You can Use a Business Loan To:
- Increase your business cash flow
- Lease bigger office premises
- Renovate your office
- Purchase, lease or repair machinery and equipment
- Upgrade to the latest technology
- Stock up on inventory
- Hire seasonal employees
- Purchase raw material for bulk orders
- Expand to another area or city
- Scale-up operations and take on bigger projects and much more
Types of business loans
Business Term Loan
A Business Term Loan, finances your high-cost investment like business expansion or purchase of tools or machinery.
Working Capital Loan
This business loan can be availed by different businesses for various purposes. With this type of loan, one can easily finance their daily business expenditures. Working Capital Business Loan lets your business grow by freeing up and adding to your cash flow.
Business Loan Eligibility Criteria
Are you thinking of availing a business loan in the near future? Take a look at our business loan eligibility criteria mentioned below, to make sure your business loan is approved at the very first go:
- The applicant has to be in business for last 3 years with a minimum turnover of Rs. 1 Crore
- The business must have generated profit for a minimum of 1 year
- The business should be a Sole Proprietorship / Partnership firm / Private Ltd / Trust / LLP involved in the business of Manufacturing, Trading or Services
- The applicant needs to be 21 years of age and should not be above 65 years at the time of loan maturity.
Check out the detailed criteria for business loans eligibility to know more.
How Much EMI do I have to pay for a Business Loan and What are the Fees/Charges Associated?
At Clix Capital, you can choose from customized repayment (EMI) and down payment options. However, the interest rate of your business loan depends on various factors, such as the specifics of your application (including metrics like business health and income). We will tell you the final applicable business loan interest rates once we go through your application form and all supporting documents.
This is the first and foremost step when it comes to ascertaining the loan amount that you can avail, so that the EMI does not affect your monthly financial needs. To know how much EMI you would have to pay every month, try our easy-to-use business loan interest rate calculator. Simply enter the following details and know your EMI:
- Loan Amount
- Desired Interest Rates (%)
- Tenure in Years/Months
What are the Documents needed for a Business Loan?
We, at Clix Capital believe in fast loan disbursals with no inconvenience of prolonged paperwork. Here are the documents to be submitted with the application for a business loan:
- Completed Application Form
- Passport-size Photograph
- Identity Proof
- Address Proof
- Financial Documents
- Proof of Ownership
At Clix Capital, we understand how small steps can make a great difference in reaching your business goals. To help you achieve newer milestones of success every day, we provide a range of collateral-free customized business loan solutions suited for your business requirements.
Factors that Affect your Business Loan Interest Rates
Several factors affect interest rates applicable on your business loan, making the EMIs different from one borrower to the other. Here are a few of them:
- Credit Score: The better your credit score is, the easier it would be to get your loan approved at a lower interest rate.
- Business Vintage: We offer business loans only to existing businesses that are at least 3 years old. However, the older you are, the lower the interest rates you may get on your loan.
- Business Type: Riskier business types have to pay a higher interest rate than less riskier ones.
- Business Plan: If you give a strong vision and plan for your business, you may have a better chance of getting minimum interest rates. However, if your business plan is dwindling and you don’t give a strong reason, you may end up paying a higher interest rate.
- Monthly Revenue: Your interest rate is calculated based on the loan amount you have applied for and your business’s monthly revenue. If you don’t have satisfactory revenue, you may end up paying a high interest rate.
Tips to Minimise Business Loan Interest Rates
Here are a few tips that can help minimise interest rate on your business loan:
- Improve your credit score
- Maintain a good credit history
- Boost your company’s revenue and profitability
- Apply for the right loan amount with a strong business plan
For any questions regarding quick loans for your business, call us on 0124-474-0870 (toll-free).
