Financeseva offers unsecured business loan in Delhi for low interest rates. Check your eligibility criteria for a business loan in Delhi here.
Secured Business Loan
Secured Business Loan
A secured business loan is a loan that is provided by pledging assets as security. This secured business loan is provided for several purposes such as the purchase of machinery or equipment, working capital, expansion, and requirements of infrastructure.
Features of secured business loan
- The amount of loan is high that ranges from Rs. 10 lakhs to Rs. 20 crores.
- Repayment tenure of up to 15 years.
- Hassle free loan process with speedy approval.
- It can be used for many purposes such as inventory enhancement, purchase of raw materials, hiring staff, buying plant and machinery, purchase office space or land, paying off salaries, etc.
Types of secured business loan
- Letter of credit
- Asset-based financing
- Farm or dairy loan
- Inventory financing
- Secured term loan
- Equipment finance
- Invoice discounting
- Machinery loan
Eligibility criteria for secured business loan
- The age limit of the borrower is from 21 years to 65 years of age.
- Entities eligible are startups, individuals, SMEs, and MSMEs.
- The credit score should be 750 or above.
- The existing business should be in profit for last 2 years.
- Secured business loan can also be availed by Limited Liability Companies (LLB), Proprietorship firms, and Partnership firms.
- The borrower should own property like a shop, residence, or factory.
- The financial history of the individual should be good.
