The megacity, Bangalore, contributes to 87% to Karnataka’s economy. Home to successful start-ups like Flipkart and Ola, its repeatedly rated as one of the best cities to start your own business, both in India and the world.
So, if you are eager to acquire that business loan for your start-up, simply, keep these things in mind.
These are custom loan which lets you borrow just the amount you need for specific requirements of your business. It lets you maintain lower EMIs as interest is applied only on the amount withdrawn.
Positive working capital, where, flow of income, in and out of the company is usually stable and considered high, makes borrower eligible for a business loan in Bangalore. Interestingly, as this lending helps you save on your EMI, it is easier to maintain positive cash flow.
A good credit score of 750 or more is greatly helpful in acquiring a business loan. Avoid loan defaults, negative or multiple cash flows, cheque bounces instances, to maintain healthy credit.
Who can apply?
Business loan is available for self-employed, trader, retailer, manufacturer, salaried professionals; companies such as private limited, partnerships, to name a few.
Interest rates start from 13.50-15% for secured and unsecured business loan. List of relevant documents are available online which help you qualify for a hassle-free loan process. These include proof of business, bank account statements, identity proofs, KYC and photographs, in a broader sense.
Check out the link below to know more: