Small-size business enterprises (SMEs) are the backbone of the Indian economy. These businesses offer products and services catering to millions of people from different socio-economic backgrounds. The rise in middle-class income has been a boon for these businesses as it has helped them expand their horizon and grow their enterprise.
Yet, things aren’t as rosy as it seems. These businesses had always faced a challenge in the past to manage their capital for daily operations effectively. Insufficient capital acted as a speed bump on their growth journey; Covid-19 has pulled a break on it.
Pandemic has not only affected the demand-supply of many products but also affected the flow of capital. SMEs are finding it challenging to meet their capital needs to fulfil their current commitments. They have either deferred payment to vendors/employees or are planning to shut down the shop. In this darkest hour, enterprises have a ray of hope in the form of Flexi business loans.
What are Flexi Business Loans?
The term ‘Flexi’ means that borrowers can utilize the amount as per their needs. These are new entrants in the market, beneficial for companies who are looking for quick business loans. The product is specifically designed to provide small businesses with loans at best interest rates, flexible terms and are disbursed at the earliest without any hassle. These loans can be used by enterprises for:
- Business expansion
- Managing regular working capital requirements
- Servicing seasonal capital needs
- Handling short term cash flow gaps
Are you looking for capital to tackle any of the above issues? Then apply for a flexi business loan today.
How to Get a Business Loan?
To get a business loan in India, the borrower should meet certain eligibility criteria set by the government:
- When applying for the loan, the borrower must be 21 years of age and not more than 65.
- Individual corporations, sole proprietors, and private companies involved in trading, production or services can avail small business loans.
- A business loan is offered to the businesses that have been running for a year and have monthly sales of approx. Rs. 200,000.
- In India, companies can apply online for a business loan only if they have served for more than 3 years.
Once the borrower satisfies the eligibility criteria, they can follow the below steps to apply for a business loan:
- Fill the application online: The basic details of the borrower need to be mentioned in the application form, including DOB, Profession etc.
- Upload the documents: The documents include:
- KYC Documents
- Proof of Address
- Banking Documents
- Business KYC
Lenders review the documents & online application forms submitted and verify the credit score. Borrowers with good credit scores and who have provided all the required documents get their loan approved in a couple of hours.
How to repay the loan?
Once the Flexi loan is approved, borrowers can repay it in the form of equated monthly instalments (EMIs) at fixed rates. Through a business loan calculator, borrowers can determine the amount they have to pay every month.
What is a Business Loan EMI Calculator?
The business loan EMI calculator is a free online tool that helps determine the monthly instalment to be paid. EMI is composed of 2 components: the principal amount taken and interest accrued. Through the business loan interest rate calculator, users can determine the EMI by just entering the amount of business loan, the tenure of loan and the rate of interest being charged.
How Flexiloans and its EMI calculator is a boon for businesses?
The business loan process followed by Flexiloans offers loans in the quickest time with minimum documentation and hassle-free procedure. For borrowers taking a loan for the first time, flexi loan EMI calculator is a lifesaver as it helps them to understand the total amount to be paid back, monthly EMI for the tenure and offers additional functionalities such as scheduling your payments, managing other bills etc.
Below features distinguish Flexiloan from the herd:
- Flexiloan offers collateral-free business loans to SMEs to manage their working capital requirements. Based on credit ratings, bank balance and documentation, flexiloan determine the amount to be offered as a loan without any security. This allows businesses to focus on growth rather than worrying about liquidity in the short term.
- The business loan interest calculator offered by flexiloan help businesses understand the total interest and monthly EMI they will have to pay once the loan is finalized. The simplified calculation helps borrowers in making quick decisions to apply for the loan and get it in the least amount of time.
- Flexiloans safeguards all the data captured as per RBI norms. The data isn’t released to business competitors or other lenders, ensuring that the borrower can form a trusting relationship with flexiloans and use their service further for expansion.
- The biggest USP of flexiloans term loan calculator is that it offers transparency. The calculator will display all the charges the borrower might incur while availing of the loan. There are no hidden charges. Thus, the borrower gets the full loan amount that he applied for and uses that for the growth of his business.
The business loan process can be complex and cumbersome, with too many hidden charges involved and borrowers getting deals that might not be best for them. If you are a business owner who is looking for a quick business loan, visit FlexiLoans today. Use our Flexi loan EMI calculator to understand the total interest and EMI to be paid for the borrowed amount and apply for an instant loan. We offer business loans at attractive rates to help enterprises get immediate cash infusion and grow towards a better future.
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