As blood flow is required to keep a living being live same with financial flow for any organization. A large amount of capital is required to start a large scale start up or for growth of existing business. Large finances are required to scale up any business.
That is why Shumstar ensures every length to disburse loan amount that can help you to rise up your business to the next level. Shumstar treats Business Loans as very special and help its customers to scale their business to new heights and finance their dreams to create history.
Business Loan is different from Personal Loan in all aspects such as Personal Loan is disburse on the basis of one’s own income and capacity of repayment but Business Loan is disburse as per company’s income and repayment capacity.
Business Loan is categorized in two sections which are as follows-
Business Loan Eligibility Criteria- All the banks have certain common parameters on that basis applicants are allowed to take loans but exactly it differs from banks to banks. Some specific parameters are as follows-
Age- An individual whose age is between 24-65 years is eligible for business loan.
Current Business Experience- Usually banks check past 3 years of your organization and signs of growth. If you are able in showing sustained billing and revenues and top it off with profits then this process of getting a business loan will not be tough for you. Some banks calculate loan on the basis of 60-80% of your median annual profits.
Total Business Experience- If you are engage in sustainable business for at least 5 years then this a positive point in getting business loan because Banks check it as experience. Diversity in business experience along with positive results will lead you to get a business loan easily.
Tenure- Business Loan’s time period varies from min. 1 year to max. 4 years.
Processing Time- If all the presented documents are correct and in order then it takes usually 4 working days to process the loan.
Pre-Payment- If you have done with 6 EMI’s then you can pre pay loan. Banks will levy foreclosure charges as per its terms and conditions. Min. 50,000 amount can be pre payment after 6 months of disbursement of loan from the exact date of the loan. Once in a financial year this pre payment facility is provided by bank.
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