Such news is often heard and read in the newspaper about the business world, in which the news of a businessman committing suicide in the event of not being able to pay money on interest.
Why does it happen that businessmen are unable to pay money on interest and have to commit suicide? Has anyone ever considered this? This happens because when the businessman needs money, he does not get the money at the right time and he takes money on interest.
After taking money on interest, the business gets stuck because the amount of interest is so much that instead of paying the original amount, it keeps filling the money with interest. In such a situation the businessman is never able to earn his business profit.
So what is the solution? The only question for businessmen will be that how can traders escape from the clutches of ushers? A business loan is a solution for businessmen to escape the clutches of usurers.
This is the important medium of providing financial assistance to traders in a short time. Through a business loan, the businessmen take loans for the short term and put in their business and return the loan amount within 1 to 2 years.
What Is A Business Loan?
The business loan term is new in India. Until today 10 years ago, only personal loans, home loans, car loans, and other types of loans have been disbursed in the name of loans. Now the term of the business loan has started in India.
A business loan is an amount that is given to people doing business from banks, non-banking financial companies – NBFCs, and other entities registered with the Reserve Bank of India.
Many government schemes like Mudra Loan Scheme, Stand Up India Loan Scheme, Startup Loan Scheme, etc. are being run by the central government for business loans. Let us tell you that a business loan of up to 10 lakh is given in Mudra Loan Scheme. Talking about non-banking financial company, the country & leading NBFC company is ZipLoan from where business loans ranging from 1 to 7.5 lakh are available in just 3 days *.
Read Also: What Is The Best Way To Get An MSME Business Loan?
What is The Benefit of A Business Loan?
On one hand, money has to be taken from the moneylenders on interest by pledging any of the property, on the other hand, there is no mortgage against the business loan. Business loan interest rates are also transparent.
Whenever a businessman applies for a business loan from any company or bank, he is given a letter while distributing the loan amount. The loan amount, loan deadline, applicable interest rate, and terms and conditions are written in that letter.
In this way, the business loan process is very transparent as well as is legally correct. The important thing regarding business loans is that there are many types of business loans which cater to all the needs of the business:
- Working Capital Loan
- Machinery Loan
- Service Loan
- Term Loan
Also Read: UAN Number: How to Check, Generate, Link, and Activate UAN Number
How Do I Get A Business Loan?
Since the advent of technology in India, the banking sector has revolutionized. Today, a large number of fintech companies have entered the NBFC sector. With the advent of fintech companies in the loan market, it has become much easier to get business loans.
Apart from NBFCs, almost all public-private banks and financial companies get business loans. Mudra loan scheme is being run by the government, in which entrepreneurs are given business up to 10 lakh from banks, NBFC companies, and rural banks.
As we have already discussed, the leading NBFC in the business loan market is ZipLoan from where business loans of up to 7.5 lakh are given to the businessmen in just 3 days without any mortgage. The terms of getting a business loan from ZipLoan are very simple:
- Business must be at least 2 years old
- Year turnover should be more than 10 lakhs
- ITRs filled last year in the business should be at least 1.5 lakh more
- One of the house or place of business should be in own name or the name of one of the blood relations
What is the benefit of a business loan?
The business has many benefits:
- The businessman does not have to take money from moneylenders.
- It becomes easy to grow a business.
- Business needs are met on time.
- Business confidence increases.
- It is very easy for a businessman to open a new branch of his business. And so on.
