The Benefits and Features of the Business Loan
The instant loan for self employed contains many features and advantages, which you learn from this section:
No collateral business loans
Fast loan disbursal and approval
No or less documentation
Outstanding interest rates
Flexible business tenure
Types of Customers Can Get the Self-Employed Loans
Individuals will certainly encounter many types of business credit clients. Some of them are self-employed, and industries and enterprises mainly employ others. Piramal Finance provides loans for self-employed persons to two kinds of clients; self-employed non-professionals and self-employed professionals. Both of them have different tenures, scalability, judgment styles, and interest rates. Let's learn more about them in detail:
[SEP] Self-Employed Professionals:
These individuals are designers, architects, organization secretaries, allopathic physicians, and chartered accountants.
[SENP] Self-Employed Non-Professionals:
You will come across manufacturers and traders under this category. Depending heavily on the strategy of the business loans, the tenure will change based on the interest rates, the documents needed, and the eligibility criteria.
Benefits of Term Loans
The different advantages of opting for term loans are as follows:
Useful for Short-Term Financing Needs
You can apply for term loans to purchase new equipment or assets for your business. It is perfect for expanding your operations and generating higher revenue to repay the loan smoothly.
Have Low-Interest Rates
Term loans come with low-interest rates and flexible repayment terms. You will be able to easily repay the loan without it becoming a financial burden on you.
Helps with Building Business Credit
A term loan is great for building your small business credit. But you should be paying your EMIs to build good credit for your business.
More Business Loan Products
View more
Frequently Asked Questions
To apply for a loan, one must look online for a reliable and licensed website that offers these types of loans. After that, fill in the loan application, provide all the necessary documents, and wait for the loan to get approved.
Yes, you can apply for a business loan from the bank. The experts at the bank will guide you through the loan application process and ensure you get the loan you need.
When applying for business loans, you have to provide a copy of the PAN card of your business, the water and electricity bills, current address proof, a written business plan, and many more.
In short, yes, you can. Applying for a loan online requires an excellent internet connection. Whether you apply for the loan through a smartphone, tablet, or PC/laptop browser, you need to make sure that you have a proper and high-speed internet connection.
In short, no, you don't. The business loans provided by well-known banks do not require any collateral
The applicant needs to be at least 21 years of age or 60 years of age when applying for business loans.
Yes, you have to provide a copy of your income tax returns to the loan provider. You need to provide at least one year of your income tax returns when applying for self-employed business loans.
Yes, non-professionals, such as manufacturers, can apply for these loans to address their funding issues.
