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Q
When can I avail a Business Loan?
You can avail a Business Loan when a new business opportunity reaches you. You can also avail it when you want to buy a new premise or when you need working capital or when you need to buy new equipments for your business.
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Q
How do Banks / NBFCs determine eligibility for availing this loan?
The Banks / NBFCs generally take into account the following factors to determine the eligibility for a loan against property:
Age
Business Turnover
Financial Documents
Liabilities
Payment Track Record
Continuity of Business
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Q
What is the maximum amount of Business Loan that I can get?
You can get a Business Loan up to Rs.75 Lacs, depending on the Bank / NBFCs policy.
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Q
Can I apply jointly?
Yes, you may apply jointly with a co-applicant. The co-applicant can be Business Partner / Company / Firm / Directors. By applying jointly, you can increase the loan amount required.
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Q
What is the Rate of Interest for availing Business Loan?
The rates of interest keep on changing as per Bank / NBFC policy and RBI / Government guidelines.
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Q
What is the security that I need to furnish to avail this loan?
Business Loan is an unsecured loan and hence, no security required.
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Q
Can I prepay my loan?
You can choose to repay the loan even before loan tenure is expired but for this you will be charged with a foreclosure fee depending on the Bank / NBFCs policy.
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Q
Is there any processing fee charged by Bank / NBFC?
The applicant may be required to pay nominal fees and charges depending upon the policy of the Bank / NBFC he / she has applied.
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Q
How much time do the Bank / NBFC take to disburse the loan?
The disbursement of loan depends on your profile and documentation. It generally takes between 7 to 10 days for the loan to be disbursed once all the documents are submitted.
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Q
How can I repay my loan?
The repayment of loan is done through EMI (Equated Monthly Installments). It can be paid through Post Dated Cheques (PDCs) or Electronic Clearance System (ECS) from any account approved by Reserve Bank of India.
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