When you are trying to grow your business it might require immediate funds for a diverse of requirements. It can be for either purchasing raw materials for a new order, to service your working capital or to even aid you to pay your employees on time. Attaining money at the right time is at times imperative to sustain your business running.
As you are a business owner, it can be cautious for you to identify convenient sources of external finance that will ensure that your emergency needs and requirements are met. There is although one way to ensure that your firm’s monetary requirements are fulfilled with immediacy by opting for Shriram Finance Company.
Advantages of a business loan:
Easy eligibility criteria: All you require to qualify for a business loan is to be an Indian citizen from the age of 25 to 55 years. And, your business vintage must be of at least 3 years with a year’s proof of filing the income tax returns. However, the last equipment to avail your business’ previous year’s turnover is audited by a chartered accountant.
Documentation is minimal: With the help of Shriram Finance company it requires limited paperwork for this business loan and you will not have to spend any much time for collecting documents when you are in a rush. Although, all you may require is to submit necessary documents such as business proof, financial documents, financial institution account statement, KYC document and your passport-size photographs.
Simple application procedure: There is a simple three-step procedure and applying for this loan is convenient and at the same time quick. Instead of visiting a lender personally or by spending time in long queues you can easily apply in online within a few minutes. In the beginning, you will have to fill out and also submit the online application form.
After that, you will be reverted back from the representatives of Shriram Finance Company within 24 hours along with a pre-approved loan offer. And finally, you will be required to also submit the required documents. Your documents must be verified and then alone your loan amount will be disbursed. However, it usually takes upto 48 hours.
No collateral is required: When it comes to Shriram Finance Company business loan it is an unsecured loan. You do not have to submit any form of collateral as a security. It also signifies that when you are applying for the loan it is quick at your end and does not require time for any approval as there is no such asset that requires to be assessed.
Fast approval: When you have submitted your application form you will be aware of in case your loan has been approved or not in about 5 minutes. However, whenever you are in requirement of any emergency cash the quicker you get to be aware of the status the better it will be.
Flexi loan service: In order to cater to your requirements of growing businesses, Shriram Finance Company tends to provide an innovative Flexi- business loans. And, with the help of these loans, it will provide you with the maximum amount that you will qualify for. Although, once you have selected your tenor you will be able to borrow as much as you require from the loan limit, up until the maximum limit and also within the tenor period.
You will be able to acquire from this aspect in two manners: It will not only provide you with the access to money as and depending upon your business needs and requirements without creating any multiple loan application. Although, it does charge you on the interest only on the amount utilised.
By doing this, it will help you in saving time, meeting your urgent expenses and to also saving money. You will also be able to borrow money as much as you require and also make part prepayments when you attain excess funds. You can also easily re-avail the repaid amount.
When it comes to your EMI it attains an option that it can be comprised of just with the interest component by providing a managing cash flow that will be easier for you. With Shriram Finance Company you will be able to pay for the principal at the end of the tenor. Opting for this loan service will produce it easier for you in order to meet any of your last-minute requirements for financing easily and it is also cheaper when compared to a term loan.
Conclusion: When it comes to the business loan online it is one of the best options for your business loan requirement. As you can see in the above points on selecting the right business loan, you will become automatically aware of that. There are many online tools that will help you in choosing the right loan that suits you. However, you must always ensure to analyse all the requirements before choosing the right one that will benefit you.