It is an exciting time to be an entrepreneur. Why? Indian banks, new-age financial institutions and NBFCs are making it easier to get quick business loans. Typically, there are two types of business loans in India available for a small business owner– secured and unsecured business loans. There will be occasions when a business owner wants a loan without security. Unsecured business loans or loans without security do not require any collateral – as they tend to be smaller. If you want to apply for a business loan in Mumbai, here are some things you should know.
Factors that influence an unsecured business loan application:
Since finances are the backbone of any venture, financial institutions make it easy to get collateral free loans. Applicants usually are required to meet the following criteria, to get a business loan in Mumbai:
- The applicant must be between 23-65 years old
- The business should have been operational for a minimum of 1 year and tax returns should have been filed
- The applicant must have a good credit score
- The applicant must have a good business growth plan with revenue generation
- The applicant must have chalked out a clear repayment plan
If the business meets the above conditions, the applicant needs to fill in an online business loan application form on the lending company’s website or mobile application. A loan officer will consider the above factors before disbursing the required funds. Collateral free loans carry higher interest rates as the lender’s risk is higher. The term for an unsecured loan is also shorter.
Other factors, which influence the business loan process:
Stage: If you are a new business, it may be more difficult to get a loan from a bank and in such cases, private business loans are an option to consider.
If your business has been operating for 1 or more years, it is easier to get that loan as there is a performance track record that can be considered, before a loan is offered.
Product/service competitiveness: Lenders consider this aspect before they sign off on a business loan in Mumbai or any other location in India. If your company has been doing well in its niche or is on par with companies in a similar field, then unsecured loans are easier to come by.
Amount of business loan: The amount requested plays a big role in the sanctioning, especially in the case of collateral free loans. Modest amounts are easier to get if your company’s financials are strong. Before applying, you should run all the possible numbers and be very sure of your ability to repay.
Whom to approach: It is always easier to approach an institution you have done business with in the past. Talk to your digital lending company or NBFC about getting a collateral free loan, as he/she is familiar with your business and its operations. Having a good credit score and a solid repayment history will facilitate getting business capital loans, when you need them most.
Essential tips to note:
- Find out more about the terms and conditions for unsecured business loans being offered by different institutions
- Eligibility criteria can vary for each institution, as well as the formalities required for easy small business loans
- Keep in mind that you will have to pay higher interest rates for unsecured business loansas compared to secured business loans
- Your credit scores (CIBIL) must be good to get a collateral free business loan
- There will be a service charge levied to get a loan
- Loan limits vary for each institution – so do your homework and apply only for the amount that you need
- Loan processing usually takes 4 to 5 working days after the required documents have been submitted and reviewed by the lender
- Loan pre-payment is a good idea – check out this option and the charges you will incur for early repayment of the loan
Unsecured business loans are a great resource for the growth of a small business. While secured loans are essential to establish and keep a business running, short-term unsecured loans play an important role. These loans are critical as they help a business to tide over difficult times.
When you have decided to get a personal loan in Singapore, then you must first compare the rate of interest with each bank.
There are always 2 different interest rates available for each of the loan.
You must know about the interest rates that are advertised, the effective interest rate, which is given next to the advertised interest rates, 0% interest personal loans.The no-interest personal loans are promotional offers given by some banks.
These personal loans are short time, you need to check the processing fees of these loans before you apply.
Yours Advisory helps to compare the personal loans and provide the best options for your financial needs.
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on product type and application.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
The new report on the Cutlery market provides estimations of the size of the global market and share and size of key regional markets during the historical period of 2015 – 2019.
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The key regions comprise the following geographical segments:North America (U.S., Canada)Latin America (Brazil, Mexico, Argentina, Rest of Latin America)Europe (Germany, Italy, France, U.K., Spain, Benelux, Russia, Rest of Europe)East Asia (China, Japan, South Korea)JapanAPEJ (China, India, Indonesia, Thailand, Singapore, Australia & New Zealand, Rest of Asia Pacific)South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia & New Zealand, Rest of South Asia & Oceania)Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of Middle East & Africa)The detailed assessments focus on, inter alia, on the regulatory and macroeconomic frameworks, prevailing pricing structure, imminent investment pockets, and emerging application areas.
Taking the analysis further, the study helps readers get a better understanding of the trends characteristics of the emerging markets, including government regulations crucial to growth of such markets.
