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| Loan Amount | ₹100,000 |
| Interest % | 8 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,699 |
| Total Interest | ₹ 4,386 |
| Loan Amount + Interest | ₹ 104,386 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 8,032 | ₹ 667 | ₹ 8,699 | ₹ 91,968 | 8.03 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 91,970 | ₹ 3,719 | ₹ 95,689 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Don’t want to reduce your chances to get a Business Loan approval? It’s better to stay prepared with all the possibilities. Here are a few things you should keep track of before applying for a Business Loan.
Lenders typically offer large sums of money to business owners and self-employed individuals. As a result, you must examine your financial needs and apply for a loan that will assist you in funding your business. It’s never the best idea to borrow more than you need because payback could be difficult.
As part of their product mix, several lenders provide more than one business loan. The terms, loan amounts, loan tenures, and repayment alternatives for these loans are likely to be diverse. Furthermore, certain business loans may be tailored to specific sectors or segments of society, allowing members of these groups to benefit from cheaper interest rates or better terms. As a result, conduct your homework on the various forms of business loans accessible in the Indian market and make an informed decision.
Your credit score shows how creditworthy you are. People with strong credit are thought to be less prone to default on their payments. As a result, lenders will normally verify your credit score before granting your loan. A credit score of at least 750 is recommended to boost your chances of being approved for a loan at a reasonable interest rate. (Before applying for a business loan, verify your credit score and, if necessary, take actions to improve it.)
The borrowed amount is usually repaid in Equated Monthly Installments (EMIs) for business loans. Lenders usually consider your repayment capacity when determining an appropriate loan term and monthly EMI. You should verify that you comprehend your lender’s repayment terms as an applicant. Make sure you don’t fall behind on your EMI payments, as this can ruin your credit score.
Interest rate, processing fee, preclosure fee, documentation charges, part-payment fee, default fee, and other charges are all assessed on business loans. Be sure to look into the fees or charges that different lenders impose and how they affect the cost of your applied loan.
The steps of building a business are already complicated, we don’t want to add to it for you. ReferLoan offers an easy and convenient way to apply for a Business Loan. So, you can save your time and utilize it for your business the right way.
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
One of the most important steps. Now you will have to submit all the required documents digitally.
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
No, you need not have collateral to get a business loan.
Postdated cheques, Electronic Clearance Service (ECS), and Direct Debit are all options for repayment of a business loan.
Typically, you need to maintain a credit score of 750 or higher to get a business loan without any hassles. A poor credit score can lead to the rejection of your loan application.
After evaluating your documents and eligibility criteria, the lending institution will disburse your business loan within 72 hours. However, this time can vary from one lender to another.
No, you can’t make part payments for business loans.
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