Start up loans: Starting a new business is not that easy. Startups face they’re the biggest challenges in the first 3 years of their incubation. The most daunting challenge they face is to raise capital to meet their operating expenses and cost of infrastructure. With a push coming from the Government of India to bring startups at the core of the Indian economy, getting a loan for a startup is not that difficult now. Fullerton India provides startup loans at very attractive interest rates.
Fullerton India startup loan for new business and entrepreneurs to assist them in achieving and fulfilling their dreams. It is very easy to avail a business loan if you have small or medium scal enterprise. This loan can cover all the needs of your business right from extra liquidity in working capital to expanding your infrastructure. Fullerton India provides these startup loans at attractive interest rates and great features. So, don’t let your entrepreneurial dreams hit the roadblock of financial crisis. Let us have a look at the various features start up loan at Fullerton India.
Features of Startup Business Loan
Startup loan is a special kind of loan and differs in many ways than orthodox business loans and hence, has some special features too.
Flexibility of Repayment
Considering the instability in cashflows at the initial stages of a startup, this type of loan has an inherent feature of flexible returns. The payments can be made fortnightly or monthly. The exact structure of repayment can be negotiated and restructured as per the need of the enterprise. Fullerton India understands the necessity to provide leverage of time to the startups for them to expand and settle down and hence, the terms are decided based on the convenience of the business only.
A short-term loan of as high as INR 50 lakhs can be availed without putting your assets as collateral. This gives the startups a boost to infuse more capital in their business without risking their assets.
Quick Availability of Funds
If everything is found in order, then the funds can be disbursed in a very short period of time. This ensures that capital can be utilized at the right time and the expansion of the business does not get hindered due to lag in processing.
Following are the documents required for business loan:
- Identity Proof – Passport, PAN card, Aadhaar card, driver’s license or voters id can serve this purpose.
- Address Proof – Electricity bills, telephone bills, Passport, Aadhaar card or voters id can serve this purpose
- Income Statement – Proof of stable income to be provided
- Bank Statements – The last 6 months’ bank statement to be submitted. You can also give a scanned copy of the cancelled cheque to give IFSC code proof.
- Signature – Proof of signature to be submitted by bank verified statements or PAN card.
- Photos – 2 copies passport size.
- Financial statements audited by a CA for the past 2 consecutive years
- IT returns for the last 2 consecutive years
To avail a startup loan, the standard eligibility criteria are as follows:
- Applicant should be a resident citizen of India
- Applicant should have a CIBIL score of at least 700
- The business should have been operational for at least 2 years
- Minimum annual income of the business should be INR 2 lakhs
- Should be between 21 years to 65 years of age
Hence, you can get quick funds for your startup through financial institutions like Fullerton India and put that capital to work for you. If used wisely, this infused capital can help in stabilizing your new business and give it the leverage of time to grow.