What is a business loan?

A business loan is funding support provided by NBFCs and Banks to fulfill the financial needs of self-employed customers. It can be procured by MSMEs, entrepreneurs, individuals, and many other units.

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Why get Business Loan from PowerCash?

PowerCash offers a Business Loan as per your customer profile to provide you with the most personalized experience. Our services give you comparative scrutiny of what diverse banks are giving and guide you in your final decision.

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FAQs

What is the best credit score to avail of instant business loans?
The credit score of about 750 or above is regarded best by financial institutes. However, the maximum credit score is 900 and the score nearby to it will be given priority by lenders primarily.
How to select the ideal repayment tenure for business loans?
Preferably, if you get a short-term loan, then the repayment period should not be more than 12 months. Nevertheless, it might increase according to the preferred loan amount. The maximum repayment tenure can be selected up to 5 years based on the loan amount.
What is the influence of GST on business loans for novel businesses?
GST has a crucial part in obtaining business loans as if the GST is paid more, then huge will be the business volume. Thus, it becomes simple for banks to depend on such borrowers or applicants that pay their GST.
What is the minimal turnover need for a loan is willing to commence a business?
The minimal yearly turnover criteria are endowed by the lender and differ from bank to bank. Nonetheless, applicants must apply online with a yearly turnover of about Rs. 12 lakh or above for present businesses or enterprises.
Do I require to submit any collateral to the bank before the application of a business loan?
No, you do not need to submit any collateral to the bank or NBFC, only for some particular secured business loans- collateral is needed
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