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 16.49% p.a. for new businesses, allowing entrepreneurs to raise INR 20 lakh in under 48 hours.

Requirements to Qualify for a Startup Loan

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:

• The business should be up and running for at least a year.
• The business should have a bank account.
• The business owner has a minimum credit score of 750. However, Piramal Finance provides startup business loans to entrepreneurs with a low credit score
• The business should provide financial statements as proof of its debt repayment capacity.

How to Determine How Much Business Funding You Need?

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.