A business loan is a loan which is specifically intended for business purposes. As with all the types loans, it involves the creation of a debt, which will, however, be repaid with added interest. There are various types of business loans, depending on the requirements of the different types of businesses such as mezzanine financing, bank loans, asset-based financing and also invoice financing. This article, however, tells us as to how can one avail a business loan easily.
The maximum loan amount which any borrower can ask for in a business loan is 25 Lakhs and the term of the loan is from 1- 5 years. There are however many websites which provide business loan online but we at Legal Raasta provide you with business loan easily and without any complications. Applying for a business loan through Legal Raasta provides the borrower certain advantages which are that the process is brief and convenient, the financial results are personalized and malleable and the services that are provided are customer adaptable.
The steps which would help the borrower to apply for a business loan online through us are:
Before applying for a business loan online through Legal Raasta the borrower is supposed to check if he qualifies for the loan or not. A simple form in which details such as name, mobile number, e-mail, the type of loan, the loan amount and the loan tenure are to be filled to check the eligibility.
Once it is seen that the borrower qualifies the eligibility, our team would contact you and would further ask you about some details related to the business loan such as about the fact as to what is the annual turnover of the company, what is your credit score and for how much time has the business been in operation.
The borrower is then required to send some of the documents like address proof, last 2 years balance sheet and profit and loss statement and the registration details of the company.
Legal Raasta coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved.
We try to get you the best rates and the rates depend on various factors such as
1) The type of Loan which the borrower is choosing?
2)The annual turnover of the company
3) How long the borrower wants the loan?
4) What is the credit score of the company?
5) the Time is business
Once the loan is approved, the amount is credited to the borrower’s account.