if applicable)
Interest rate, which is applicable on both professional and business loans differs on the basis of credit score comprising a wide number of variables like loan delinquency, clients details and many more. In company segmentation analysis, these variables are regarded as material risks explaining variables. The aforementioned process is very dynamic and gets periodically revised in accordance to the performance and experience of past portfolio and is subjected to change.
For cases, which are disbursed post the date of 15th of every month, BPI (Broken Period Interest) is applicable. Pro-rata basis calculated for left days of the month from the date of disbursing. This is due to EMI being started from around second month of loan booking. In the first month, no EMI or interest is charged from client as it considered a free period.
Processing fee: This amount is taken for the purpose of end to end processing of loan application of clients.