Working Capital Loan for Small Business
Working Capital Loan for Small Business
Working capital loans are a kind of business loan and it's a form of short-term business financing. It can be used for the purpose of the daily operations of the business. These can include payroll, daily operating costs, inventory or even rent and building expenses.
You can avail yourself of working capital loans for small business from various places that includes online lenders, traditional banks and the Small Business Administration.
Eligibility for the working capital loan
• Age Limit of Self–Employed Individuals - 21 to 65 • CIBIL (Credit Information Bureau India Limited) Score should be above 750 • Work experience of salaried Applicants – Minimum – 3- 5 Years • Business of nature must be involved trading & manufacturing
Benefits and features of the loan for small businesses
- Your requirement may be small or large, loan amount can be from 50,000 to 2 crores.
- Superfast processing: The process for loan applications can be within 72 hours (about 3 days).
- Complete online processing: There is no need to visit physically or wait in long queues. The application is very simple & is processed online.
- An unsecured working capital loan that reduces the risk of asset loss for your business.
- Interest rates range from 1% to an average of 2% per month, depending on your credit profile.
- Loan tenure: the sanction loans with a tenure varying between 1 and 36 months, for easy & convenient repayment.
- Processing fee: One-time processing fee of 2 to 3%, no other hidden costs or charges.
- Flexible Repayments: Monthly instalments available for the customer’s convenience.
