Small business lending is more complicated when compared to individual loans. Such lending allows Small and Medium Enterprises (SMEs) to carry out their business operations smoothly. Often, these loans provide incentives that help the SMEs to reduce their costs.
Various financial institutions offer such loans for up to three years for meeting different fund requirements and may be customized to meet the specific needs of your business. Different lenders have different eligibility criteria.
Here are some basic eligibility criteria you have to meet to apply for small business loans:
The documents required to apply for business loans are simple. Here is an indicative list of documentation:
Before you apply for Mahindra Finance SME loan, it is recommended you do the following:
It is important you have a detailed and robust business plan before submitting your application. This is crucial to convince the lenders that your proposal is financially viable. The business plan must include details such as capital expenditure, employee and marketing costs, and debt repayment capabilities.
You must check that your credit report is updated and accurate. Having a good credit history is favorable when you apply for an MSME loan (micro medium and small enterprises). Lenders review your credit report before approving your application.
Your business plan must include financial projections for the next three to five years. It is recommended you adhere to industry standards while doing the projections. You may also have to follow certain formats that help the lenders determine the financial feasibility of your business.
Such loans are available at competitive rates of interest and may be structured as per the specific needs of every borrower. Lenders also offer various repayment options to ensure you are easily able to service the loan.
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