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Business Loan

Do you have a business or Startup Business and want a Business Loan to grow or run operations? MudraPay Offers Business Loan for small business, Startup Business in aggregation with its Banking partners are providing the Business Loan services.

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Business Loan

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  1. What is a Business loan?  Unsecured Business Loan As the name suggests, you don’t need to have any collateral for the purpose of getting a loan. It is only based on the banking and transactions of the Business. If you have good genuine business there are chances that you will get a loan without any issues  Secured Business Loan/LAP This is the type of loan for big tickets like more than 1 Cr, where banks and NBFCs not only look for banking but also expect collateral as the amount is big. Though it is more applicable for big-ticket loans but for small size loans also LAP can be used.

  2.  When can one take a business loan? If you have an expansion plan, buying the equipment, serving the new orders, procuring the inventory, etc Business Loan is suitable. Maintaining the cash flow also sometimes it is helpful. It should be taken carefully as it can add further pressure on business if there is no source or little source of revenue.  Who can get the business loan? Almost any business which is more than a 1-year-old establishment can get loans. There has to be a consistent income. Generally, businesses with revenue of Rs 10 Lakh plus annually are eligible for the Business Loan.

  3. BUSINESS LOAN INTEREST RATE & TYPES Rate Of Interest (ROI) : The rate of interest varies from 13% and goes up to 28% annually. It primarily depends on the business profile and loan amount. Different types of Personal Loan 1. Term Loan: This is a general unsecured loan of a bigger amount and for larger tenure like 36 months and above. 2. Flexi Loan: Here you get the credit line of the pre-approved loan amount. Till you don’t withdraw the amount there are no charges on it. You only have to pay for the amount that you withdraw from the total amount. Ex: You can apply for Rs 5Lakh for a credit line. It will show on the dashboard of the banking APP. Out of which you withdraw Rs 1 Lakh, in that case, you have to pay EMI only for Rs 1 Lakh. Also, you can again repay the whole amount before the tenure of it.

  4. Documents Required For Business Loan   Pan Card   Aadhar Card   Address Proof   Vintage proof- Shop act or similar documents   Account statement of last year   Last 2 Year ITR- in some cases

  5. Mudra Pay- Apply for a loan easily here

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