Business Loans FAQs
A huge amount of working capital is required to start up a new business as well as for the growth and success of your existing business. If you are short of cash then a business loan is the ultimate solution you can opt for. This loan will make it easy for you to get the cash you are in need of within hours of applying.
Anyone who is self employed, owns a firm or any private limited company can avail this loan. This loan can be utilised for various business related purposes.
In order to be considered as eligible to apply for a business loan you need to have a fixed source of income.
Yes, business loans are available in both secured and unsecured form. Pledging of collateral is mandatory when you are applying for the secured form. However, you do not have to put risk on any of your valuable property under the unsecured form by putting it as security against the borrowed money.
Lenders will give you a choice of fixed or variable interest rates.
Repayment options with a choice of principal and interest or only interest is available. As per your convenience you can either opt for monthly, quarterly, half yearly or yearly repayment option.
Yes, you can prepay your loan amount. Usually, lenders do not charge any fee for making repayment ahead of time. You will be charged with the same rate of interest as mentioned in your loan terms even if you make prepayment.
Not at all! It does not matter what your present credit status is, you can still qualify for a business loan. However, the interest rates may vary. You can rest assured of approval even if you have no credit history.
For further information related to any of our services or if you have any further queries about business loan then feel free to contact us at any time.