A business loan is required by every business person for different needs and situations that take place in the life of the business. For certain expenses, an individual can use his/her own resources but only till a certain time period. Post that, the business person either has to use the reserve working capital or take a loan. Using the reserve capital is not wise as you need that money for emergencies and immediate payments. Taking a business loan can help the business person in executing all the tasks and ensure that the business runs smoothly. In Chennai, Banks and NBFCs provide business loans to existing businesses for a variety of reasons. These reasons can be anything dealing with the upkeep of the business and to ensure that the business grows. Once the business person is eligible as per the lender, he/she can avail a business loan in Chennai.
Chennai is one of the largest city economies wise in India. It is nicknamed as “The Detroit of India” as it houses more than one third of the country’s automobile industry. Hence business establishments are in plenty in Chennai. These businesses use their funds and also business loans to ensure that the business runs without any hiccups and that it continues to grow. There are different reasons why a business person would need a loan. They are as follows;
A business can utilize their funds and the reserve working capital for the running of the business. This is only till the time that the working capital does not replenish. If it is less and is almost on the verge of being nil, it is bad news for a business. Having sufficient working capital is very important. Without it the business cannot run properly. The payments and salaries cannot be given on time. Hence an individual can take a business loan in Chennai to ensure that the working capital is sufficient.
A business has some goals set which they want to achieve. There are short term and long term goals. Out of these, one long term goal happens to be the expanding of the business. A business will want to expand from local to national when they want to increase their customer base and profits. For this, one can take a business loan in Chennai to expand their business.
Every business runs using their machines effectively and ensuring that the employees work with utmost efficiency. For this, it is very important that the machinery and equipments are up to date with the market trends. The machines and equipments keep upgrading and so does the efficiency and production capability. The new machines can help a business get more production and more profit. But a business cannot keep upgrading their machinery every few months because the value of these machines and equipments cost a lot. Hence a business person can take a business loan in Chennai and upgrade their old machinery with the new one.
How a customer views your business space/shop is very important. An establishment with good infrastructure will attract the customers toward your shop. This would mean that you would gain new customers who will buy products from your business just because your shop looks well furnished and with good infrastructure. The cost for setting up a good place or revamping your old space is high and hence a business person can take a business loan in Chennai to develop the infrastructure.
Business Loans in Chennai are given to business persons with an existing venture. There is a variety of loans given by the Banks and NBFCs. We have divided these loan types as;
Micro business loans are business loans given to small businesses that operate within the city. These loans are given when these businesses have short term payments and cash crunch issues. Banks and NBFCs give a customized solution to these business persons in the form of business loans which they can utilize and run their business with ease.
One type of business loans given by the different lenders in the market is for self employed professionals. These loans are unsecured and hence the rate of interest is high. The loan amount can be given around 25,000 to 75,00,000 rupees.
Banks and NBFCs encourage business persons with an existing business to start a new project. The business person has to prepare a project report which stated the intentions and needs of the business. The Banks and NBFCs will analyze the report and after careful scrutiny will derive a loan amount that can be given to fund the project. This is how you can get a business loan in Chennai to fund a new project.
A business needs to compete with the different businesses that are in the market. One way of doing that is by being more productive. Hence buying new machinery and equipments, the speed, efficiency and productivity can be increased. But these machines are very costly and hence a business person can take a business loan in Chennai to finance new equipments.
Every business needs to maintain a cash level for the business to run smoothly and also to ensure that all short payments and obligations can be handled. If this cash level goes down, then it is a cause of worry for the business. Hence a business person can take a business loan in Chennai to improve their depleted working capital and run the business with full efficiency.
A business loan can be availed by any business person who can fulfill the eligibility criteria set by the Bank/NBFC. The criteria are different as per each lender. Hence the list will vary with each lender in the market. Although there are certain points that exist in each lender’s criteria. We have made such a generic list and have mentioned it below;
Ruloans is a one stop shop for all of your financial needs. We help our customers borrow right. Our motto is to provide the best services which are “much more than money”. Being in the loan industry for a long time has given us a lot of experience in this field. Our staff is very knowledgeable and also has expertise in this field. Using their skills, we help our customers with the best solutions.
Applying for a loan can be a lengthy process. Hence we have created our online portal to be user friendly. By this, we make sure that there is no hassle while filling the online applications and uploading their documents.
You can benefit the most by applying for loans via Ruloans. With our expertise and over 50 partnered private Banks and NBFCs, we ensure that our customers get the best deals, offers and services.
Our internal team developed a highly proficient loan calculator. Using this, a customer can compare loan options, lenders, rate of interest etc. These parameters help a customer decide which loan they want to apply for.
Our internal team is full of skilled and knowledgeable people who have been working in the loan industry for many years. They use their knowledge and experience to help customers borrow right. This is all done without charging a single dime from the customer.
Privacy is very important and we ensure that our customers feel protected. None of their documents are shared with anyone except us and the lender of their choice.
You pay the loan via EMI i.e. equated monthly installments.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at email@example.com