Many times businessmen find themselves in need of credit to expand or fund their business for multiple reasons. They need the funds to buy some equipment, working capital gap, payment to creditors, pay off business dues, pay employee's salaries, to expand, etc. Businessmen can't put the funds in line from their savings. Thus they opt for business loans. The business loan works as the perfect financial aid for such situations. Taking a business loan is always a safe and easy way to tackle your business-related financial needs. You can also apply for a business loan if you want to start a new business. The terms and conditions to avail such a loan are different than the loan taken for already running businesses. Each business is different in various aspects thus it requires different documents and is applied to different criteria. That's why banks and NBFCs offer customized business loan plans as per the requirement of applicant/s. These plans are applicant/s centric and made with keeping financial alternatives in mind. Banks and NBFCs also offer special loans for women entrepreneurs. They are customized business loan plans for women to service their needs and give them a chance to build a competitive business in the market.
Businessmen or entrepreneurs take a business loan to meet their various business-related needs. We have listed a few of them below:
Even in an ongoing business, businessmen require an ample amount of funds to sustain and fund their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.
Every entrepreneur wants his or her business to flourish beyond the boundaries of its local position. This thought comes to their mind when the business starts to grow in its initial location and there is a positive flow of profit. Businessmen understand the need and urge to expand their product i.e. the very own business. But expanding the business beyond local capacities is not easy, financially speaking. It surely needs a strong monetary backing to meet with the needs of expanding the business. Whether its location, equipment, new recruitments or paying for the new communication channel, businessmen need a bucket full of finance. Thus they opt for a business expansion loan. By taking this loan, businessmen make sure that their respective business touches new heights of success.
Almost all types of businesses need specific machinery or equipment for smooth functioning. Many times these types of equipment are higher in price. Thus businessmen opt for this type of loan to buy such equipment and pay it off with profits which will come from the use of this equipment or by putting them out on lease later.
Having a well built exquisite infrastructure is one of the key points of a business. Your clients many times judge you from the infrastructure you work within. Also, it is easier for many businesses to have a well-sorted customized infrastructure for smooth day to day affairs. Having any kind of infrastructure, small or large, does not come in cheap. Thus businessmen opt for this type of loan.
There are many types of businesses in India which require various types of loans. To match all of their needs, banks and NBFCs have come up with various types of business loans. Some of these are mentioned below:
The government of India helps various small businesses by offering them business loans under various schemes. One such scheme is Micro Units Development and Refinance Agency Ltd, also known as 'Pradhan Mantri MUDRA Yojana'. It was started with one goal: fulfilling all the funding needs of non-cooperative small businesses. Through this scheme, loans are sanctioned to the elderly and minorities, for factory their business needs.
This is a type of small business loan which gives you a smaller repayment term. The maximum repayment term for microloans is 6 years.
Almost all types of businesses need specific machinery or equipment for smooth functioning. Many times this equipment is higher in price. Thus businessmen opt for this type of loan to buy such equipment and pay it off with profits which will come from the use of this equipment or by putting them out on lease later.
This is a type of unsecured loan which is given to self-employed professionals. The loan amount varies from Rs. 25,000 to Rs. 75,00,000. The amount depends on the applicant's financial status and history. Self-employed professionals include CA, CS, doctor, engineer, architect, trader, commission agent, & contractors.
This type of loan is given for a long term specific business project. The company has to present a project assessment report on which the loan is granted.
Almost all types of businesses need specific machinery or equipment for smooth functioning. Many times these types of equipment are higher in price. Thus businessmen opt for this type of loan to buy such types of equipment and pay it off with profits which will come from the use of these types of equipment or by putting them out on lease later.
Even in an ongoing business, businessmen require an ample amount of funds to sustain and fund their daily operations. These loans help them to be sustainable soon and it can be paid off once the business starts to grow. This type of loan comes handy in a situation when the business earnings are not adequate.
Banks have divided applicants into two categories based on their profession. The eligibility criteria and list of documents change as according to these two categories
Ruloans is India's fastest growing financial distributors.We serve customers from all the major cities in India like Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Nashik and many more. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for a business loan with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.
We have developed an efficient, smooth and easy process for our consumers to get a business loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle-free process.
We value our consumers and are always on our toes to give them the benefits of our expertise. Applying for a business loan with us gives you a chance to avail the best offers and deals from our partner banks and NBFCs.
You can compare interest rates, offers, and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.
Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime.
We, at Ruloans, are there to understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.
You pay the loan via EMI i.e. equated monthly installments.
Yes. You need to either have an existing bank account or open a bank account in order to service your business loan.
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 support@ruloans.com
