Cash is the life-blood of any business and without it, the operations could come to a standstill. Businesses need cash to get off ground and to manage the day-to-day business activities. If you are a business owner, who is in immediate need for cash, apply for a working capital loan. The loan provides working capital for businesses. An organization needs working capital to make the payment of salaries, utilities and to ensure uninterrupted business functioning. The loan is available for a short tenure and has low interest rate.
It is important to identify the purpose of borrowing before applying for the loan. You need to decide on the amount of funds you require and where you intend to use them. You need to know that you cannot use the funds for any other purpose in the business. A working capital loan must be utilized to meet the working capital needs only. Sole proprietors, partnerships and corporations are eligible to apply for the loan. To apply, you need to fill the loan application form and submit necessary documents. You will have to provide KYC of the partners, address proof of the business, proof of going concern, bank statements, ITR, memorandum of the business and income statement and balance sheet. If you have a good credit score, the loan application will be approved in no time.
Use the EMI calculator before you agree on the EMI amount. The calculator is available for free online and is easy to use. You only need to provide the loan amount and tenure to get a quick estimate. Decide whether the EMI amount is within your monthly budget or not. You need to consider the inflows and outflows of funds before you agree on an EMI amount. Do not agree on a higher EMI only to make the repayment of loan. If you need a longer tenure, speak to the customer executives for the same.
The loan application will be processed and approved in 10 working days, and you will receive the funds in your account. Timely payment of dues will help build a strong credit score and will make it easier for you to get loan approvals in the future. A working capital loan is designed, keeping the changing demands of businesses in mind. The loan has a high approval amount but a short tenure. It is a preferred choice of many business owners in the country and can help turn your aspirations into reality. You can use the funds to make the most of a business opportunity or to expand the production capacity. Irrespective of the type of business you own or the industry you operate in, the loan will help you in many ways. It is a simple form of borrowing that helps continue the business operations without any interruption. It has a transparent and straight forward application procedure. Apply for the loan today!