Loans which are provided to businesses based on their needs and are intended particularly for business purposes are called business loans. As with loans of all types, it creates a debt which must be repaid along with interest. Further, business loans are of several types, such as invoice financing, asset-based financing, mezzanine financing and the humble bank loan. Deciding which loan to opt for requires assessing the needs of the business.
The maximum loan amount which any borrower can ask for in a business loan is 25 Lakhs and the term of the loan is from 1- 5 years. There are however many websites which provide business loan online but we at Legal Raasta provide you with business loan easily and without any complications. Applying for a business loan through Legal Raasta provides the borrower certain advantages as in the process is brief and convenient, the financial results are personalised and malleable and the services that are provided are customer adaptable.
The steps which would help the borrower to apply for the business loan online through us are:
Before applying for a business loan online through legal raasta the borrower is supposed to check if he qualifies for the loan or not. A simple form in which details such as name, mobile number, e-mail, the type of loan, the loan amount and the loan tenure are to be filled to check the eligibility.
Once it is seen that the borrower qualifies the eligibility , our team would contact you and would further ask you about some details related to the business loan such as about the fact as to what is the annual turnover of the company , what is your credit score and for how much time has the business been in operation .
The borrower is then required to send some of the documents like address proof, last 2 years balance sheet and profit and loss statement and the registration details of the company.
Legal Raasta coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved.
We try to get you the best rates and the rates depend on various factors such as
1) The type of Loan which the borrower is choosing?
2)The annual turnover of the company
3) How long the borrower wants the loan?
4) What is the credit score of the company?
5) the Time is business
Once the loan is approved, the amount is credited to the borrower’s account.
This article has been contributed by Simran Setia, Content Writer, LoanRaahi- works as an intermediary between client looking to take the loan and various existing lenders present in the market. LoanRaahi provides various loans such as business loan, home loan, loan against property (LAP), personal loan, invoice financing loan etc.