Business loan is a respite for businesses of all shapes and sizes. As increasing your working capital can benefit your business to expand and run operations smoothly. So, if you are looking to manage Working Capital Loans for Small Business, here’s what you must keep in mind.
If you are a business owner between 25-55 years of age your business must have vintage of at least three years. Ensure that your Income Tax returns are duly filed for at least of the previous year. And, that a reputable chartered accountant duly audits your previous year’s turnover. You will be required for relevant documentation supporting your business such as bank transactions, business certificate and so on.
Benefits of Working Capital Loan are:
They help to maintain a healthy cash flow as these are hassle-free loans. They can be availed without pledging any security as collateral. Therefore, you are required to submit not too much paperwork but only evidence supporting your business.
You can apply online for the loan and the lender’s representative will contact you shortly. They will discuss the requirement, explaining you the benefits and ask you for documentation to take the process further. On verification, the lender will send you the letter with terms and conditions. On acceptance of the offer loan is disbursed within 24 hours.
Another major benefit is the flexi loan facility in the loan which lets you withdraw as per your individual needs from the loan amount sanctioned. Interest is charged only on these daily withdrawals and helps you lower your EMI by up to 45%.
To know more about Working Capital Loan, Read: All You Need to Know About the Benefits of a Working Capital Loan