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What is a business loan?

A business loan provides you with a lump sum of money that you can use to cover any business expense. This is a flexible finance option that can be tailored to your particular business needs.

Common uses for business loans

• Purchase new or used equipment
• Purchase property or real estate
• Repair or replace machinery
• Take advantage of investment opportunities
• Expand business operations
• Help maintain cash flow

No matter the expense, our friendly brokers will help you get a better deal on all your business finances.

How do business loans work?

A small business loan includes the following features:

• Loan amount: you can borrow up to ₹2 crores. This comes with flexible monthly repayments.
• Loan duration: business loans through Sole Capital Finance come with a loan term of 5 years.
• Rates and fees: as each lender is different, the exact rates and fees will vary. A loan advisor can help negotiate a better interest rate on your behalf and help you save on your loan.
• Loan types: you can choose from an unsecured loan, which is not protected by collateral, or a secured loan, which is secured by an asset.

Benefits of a business loan

A business loan can benefit businesses in a number of ways. Here are just some of the pros of getting a business loan:

• Free up your cash flow to take advantage of expansion or investment opportunities
• Meet seasonal cash flow needs
• Improve your credit score and diversify your credit mix
• Make repairs or purchase new equipment

Types of business loans

• Term loan – Receive a lump sum of money and pay it off in instalments over a set period of time.
• Unsecured business loan – Get business finance without having to use an asset as collateral for the loan
• Line of credit loan – A flexible finance option that often suits small businesses. Unlike a term loan, you can continuously borrow and pay back the money as needed up to your loan limit. Learn more: line of credit loan
• Business overdraft – A pre-approved additional amount of money you can borrow over your bank account limit when you have unexpected expenses or cash flow disruptions.
• Equipment loan – A specialised term loan for people who are looking to purchase equipment for their business. Learn more: equipment loans
• Cash flow finance – Your loan is backed by your expected cash flow, not a physical asset like a house or car.
• Low doc loan – An alternative finance option for business owners who don’t have the usual requirement documents for a loan.

Eligibility for business loans

Although eligibility requirements for a business loan in India will depend on the individual lender, you will need to:

• Be 18 years of age or older
• Be an Indian tax resident
• Have good credit – if your credit isn’t good, a business loan advisor can help determine if a business loan is suitable for your circumstances

Required documents

Business finance loan requirements will depend on the particular lender. But you can expect to provide the following when you apply for a business loan:

• Company Tax Records
• Personal identification
• Business verification

A business finance advisor can handle all the documents and specific details that are needed in your application. So you can relax knowing all the necessary documents have been provided.