A startup business loan can help you receive funding for your small business. It can be any type of small business funding, including term loans, credit cards, and lines of credit. Businesses can choose from any type of funding according to their needs.
Like other firms, startups need a large amount of capital to invest in various areas, including working capital, marketing, manufacturing, and acquisition or expansion. As a result, to meet their cash needs, business owners search for the right starting business loan. Entrepreneurs can access instant funding to pay for their initial costs with the help of business loans.
Piramal Finance provides complete business loans with an interest rate of 17% p.a. for new businesses, allowing entrepreneurs to raise INR 10 lakh in under 48 hours.
A startup loan for a new business is a great way to acquire funding to kickstart or grow your business. The different benefits of a startup loan are as follows:
The different types of startup business funding that you can avail in India are as follows:
Working capital loans or collateral-free loans are one of the best ways to get funding for a small business startup. Working capital loans are usually short-term, with a repayment tenure of up to 15 years depending on the loan amount.
Term loans for start up businesses are pretty common. Term loans can be grouped into short-term loans and long-term loans. Short-term loans have a repayment tenure of 12 months, while long-term loans have a tenure of up to 5 to 10 years.
The overdraft facility enables business owners to withdraw funds from their bank account even when the balance is zero. A daily interest rate is applicable on the amount withdrawn from the sanctioned limit. This type of start up financing is usually offered against some collateral, usually FD with the bank.
A letter of credit is particularly common for trading businesses. It involves Piramal Finance offering the required funding to business suppliers. A letter of credit is often necessary for ensuring successful international trade.
The Indian government offers various loans for startups. Some popular government loan schemes include Startup India, PMEGP, and Standup India.
It is a type of business loan for startups to purchase machinery or equipment. All businesses taking this loan can enjoy tax benefits.
Merchant cash advance institutions offer funds to businesses in exchange for a certain percentage of the business's daily credit card income. These companies get a specific percentage directly from the processor responsible for clearing and settling credit card payments.
Invoice financing revolves around borrowing money against the amounts due from customers. It is useful for improving cash flow, paying suppliers and employees, and reinvesting in growth and operations.
After you apply for startup business loans, Piramal Finance will check your personal and business credit, the age of the business, and the business's cash flow. We will also check the existing debt obligations of your business.
It is important to meet the following requirements to be eligible for startup loans:
Determine exactly what you need the money for before estimating the amount of starting business finance you require. You might be tempted to apply for a loan greater than you need but remember the burden of repayment. On the other hand, acquire a loan amount that can meet the full range of your company's needs without leaving you in need of additional money.
Calculating the amount you need to borrow is busy work when you need the funds for a particular business expense or investment. Remember to adjust your business plan by considering the business loan amount. It is particularly necessary for recently started businesses.
You might want to think about a business line of credit if you need money for continuing expenses or if your company has recurring business needs. When you have a line of credit, you can get a credit limit and use it in times of need. As you keep repaying, the available credit gets replenished.
Piramal Finance makes it relatively easy to apply for startup loans online. All you need to do is carry out the straightforward steps below:
Go to the Piramal Finance Startup Loan page. Read the features and eligibility criteria, and start the application process.
Click on Apply Now
Fill in the required Personal details such as Name, Contact Number, Birth Year, and Startup Loan Amount.
Choose the employment type Salaried OR Self-Employed
Add your monthly income
Select the State and Branch (enter the branch by city) and Submit the medical equipment loan application form.
Wait for a call from the official representative to move ahead with the processes.
After completing all the steps, like scanning, uploading the required documents, and paying the processing fees, wait until your medical equipment loan application is approved.