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How to Avail Small Business Loan Easily

Business loan is a convenient way for firms to increase their working capital. It helps to cater to planned and unplanned expenses of the business and in the process improve its yield. If you are a small enterprise looking for funding keep in mind the below things to avail preferable loan amount.

Credit score

Credit score is a measure of your creditworthiness. It conveys the lender how frequently you are with your payments by summarizing your past payment history. Usually, a credit score of 750+ or more is considered good to apply for the loan. Besides, you get a chance to negotiate loan terms with your lender and pitch for higher loan amount at lower rate of interest.

Income source

Lenders prefer applicants with consistent source of income. To meet the basic eligibility having a business vintage of a minimum three years is what is needed to avail a loan of your choice.

Experienced lenders

To derive maximum benefit from your small business loan opt for lending institutions which understand your concern and offer you lucrative offers on the loan. Besides, having an easy-to-meet eligibility criteria.

Repayment terms

Leading NBFCs offer easy lending solutions to eligible applicants. For instance, Flexi Loan facility lets you borrow as per your need from the loan amount sanctioned. They charge interest on these daily withdrawals which helps to lower the EMIs by up to 45% and better manage the loan repayments. To know more about such terms you can check with your Relationship Manager.

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