All You Need to Know about Small Business Loans

Every small business owner faces situations when he/she needs a cash infusion for his/her business to survive. These are the times when small business loans can save the day. A small business loan can be both secured and unsecured, which can be used to meet an array of business requirements. If you have been thinking about taking out a small business loan, this blog post is for you. Read on, as we tell you all you need to know about small business loans.

Eligibility

Although the eligibility parameters for small business loans differ from lender to lender, the common ones include eligibility parameters such as income, age, location, employment status, marital status, and credit score. The ideal applicant who qualifies for a business loan should have a clean borrowing history. The loan is approved and disbursed according to the minimum and maximum credit limit, which is calculated according to your repayment capacity.

Factors Influencing Small Business Loan Applications

  • Income: If you have a consistent source of income, your chances of getting a loan are high. A high monthly income level shows that your loan repayment capacity is reliable.
  • Tenure: If your company has been around for more than a year, you are more likely to get a small business loan. It indicates to the lender that you have a stable business.
  • Credit Score: Lenders approve your loan application based on your credit history. If you have an outstanding credit score, the lender will most likely approve your loan application.

Loan Amount

The loan amount could be anything starting from ₹1,000 up to ₹2 Lakhs. The funds are credited directly to your account after the completion of the application process. The entire application process happens online providing for minimum documentation and faster disbursal.

Applying for a Small Business Loan

Now that you know and understand the basics of small business loans, you are ready to apply for one. Several loan companies these days provide small business loans; if you want to experience the quickest way to get a small business loan, use a money loan app such as KreditBee, known for its 15-minute loan approval. Simply download our app, create your profile, and leave the rest to us. If you have any questions or wish to learn more about our small business loans, write to us at [email protected] or call +080 44 292 200.

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