Process and eligibility of the business loan
Getting loan money from the bank for your company is a good decision. This banking procedure will assist you in moving forward more quickly. The bank customized collateral-free business loan interest rates and fees are custom-made to each customer’s unique business profile and needs. The bank’s affordable options must guarantee that you fulfill your business loan requirements most simply and conveniently possible. If you own a small company and consider applying for a loan for MSME online, you already well know about the importance of these loans. Business loans are life savers for all types of business companies, like multinational corporations, small to medium-sized enterprises, and entrepreneurs. These loans from the bank will assist company owners in cash flow management, payout times, and inventory management.
Apply for a Business Loan
Even though applying for an instant business loan is a lengthy process, now it becomes fully hassle-free and online. You will not require visiting several banks in search of the best interest rate, nor are you required to wait for clearance or submission of papers physically. To apply for a business loan without collateral, all you need is the file of soft copies of your records on your device, a stable internet connection, and a strong credit score. The entire procedure can take no more than a few business days, during which time you can see a reflection of the loan amount will get transferred to your account. Here are different ways that show you how to apply for a business loan:
- Online Application
Visit the Flexi Loans or bank’s official website and complete the application process by filling in all the necessary details accurately. Flexi Loans site will use the filled information to determine your business loan eligibility.
- Online submission of required documents
Upload all necessary documents that are needed by the bank, including identification documents, current account bank statements, and business identification process during the video calling.
- Credit Analysis
We must evaluate the business’s performance and processes to regulate the amount of money you are willing to get and the applicable interest rates. Our bank loan officers will assist you in understanding the offer and making an informed choice.
- Loan Disbursement
After checking the documents and accepting the loan, Flexi Loans will exchange the loan agreement. Within forty-eight hours of signing the contract, funds are transferred to the applicant’s bank account.
Basic Eligibility Criteria
Flexi Loans has simplified its eligibility conditions to the bare minimum to expedite the processing of business loans.
- You must attain 21 years of age when applying for the loan and not more than 65.
- Business loan are available for sole proprietors, and private companies involved in trading, production, individual corporations, or services.
- The loan applicant must have worked in the industry at least for three years and also have at least five years of experience.
- Offers business loans to those businesses that have been running for at least a year and have monthly total sales of at least rupees 2,00,000 by the year-end.
- You must pay tax for your business, also ensure that there are no errors in previous accounts and, as such, the company is tax compliant.