To fulfill this desire, business owners opt for business loans and meet their financial requirements.
Just like a personal loans, a business loan can also be used for multiple purposes as long as they are related to your business. Once you pass the business loan eligibility criteria, you are all set to receive your loan. Business loans come in various forms like bank loans, asset-based financing, invoice financing, microloans, SBA loans, and a lot more. After comparing these options, you can opt for the one that best matches your need. At Finway FSC, we enable your business to meet its funding requirements by assisting you in making an informed decision.
Finway FSC offers both secured and unsecured business loans based on state and need of the business. There are three types term loans available as follow:
The repayment schedule of term loans can be monthly or quarterly. Based on the term loan secured, the type of interest can be floating or fixed.
A demand loan needs to be repaid based on the demand schedule. Banks and the financial institutions offer both secured and unsecured demand loans. The repayment tenure of demand loans extends up to maximum 12 months.
Such loans are offered based on bank approved financial securities such as insurance policies, mutual funds, demat shares, saving bonds, fixed maturity plans etc. Such loans can be secured to mitigate an immediate financial crisis.
The eligibility for securing business varies based on the profile of the applicants. Based on the type of business the applicant engages, the applicants fall into three broad categories.
The professionals such as company secretaries, architects, doctors, chartered accountants etc. come under this category.
The applicants such as manufactures and traders fall into this category.
a. Partnership firms, LLPs, private limited companies and closely held limited companies
b. As part of the eligibility criteria, the applicant needs to fulfill the below to apply for a business loan.
21 years to 60 years
22 years to 55 years
Net Monthly Income
Minimum Loan Amount
Maximum Loan Amount
Minimal turnaround time, knowledgeable staff, excellent services, and everything digital; my experience from Finway has been very convenient. Everyone at Finway, not only listens but also understands customers and their needs. This is what a customer looks for when s/he seeks loans from lenders. For me, Finway is a go-to loan provider that keeps everything hassle-free.
The overall experience, starting from applying for a personal loan to its processing, and the final step when I received the loan, was smooth. Thanks, Finway for doing it with no hassles and in such a short interval. Great coordination among the internal teams, unmatched services, diligent follow-ups, all these aspects make Finway a great lending institution in India.
For any businessman, finance is paramount, especially in the initial phase of business. You may face a shortage of funds during the infancy of your business. My story is no different. However, when I applied for a business loan from Finway, I experienced a very smooth functioning and hassle-free disbursal process. The experts at Finway were so quick, understanding, and most importantly. Thanks!
Currently, to avail business loan banks we do not ask for any security. The business loans are offered based on the evaluations of the submitted documents along with the duly filled application.
Yes, you will be eligible for availing a business loan based on the evaluation of the submitted document along with your business plan.
No, it is not mandatory to provide personal details to use an online EMI calculator
You can apply for a business loan to fulfill the below requirements-
In the advent of the Internet, today, most of the banks and lenders offer efficient online services to its customers. With the help of online banking tools, applicants can check their eligibility to avail a business in a fraction of one minute
The minimum loan amount offered is Rs. 5,000 and maximum loan amount can exceed Rs. 2 crore, depending on the requirements.
The maximum age of availing a business loan is up to 65 years.
Interest rate offered by various banks and Financial Services Companies starts from 14.99% onwards.
You can repay the loan amount in minimum 12 months and maximum up to 5 years, depending on the respective bank or Financial Services Company.
No, you are not required to submit any collateral to bank or Financial Services Company.
The foreclosure charges and processing fees varies from bank to bank. Every bank and Financial Services Company has different charges, so you need to check online from their official website.