Business LoanEasily Available by Us
In the last decade, start-up culture has seen an exponential boom and today, many of us dream of becoming entrepreneurs with our very own start-ups that could potentially become corporate behemoths. Getting a start-up worthy idea is one thing, but putting your plans in motion and executing that idea to perfection is a whole different ball-game. A ball-game that requires, first of all, capital.
Not everyone can have the luxury of getting funds from angel investors. We’re all looking for funds to either start our own business, or help our existing business grow by expanding it. In India, one of the most common ways to secure funding for your business is via a business loan.
A business loan is an amount that you can borrow from banks or Non-Banking Financial Companies to start a new business, expand your existing business or buy additional equipment or machinery for your business.
Features of a business loan
Eligibility Criteria for business loans
- The interest rate of a business loan can be anything between 14% to 20%.
- Minimum loan amount: The minimum loan amount for a business loan can be no less than Rs. 10 lakh
- Maximum loan amount: Even though the maximum loan amount depends on the lender and the type of business, it can go as high as Rs. 50 Crore
- Repayment period For a small business loan, the repayment period can be between 12 months to 5 years.
- Nature of business loans: Business loans can be short term, long term, secured or unsecured, and working capital loans.
Who can avail a business loan?
- Age: Minimum 18 years old and maximum 65 years old when applying for the loan.
- The applicant must be an Indian citizen with no criminal background.
- The borrower must have a good credit score and no defaulted loans.
What can you use a business loan for?
- Startup enterprises
- Retailers, Artisans, Traders
- Private and Public Limited Companies
- Closely Held Limited Companies
- NGOs, Co-operative Societies and Trusts
- Self Employed individuals like doctors, architects, CAs, designers etc.
Documents required for a business loan
- To expand or relocate your business.
- To enhance cash flow of your business
- To meet requirements for working capital
- To purchase new equipment of machinery
- To restock your inventory
- To renovate your offices
- To upgrade your technology
- Identity proof like passport, driver's license, PAN card, Aadhar Card
- Address proof
- Address proof for business
- Proof of business for the last 3 years
- Balance Sheet and Profit and Loss Statement
- IT returns for last 3 years
- Bank Statement for last 6 months
- Proof of ownership
Getting a business loan approved can be an exhausting process. At Cat Eye Consultancy, we ensure that your loan application process is as smooth as possible so that you can get the necessary funds required to jumpstart your entrepreneurial dream.
Whether it is making a rock-solid loan application or ensuring that all your documents are in order, we at Cat Eye will leave no stone unturned to ensure that your loan is approved in no time. Let us help you achieve your entrepreneurial goals by getting your business loan with us.
Working Capital Loan
Working Capital Loan is a type of business loan that is used for the day-to-day business operations of companies, enterprises or startups. Such loans, funds or credit can be used only for short term payments and cannot be used to buy long term assets or for investment.
The main goal of a working capital loan is to provide funds to fulfill instant business requirements for companies.
Banks and NBFCs have a variety of business loan options and a working capital loan is one such loan. Working capital loans were introduced keeping the financial needs of entrepreneurs, MSMEs, small companies, business owners, self-employed individuals and startups in mind.
Features of Working Capital Loans
12% onwards but usually depends on the business profile of the borrower and the bank or NBFC.
Individuals between 18 to 65 years (at loan maturity) may apply for the loan.
The eligible loan amount is usually dependent on business requirements.
Loan Repayment Tenure:
12 months to 84 months
upto 2% of loan amount
Usually not required
Usually floating rate of interest
Minimum 3 years in business with profit.
Who can avail a working capital loan?
- Private and Public Limited Companies
- Partnership Firms
- Sole Proprietorship
- Self-employed Professionals
Any company partaking in businesses in relation to manufacturing, retail, distribution, providing services, supermarkets, restaurants, departmental stores etc can avail a working capital loan.
These companies may use the loan to pay for employee salaries, cover accounts, manage regular payables etc. Companies whose profits are seasonal in nature, or those who see major fluctuations in sales usually rely on working capital loans during their lean periods. This makes working capital loans a necessity for businesses that see stagnation during some parts of the year.
Usually, working capital loans are offered to small companies or MSMEs and not to large corporate companies. They are designed to help MSMEs meet their daily operational costs. Most working capital loans are unsecured, which means that they do not need any collateral.
Eligibility Criteria for Working Capital Loans
If you are an entrepreneur running a Micro, Small or Medium Enterprise, you can apply for a working capital loan provided your business is a certain years old and has been regularly having a specified turnover. The exact requirements of turnover and how the business should be will vary from bank to bank.
If you want to ensure that your business operation runs smoothly and that you’re never short of funds, let us at Cat-Eye Consultancy guide you to get the best out of your Working Capital Loan. With our quick and hassle-free services, you can rest assured that your working capital loan needs will be fulfilled in the most convenient manner possible.
Enjoy the benefits of Working Capital Loans with Cat-Eye Consultancy:
- Extremely fast loan disbursement
- Hassle-free loan process
- Minimal Documentation
- Affordable interest rates
- Flexible repayment schedule.
Kindly furnish the following details if you have any queries regarding any of our services. One of our representatives will contact you shortly with more information related to your query.