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A Quick Guide to Finding the Right Loan for Your Business

Looking for a business loan to your certain financial requirements? Here is a quick guide that will help you find the right one.

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A Quick Guide to Finding the Right Loan for Your Business

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  1. A Quick Guide to Finding the Right Loan for Your Business

  2. Small Scale Enterprises Often Struggle To Find A Business Loan That Perfectly Suits Their Needs. But, Keep Those Worries Aside As This Quick Guide Will Help You Find The Right One.

  3. Do Your Due Diligence Before Seeking A Business Loan, Look For Answers To Questions Like What Is The Purpose Of The Loan? How Much Money Do You Need? And What Type Of Loan Would Suit You The Best?

  4. Know Your Options Here Are Some Of The Credit Options That You Can Consider Taking

  5. Government Schemes: • Under Pradhan Mantri Mudra Yojana, You Can Avail Three Types Of Loans - Shishu: Rs 50, 000, Kishore: Rs 50,000 To Rs 5 Lakhs, And Tarun: Rs 5 Lakhs To Rs 10 Lakhs. • Under Credit Guarantee Scheme, Firms Can Avail Enhanced Credit Delivery System With A Maximum Credit Coverage Up To Rs 200 Lakhs. • Msme Business Loans For Start-ups In 59 Minutes Ensure That Firms Get An In-principle Approval Letter In Less Than An Hour. Range Of Loans Falls Between Rs 1 Lac To Rs 5 Crore.

  6. Loans From Financial Institutions: • Unsecured Business Loan Is Great For Businesses That Do Not Own Many Assets Or Organizations That Are Growing Fast And Need Finance Urgently. • Under Pre-approved Loan, The Borrower Pays Interest On The Amount Of Funds Utilized And Not On The Approved Loan Amount. Choose This To Save Costs On Repayment Of Interest.

  7. Loans From Traditional Sources: • Term Loans Come With Longer Tenure And Larger Loan Amounts. The Interest Rates Are Also Usually Low. You Can Use It To Buy Inventory For Your Business. • Line Of Credit Is Similar To A Credit Card. You Have A Set Amount Of Money That You Can Access When Needed And Repay It Over A Prespecified Period.

  8. Have A Sound Business Plan In Place It Is Important To Have A Meticulous Business Plan In Place To Convince The Lenders To Finance Your Business.

  9. Cash Flow Management Higher Liquidity Will Improve Your Odds Of Improving Eligibility Of The Desired Loan. Having A Healthy Debt Service Coverage Ratio Of At Least One Will Help.

  10. Documents Missing Documents Can Prove To Be A Major Nuisance When Seeking Unsecured Loans. Make Sure You Have KYC And Other Relevant Documents In Place.

  11. Credit Score Take Immediate Steps To Improve Your Credit Score To Boost Your Prospects Of Getting A Better Financing Opportunity.

  12. As A Borrower, Remember To Do Some Research About Your Financials Before Applying Or A Loan. The Right Lender Will Offer Affordable Rates And Flexibility In Terms Of Repayment.

  13. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: corporate.care@herofincorp.com Website: https://www.herofincorp.com/ Know more- A Quick Guide to Finding the Right Loan for Your Business

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