Are you seeking for financial avenues to fuel your business growth? Or want to setup a new business? But don’t have enough money to fulfill your desires? So, you need not to stress about it, business loan comes in handy in such situations.
Business loan is the safest and easiest way to finance the business objectives. As business loans don’t expect any collateral, guarantor or security from the applicant. It enables businesses to fund their exact necessities and repay their loan amount in easy EMIs (equated monthly installments).one can avail business loan for a variety of reasons, including business expansions, marketing, working capital, etc.
In today’s era, large number of banks and financial institutions now offer tailor made loans based on the nature, scope and goal of the requirements of the individuals. From which Faicent comes with the easy and convenient option of business loan.
Faircent is the first peer-to-peer (P2P) lending platform of the country which receives a Certificate of Registration (CoR) as an NBFC-P2P from the Reserve Bank of India (RBI). It is a credited Fintech company focused towards empowering SMEs (small and medium-sized enterprises) by means of business loans for business funding and complete financial inclusions.
The company caters the loan for business purpose up to Rs. 10 Lakhs to the individuals at the recommended rate of interest ranges from 12% p.a. to 28% p.a. for the flexible loan tenure ranges from 6 months to 36 months. The company charges a nominal fee of Rs. 500, in order to assess the profile, process, list the business loan requirement of the applicant and which is adjustable against the processing fee.
It also facilitates individual lenders to invest directly for higher returns and enabling credit worthy borrowers to lower costs on loans.
• No intermediary costs and margins leading to lowest rate
• No Bank Mediation to get Business Loans
• Quick and immediate Approval
• Available for Women Entrepreneurs
• No need to pledge any collateral or security
• Nominal Documentation required to apply for a Business Loan
• Easy online application & 100% transparency of process
• Short and speedy documentation
• Quick, Hassle free fund disbursal
• Flexible loan tenure
• Easy monthly EMI payment option
• Individual must be resident of India.
• Individual should have a minimum gross income of Rs. 2 Lakhs per annum.
• Applicant should have a steady monthly income
• Applicant must have a good CIBIL score
• Dully filled loan application form along with the 2 passport sized photographs.
• Applicant’s Identity proof such as PAN card, Aadhaar card, voter ID, passport.
• Applicant’s date of birth proof such as copy of PAN card, passport.
• Signature proof of applicant such as PAN card, signature verification from your bank, passport
• Applicant’s address proof such as passport, bank statement, voter ID, utility bills (electricity, water bills) of last 3 months, post paid telephone bill, rental agreement, ration card.
• Contact proof such as last month post paid mobile or landline bill.
• Last six months bank statement
• Applicant’s Income proof such as last 3 months of Salary Slip (For Salaried Professional), Last year’s Business/Personal ITR & Take home salary (For Business Professional).
• IFSC code, Scanned or canceled cheque or copy of the front page of pass book of same bank account.
For purchasing inventory
For any business purchasing Inventory is one of the biggest expenses. Especially for the seasonal one as, there is a fixed times when you may need to purchase a huge amount of inventory.
For purchasing assets
One can avail the business loan for purchasing or for managing the cost of equipments. As every business has equipment such as machinery, IT equipments and other tools. Sometime the Unplanned expenses like the repair or replacement of the broken equipment can break your budget.
To increase working capital
To run a business smoothly one needs both time as well as money. So, to cover the expense of day- to- day operations of a business, from a rental and utilities to anything else business loan is the best option.
Marketing and promotion
To bring a business to next level, advertising and promotion of its products and services is very essential. Marketing is a key thing behind the growth of any business.
For paying employee
It is one of the most important things of any business. One can avail the loan for paying employee’s salaries.