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Don’t wait in lines or get rejected in the first stage. Get Business Loan from the comfort of your office. Simple and hassle free Process for small business loans with the help of our professionals. Contact us now and apply for the instant business loan with fair interest rates and fast approval!

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What is a Small Business Loan?

A small business loan is simply a debt instrument. The entrepreneurs can get online business loans that can help for various purposes. Generally, small business loans are aimed at the purpose of expansion of business, installing new technology, or meeting the capital requirements for operating the business.

The small business loan allows you to get your requested amount in only a few days. However, you can repay the loan over a long period on easy EMIs as per the terms and conditions. Furthermore, the small business loan or an online business loan focuses only on business purposes. Therefore, you will not have to personally invest from your pocket or savings to take the business risks.

When Should You Choose a Small Business Loan?

Choosing a Small Business Loan is a crucial task that directly impacts your business. Therefore, consider the following situations where you should choose a Small Business Loan:

Expansion of Physical Location
When business starts booming, you might need to expand the physical location of your business. For example, Whether it's a restaurant business or a manufacturing factory, you will eventually need to expand the business premises to upscale your business. Here, you can get a small business loan that will help you to fund this big move.


Building an Accessible Credit Line for the Future
As an entrepreneur, you might always want to have a source of funds readily available to you. However, you can’t do this without building a relationship with the lender. So, you can use a small business loan and make regular payments on time. It will help you gain the trust of the loan provider. Furthermore, this technique can also help in getting a big business loan whenever you need.


Install New Technology and Equipment
Times have changed. Every business now needs to install new technology and equipment. However, costs of equipment and technology are always high. Furthermore, Purchasing the right equipment can boost the productivity of the business. So, you can choose an online business loan to quickly improve your existing small business.


Need to buy additional Inventory
Inventory is one of a company's most costly expenditures. You must keep up with demand by refilling your supplies with a variety of high-quality alternatives, just like you would with equipment upgrades. If you need to buy massive quantities of stock without even seeing an amount of profit, it will be a tough situation. Similarly, There may be occasions when you need to acquire a big number of goods but don't have the funds on hand to do the same, especially if you run a seasonal business. Here, an instantaneous business loan can help you.


Grab the Opportunity at the right time
Occasionally, an opportunity comes up itself that is simply too excellent to miss. Perhaps you'll be able to order products in large quantities at a discount, or you'll be able to get a great deal on a larger retail location. However, not having enough funds can result in losing the opportunity. So, entrepreneurs can also avail small business loans to grab the business opportunity at the right time.


Types of Business Loan

As per the requirements there are multiple types of business loan available. The most common types of business loans are as follows.

Overdraft/OD Limit Overdraft accounts are referred to as OD accounts. It's a form of account in which you can withdraw funds even if you don't have any money in the bank. The bank sets a restriction or a limit known as OD Limit, and your bank can only go down up to that amount. You simply have to repay interest on the money borrowed.

Working Capital Loan These are the loans that help in managing the daily expenditure of the business. In simple words, a working capital loan helps in financing a company's day-to -day operations. It also includes management of steady cash flow, payments of short-term debt, payment of employees’ wages etc.

Term LoanIt is the type of business loan that you need to repay in regular payments over a set duration. These loans generally have a duration from 1 to 20 years. Similarly, the interest rate is flexible and is given on the basis of credit history.

MSME Loan MSME loans are unsecured loans. It is a loan that any MSME firm may use to grow and invest in their company. These loans come with competitive interest rates and flexible repayment terms. You are eligible for MSME

Equipment LoansThis type of business loan is to buy the new equipment. Businesses also use these loans to purchase or lease hard assets.

Loan only after MSME Registration or Udyam Registration.

Similarly, there are multiple other types of Business loans that can help you in your ventures. Contact our Business Advisors at - 8881-069-069 to know more about types of Business Loan .

Eligibility Criteria For Small Business Loan

To help accelerate the processing of business loans, we've reduced the qualifying conditions to the bare minimum. We don't ask for a lot of paperwork or documentation that can slow down the loan acceptance process. The Eligibility Criteria for Small Business Loan is as follows.

#1. Borrower’s Age should be between 21 and 65.

#2. A well-established company that has been in operation for at least six months.

#3. The company should not be on the SBA's "blacklist" or "excluded" list.

#4. Your company's location should not be on the list of unacceptable locations.

#5. Small company loans are not available to trusts, NGOs, or charity organizations.

#6. The balance sheet of the company must be audited by a qualified chartered accountant.

#7. Business Organizations should submit a Business Plan or Project Report prepared by a CA or CS.

#8. Your business should have GST Registration to get a Small Business Loan. If it is eligible as per GST Rules and Regulations.

Advantages of Online Small Business Loan

The Small Business Loan offers several advantages to every business. Also, Small Business Loan benefits include:

#1. Lenders such as banks and NBFCs, unlike equity investors, do not meddle with how you manage your firm. They don't tell you how to spend the money from your small business loan. So, all they care about is that you pay it back on time. As a result, an online business loan is the ideal way to keep complete control over your spending.

#2. Similarly, Banks will quickly disburse a small business Loan so you don't have to worry about operations halting or expansion plans being delayed due to a lack of resources.

#3. We recognise that every firm is unique, and the time it would take to see a return on that investment varies. We are also aware of the turbulence in your industry. With this in mind, we'll arrange a repayment plan that isn't too burdensome to you - and that can be factored into your projected cash flows.

#4. You have the option of selecting the loan's term. You can borrow for a year if you need a Business Loan for a short period of time to cover working capital requirements. You might take out a loan for a longer length of time if you wish to develop your firm.

#5. If you bring around an investor, they will demand a return on the earnings your company generates. With a small business loan, however, this is not the case. No matter how well your business does as a consequence of the monetary assistance, you pay back a preset sum to the bank, i.e., the principle and interest payments stay identical.

#6. As an experienced business lender, e-startupindia will be able to quickly assess your needs and be prepared to provide you with the appropriate funding. Another benefit of obtaining a small business loan is to accomplish a bulk order is that, unlike other sources of funding, we may loan you as much funds as you need if you can make a good Business Plan & Project Report

Document Requirement for Small Business Loan

The Document Requirement for Small Business Loan is simple and straightforward. Provide us the following documents and you can get an online business loan without any hassle.

#1. Identity Proof of the Company and the Individual ( PAN, TAN, MOA, AOA)

#2. Address Proof of the Company and the Individual ( Voter Card, Ration Card, Passport, Driving License)

#3. Past 12 Months Bank Statements

#4. The last 2 years income tax return filing and computation of Income

#5. Balance sheet, and profit and loss account for the previous two years.

#6. Project Report showing next 5-7 years business performance.

#7. Trade license/Shop Establishment Registration/Sales Tax Certificate.

#8. MSME Registration and GST Registration if applicable

#9. Sole Proprietorship Declaration or Certified Copy of the Partnership Deed in case of Partnership Firm and Certificate of Incorporation in case of Private Limited Company or LLP registration or Other documents as per the eligibility.

Document Requirement for Small Business Loan

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How we can Help You in Small Business Loan

E-startupindia is a team of experts including CA, CS, Lawyers, Analysts, Consultants etc. With the motive of supporting theMSME sector, we are providing several services. We established a solid system to give you error-free services that meet your expectations based on our combined 15+ years of expertise servicing and understanding the needs of MSMEs.

E-startupindia team is providing online business loan or small business loan so that you can grow and operate your business without facing financial difficulties. We have top-notch and valuable experience in providing business loans that are readily available and at flexible terms as per your requirements.

Ever since we started, we have assisted businesses across the globe with the 1000+ easy loan sanctions, curated business loans and Online Account access. So, without ever visiting the bank, now you can easily get a Small Business Loan with just a few clicks. Avail the easy online business loan and Set your dreams in motion.

Do's and Don'ts of Small Business loans

Do’s for a Small Business Loan Don’ts for a Small Business Loan
You must also prepare a budget, evaluate lenders, check your credit score, and calculate how much financing you require before seeking for your first small business loan. Don’t use a Small Business Loan for your personal spending.
Consider working with a chartered accountant to verify that all of the necessary paperwork is in place, such as tax returns and financial statements. Don’t take a business loan without discussing it with your business partners.
Keep track of business transactions through Online Bookkeeping and Accounting service Don’t focus only on interest rates as business loans can have easy repayment options.
Make sure to get all the documents ready in advance. Don’t apply for a small business loan without seeking guidance from a professional.

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frequently asked questions

The time to get business loan  approvals depends on a number of factors. If your document preparation is in order and your CIBIL Score is good, your business loan will certainly be processed faster. Furthermore, the time also depends on the type of loan that you want to avail.

The amount of loan that you can get varies as per eligibility criteria and other requirements. It also may vary as per the amount of turnover, profit, business age and numerous other factors.

1. What is the Interest Rate of a Small Business Loan?

The Banks determine the  Interest Rate of a Small Business Loans. You can contact our business advisors to get a small business loan at an attractive interest rate as per your CIBIL Score.

2. What is the meaning of CIBIL Score?

The CIBIL Score of your business simply is a summary of its credit history. The good credit history or record of timely payment of debts indicates a good cibil score close to 900. The more your score is near to 900, the more you are creditworthy and can easily get a bank loan.

3. Is  Project Report or Business Plan mandatory to avail the small business loan?

Project Report or Business Plan represents the business future projection in upcoming years. The detailed report includes data about the feasibility of business models with product market research etc. Thus, it helps you get business loans easily and quickly. However, some banks may also compulsorily require Project Report or a Business Plan.

4. What is the duration of a Small Business Loan?

The duration of a Small Business Loan varies as per the type of loan you choose. For example, term loan is for 5-10 years while Working Capital Loan duration is generally 6-48 months.

5. How can I get a business loan?

Contact our business advisors at 8881-069-069 or write to us at [email protected] You can also download E-Startup - Business Registration & Consult CA App  to apply for an online business loan.

 

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Recent Updates

All about Mudra loan for MSME business

Shishu, Kishor, and Tarun are the three kinds of the Mudra loan. In terms of the micro company’s growth and financial needs, these are categorized. Once the loan is granted, the money can be used for financial needs, wages, large extra expenses, and so on.
Know more about All about Mudra loan for MSME business




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