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How to Get Business Loans in India

There are various ways to start a business. However, going for a loan is a tough process to fulfill the various requirements and to gauge which loan will suit your needs the best. You can check with various ways and options as listed in the article to understand the process.

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How to Get Business Loans in India

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  1. How to Get Business Loans in India

  2. Business Loans in India • Business loans are more pronounced than personal loans in terms of the magnitude of finance. • The credit requirement in business loans is higher, hence, the approval procedures are cumbersome as well as time-taking. • Though the accessibility to a business loan has become easier in India, getting approval still remains a tough task.

  3. Challenges with traditional business loans • Several challenges arise while availing business loans in India. • Here’s a detailed look at the various challenges encountered. Lack of Uniform Eligibility Criteria • In India, business loan eligibility criteria vary with respect to various factors such as the business type, working capital, and annual turnover. • The business loan eligibility criteria also differ from bank to bank. • This possesses difficulties as business owners waste a lot of time trying to meet the eligibility criteria.

  4. Collateral Requirements • Though unsecured business loans are offered by lenders, a business loan of the higher amount still demands collateral or security deposit. • In case you fail to repay the loan in the stipulated time period, the lender has the right to sell the mortgaged property. • If you are able to prove your loan repayment capability and credit eligibility, you can escape the requirement of collateral.

  5. Eligibility Criteria for Business Loans • To avail business loans in Delhi and other parts of India, a business owner is required to meet the business loan eligibility criteria as mentioned below. • The applicant must be a citizen of India. • The applicant must be above the age of 21 years and below the age of 65 years • The applicant should be engaged in a stable job. In the case of business persons, the business must be operational for at least 3 years. • In addition to this, the business should be making a profit in the last two consecutive years. • The CIBIL score of the applicant must be high.

  6. Easy And Fast Accessibility • Traditional business loans require a detailed business proposal. • This drawback is encountered with the flexibility provided in case of unsecured loans. • Moreover, the borrower is not required to produce any list of assets to procure the loan. • Hence, the processing and disbursement of unsecured loans take place in a comparatively short period of time.

  7. Visit us: https://finway.in/ Chat with us: +91 8010267267 Email us: info@finwaycapital.com

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