Business Loan
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about Business Loan
How it works?
Business Loans in 3 simple steps
Overview
The foremost priority of any entrepreneur is to see his/her business grow, expand and flourish.
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.
Categories
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:
- Short-term loans
- Long-term loans
- Intermediate loans
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.
Eligibility
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.
Self-Employed Professionals
The professionals such as company secretaries, architects, doctors, chartered accountants etc. come under this category.
Self Employed Non-Professionals
The applicants such as manufactures and traders fall into this category.
Entities
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.
- Must have a business turnover of Rs. 40 Lakhs
- Must run the current business for at least three years
- Must have five years of total business experience
- The business must be in a profitable state for the last two years
- Must have an annual income of Rs. 1.5 Lakh per annum
- Applicants should be in the age group of 21 to 65
Finway Advantage
- Instant online approval. Loan sanction in 30 mins, disbursal in as low as 2 hours.
- Loan amount from Rs 5,000 - Rs 5 Crores
- Tenure: 3 months to 18 months
- Interest rate from 12% to 26% per annum
- Processing Fee: 3% to 5% OR Rs. 500, whichever is Higher
Trusted Banks
Best Business loan offers
from India’s most trusted banks
| Salaried | Self-Employed | ||
Age |
21 years to 60 years
|
22 years to 55 years
|
|
Net Monthly Income |
Rs.15,000
|
Rs.25,000
|
|
CIBIL Score |
Above 750
|
Above 750
|
|
Minimum Loan Amount |
Rs.50,000
|
Rs.50,000
|
|
Maximum Loan Amount |
Rs.25 lakh
|
Rs.30 lakh
|
|
Documents Needed
- Identity Proof (Aadhaar Card, Voter ID, Driving License, Passport, etc.)
- Address Proof (Valid ID proof with permanent address)
- Income Proof (Bank statement from the last 3 months)
Documents for NRIs
- Copy of your Passport
- Visa Copy
- Your official Email ID or the Email ID of the HR
- Bank Statements
- Salary Certificate or salary slips
- NRO/NRE bank statements of the last 6 Months
- Proof of Identity, Residence, Income, and Assets
- Recent passport-size Photographs of yourself and the guarantors
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