Business Loans are unsecured in nature and can be taken for the purpose of business expansion. The ultimate aim of providing business loan is to fulfilling the dreams of entrepreneurs. If you are planning to expand your business, or starting up a new enterprise, MANTRA will provide you multiple options to resolve your financial needs. Startups can also apply for business loan. The criteria to avail such a loan are quite different than the loan taken for already running business.
FEATURES AND BENEFITS
- Multipurpose Loan: Business loan as the name suggests is a loan taken to fulfill business related dreams and needs. As such one can take business loan for a variety of purpose such as funding your working capital, purchasing or updating machinery, paying to creditors and so on. The business loan works as a perfect financial aid in such situations.
- Attractive Lending Rates: Since this loan is designed to fulfill the needs of businessmen and entrepreneurs, most lenders offer loans at affordable interest rates. The interest rates start from 9.50% onwards.
- Collateral Free: Since business loans come under the category of unsecured loans therefore you do not require to keep anything as a security or collateral to fund your business.
- Flexible Repayment Facility: Business loans comes with flexible repayment options for borrowers. Most lenders offer repayment tenure up to 48 months.
- Loan Amount: For business loans, a borrower may be offered loans up to Rs.1 Cr. which is a good amount to fulfill your business needs.
Why should you choose a Business Loan?
If you are a businessman or an entrepreneur, business loan can help in a lot many ways in fulfilling your business needs. Here we are listing some reasons why you can take a business loan:
- To increase cash flow.
- If you are planning for business expansion.
- For purchase, repair or upgrade equipment/machinery.
- To increase stock/inventory.
- Hire and pay salaries to employees.
- Pay off creditors.
- Purchase raw material.
- Opening up new plants.