Applying for a business loan online in India

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Applying for a business loan online in India
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• Businesses need funds at every stage, whether it
  is for implementing new business plans,
  purchasing new equipment or moving to a new
  office. The need for funds also varies, based on
  the size and requirements of the business.
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• This is where business capital loans can make a
  huge difference. Fortunately, the process of
  getting a business loan in India has become much
  easier, as there are many banks and financial
  institutions fulfilling this by offering options
  to apply for a business loan online.
• Gone are the days when you have to go to follow a
  long procedure spanning several days to apply for
  a loan. Now, you can get a business loan in
  India, at the click of a button.
• However, before you apply for a loan, it is
  important to know a few things about business
  loans in India.

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• Types of business loans
• Broadly, there are two types of business loans
  that funding institutions offer to help with your
  business plans. They are secured and unsecured
  working capital finance. 
• To get a secured business capital loan, a
  business needs to provide collateral security.
  This can be in the form of assets or property
  such as computers, company vehicles, shares and
  real estate (these have to be owned by the
  business).
• In the case of collateral free business loans,
  the company gets the funds without pledging any
  property or other assets.\
• Depending on your specific requirement, you can
  apply for a secured or a collateral-free loan.
• Factors to consider before getting finance for
  business
• There are several individual and
  business-specific factors and objectives that you
  need to consider before applying for a custom
  business loan.

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• Goals Your Companys vision and mission are as
  important for the lending institution as they are
  for you. They need to be assured that the
  business loan will support business growth
  objectives that will make a difference to your
  companys bottom-line.
• Loan amount As a borrower, you need to have a
  clear idea of how much funds you want to borrow.
  For this, having a business plan iscritical to
  figure out how much money is needed to drive the
  business objectives for which youre seeking the
  loan.
• Business plans Putting plans down on paper makes
  it easy to convince a financial institution on
  reasons why business capital loans are needed. A
  business plan is like a road map and an essential
  component of the loan process.
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• Loan Repayment Schedule When taking a new
  business loan, you need to consider the monthly
  EMI that you need to pay for the loan, as you
  cannot afford any surprises. You need to check
  your EMI calculations, considering the interest
  rates and period of taking a loan, to get exact
  amount of EMIs payable.
• Documentation Depending on the type of loan
  required secured or unsecured the
  documentation you need to submit will vary For an
  unsecured loan, the minimum documentation
  required is your KYC documents (Aadhar and PAN
  Card), the bank statement of the business, and
  business documents. These will vary for each
  lender.
• A small business can apply for a loan with a bank
  or a new-age lender. New age lenders offer a
  range of custom easy business loans, personalized
  to your business needs. This ensures that you can
  get the specific funds tailored to your specific
  needs, just when you need them.

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• Once you have applied for a loan by filling up an
  online loan application, with all necessary
  supporting documents, the loan processing takes
  about 3 to 10 working days from the date of
  submission, depending upon the lender. Once the
  processing is complete, you will receive the loan
  amount into your bank account.
• Visit us https//www.tribe3.com/

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• Author BIO
• Tribe 3 offers the best unsecured business
  loans online in India, on transparent and
  competitive interest rates. Click to know more.
• Contact us 917666207768
• Visit us http//www.webcogitate.com/