Have a killer business idea but facing trouble acquiring the funds required to launch it? Tata Capital is one of the most reputed lenders in the market when it comes to unsecured and customised business loans. It offers collateral-free loans you can use to revamp your business, acquire working capital, maintain pre-existing business, or even start a new venture.
Their application process is quick and simple, which means anyone can apply for business financing. Here are 5 reasons why Tata Capital should be your next business loan financer.
Easy-to-meet eligibility criteria
To apply, you need to meet some basic business loan eligibility criteria set by Tata Capital. These criteria are given below:
● The applicant should be aged between 25-65 years
● The business’ balance sheet should be audited by a Chartered Accountant
● Business should have been profitable for three consecutive financial years
● Business should show an upward growth trend
Minimal documentation required
The following documents are required for the application procedure:
● Photo identity proof
● Bank statements of the last six months
● Income tax returns for the last two years
● KYC documents of the company and business owner(s)
● Balance sheet for the last two years
● Report detailing how the loan amount will be used
All these documents need to be produced for checks and verifications after duly filling the application form.
Transparent application process
While taking a business loan, many lenders try to include hidden costs to improve their profits. At Tata Capital, there are no hidden costs and all the charges to be paid during the application process are directly revealed once the application is underway. These include the processing fee, document processing charges, foreclosure charge, bounce charge, etc. They have a transparent process for all their loan products.
To get familiar with the various costs involved, you can visit the ‘Fees and Charges’ section of the lender’s website under the Business Loan section. These charges are subject to revision so make sure to confirm the fees before applying.
Get competitive loans at low-interest rates
You can get a loan amount of Rs. 75 lakhs and more depending on your credit score. The business loan interest rate starts at 19%, but it can vary depending on your income, credit score, etc. The repayment tenure is up to 36 months. Tata Capital also offers Flexi EMI options which allow you to pay a lower EMI initially, which increases along with your income. Using this, you can manage your cash inflow and outflow efficiently and ensure that the EMI does not become a burden.
Calculate your EMI and savings using online tools
Tata Capital’s website features various free tools like EMI calculator, foreclosure calculator, pre-payment calculator and GST calculator, using which, you can see for yourself the various fees involved and decide the most suitable option. Using these tools you can calculate your interest saved, plan monthly instalments and easily pay off the loan.