These loans come with the following features:
Ample financing option for every need
Lenders such as Bajaj Finserv offer loan amounts of up to Rs. 30 Lakh with a business loan. These loans are unsecured or collateral-free. Hence, you don’t have to pledge an asset for these loans.
Quick fund disbursal for emergency needs
Lenders can approve your loan application within 5 minutes and disburse the funds under 24 hours. Quick approval and disbursal also make these loans ideal for financial emergencies.
Tenors that don’t make the loan a financial burden on you
The repayment tenors for short term business loans range from 12 to 60 months. Note that a longer tenor will make your EMIs low and the cost of loan (principal + total payable interest) high. Shorter tenors will follow reversely.
Minimal eligibility criteria to lessen inconvenience even more
You only have to fulfil two eligibility criteria to avail a business loan in Asansol; you must be between 25 and 55 years with a business vintage of at least 3 years.
A credit score of 750 or more might also be essential to apply for a loan. Having a high CIBIL score is one of the secrets for faster business loan approval.
Few documents requirement that lower hassle
You have to provide your KYC documents (Aadhaar, Voter ID, PAN, Driving License, Passport, etc.) and proof of business (GST registration, Partnership Deed, Memorandum of Association, Articles of Association, Trade License, etc.) to avail a business loan for manufacturing in Asansol.
NBFCs may also want you to provide the following:
Financial statements (Balance Sheet, Profit & Loss Account, etc.) You may have to audit these statements by a CA.
Bank account statement of the previous month.
Income tax returns of at least the last year.
Financial institutions may require additional docume
Bajaj Finserv also offers their standalone Flexi Loan facility that helps you borrow funds as per your convenience.
Unlike traditional loan for business, you don’t have to pay EMIs with interest on the total sanctioned amount immediately with a Flexi Loan. Instead, the borrower pays interest only on the amount withdrawn from the funds sanctioned. Also, you can choose to pay only the interest as EMIs and repay the principal when the loan tenor completes.
How can you use a loan for a business in Asansol?
Some of the ways you can expand your sports equipment manufacturing business include:
Buy new machinery
Machinery loans are one of the types of business loans that can aid you to buy new plant & machinery.
Purchase new equipment
Your manufacturing unit needs equipment similar to machinery. A loan for manufacturing in Asansol can help you to purchase the same.
Expand your business to another location
Bardhaman, Durgapur, and Dhanbad are some of the prominent places adjacent to Asansol where you can expand your sports equipment manufacturing business with a loan.
Make sure to use an EMI calculator before you apply for a business loan in Asansol. Also, ensure that you avoid some common business loan application mistakes before you do so.