At 99banks online loan portal, we understand and know how every small step makes a huge difference in reaching one person's business goals. To help business owners to meet newer milestones of success everyday, 99banks making connect with the best lender banks who are offering a range of collateral-free customized business loan solutions best suited based on the business requirements.
Are you a retailer, manufacturer, product trader, manufacturer or professional running your own business as an entrepreneur? Then these category people's would be aware and know the factors about the challenges, and risks of managing the daily operations on one hand while trying to expand on the other to improve the business. These days, liquidity for an entrepreneur or self-employed business man is of supreme importance. Moreover, meeting your growing business requirements doesn’t come to you on a platter. No worries, here we in 99banks play a role to be the backbone of your business. We have connected with the best lender banks that offering collateral-free EMI-based Business Loans for the self-employed with minimum documentation and without security in tamilnadu, india. You can apply and avail of the loan online and then repay in easy instalments as convenient.
Any self-employed or business personnel can apply for a business loan, as long as they should meet the basic criteria mentioned below in the list. If one of you meets all the eligibility criteria and requirements, you just need a set of documents to complete your application process online in 99banks online business loan application portal.
Any self-employed or business personnel can apply for a Business Loan by the following below mentioned simple steps in 99banks:
Step 1: If you are a new visitor to 99banks, register in our portal as a user.
Step 2: Fill in the required fields as mentioned in the business loan online application form and Check the box to agree on terms.
Step 3: For further processing of the application, you will be redirected to mention your company details, kyc document details, business ownership documents like incorporation, and basic personal information, along with your registered mobile number and email address.
Step 4: After submitting all the details, the bank's 99banks staff will contact you to proceed with loan formalities, and they will collect the missing data if any.
Step 5: After all the documents and application data verified from our end, your data will be shared with the leading banks in tamilnadu, india.
Step 6: Banker will accept your application if the submitted details meet their bank's requirements. Once the applicant's business loan application and documents are verified and approved by the lender bank, within defined working days based on the bank the loan amount approved shall get disbursed in your mentioned bank account.
Competitive interest rates in the market: Applying for business loans in 99banks with competitive interest rates helps you save money on borrowing costs, allowing an applicant to use those savings amount to invest in the business and it will be helpful to the growth and expansion of the business. We are providing your documents to the lender banks who provide low-interest loans, it can also make it easier for your company to manage its cash flow and maintain financial stability. Depending on the present market, loan interest rates can range from 11.0%.
Best cash flow management: A business loan can help a business personnel the flexibility necessary to manage cash flow. One self-employed person who got approval for a business loan is using all of their available cash to cover the expenses of the company, the person can use a business loan to extend expenditures over time. It will help your business manage its payment flow and avoid financial difficulties in any circumstances.
Quick business loan amount disbursal: Applicant can get a business loan quickly which is applied through 99banks. This way, business personnel can run operations easily, and smooth way or execute business expansion plans.
Applying for loan through 99banks is convenient and easy: Getting a Business Loan does not require a lot of documentation, or paperwork, which is a primary advantage of our online loan portal. Some applicants can qualify for business loans applied without a guarantor, collateral or mortgage, or security to meet their business expansion needs. Some banks and several lenders offer doorstep services as well after applying online.
Building brand promotion and creating a reputation: A business loan can help self-employed person or his/her company build a brand and reputation. By investing in marketing, advertising, and other promotional activities, a particular company and its brand can increase its visibility, share value, and attract new customers.
Improved business credit of self employment: A business loan can help a improve business owner's business's credit rating and increases its value. By making regular repayments on a loan on the exact EMI date, one can demonstrate that you are financially responsible and worthy of credit in the future and its help to improve your credit score.
Term Loan
Under various types of Term loan is offered, such as short-term loan, long-term loan and other small scale business loans. Depending on the applicant's profile and business requirements the loan amount offered under the term loan. It is divided into two parts, unsecured business loans, and secured business loans. Secured loans require some valuable collateral based on the loan amount required, it should be submitted to the lender, which is not the case with unsecured business loans.
Working Capital Loan
Working capital loans are applied and received to meet daily business needs or to manage the business regular cash flow. It can be availed for other purposes like business improvement, buying equipment or machinery, paying off salaries or rent, purchasing raw materials or goods, enhancing inventory, and much more.
Bill/Invoice Discounting
It is a financial instrument offered by Banks/NBFCs. Also bill Discounting is a source of working capital finance. It is for the seller of goods on credit. It is a discount that a financial institution takes from a seller's customer.
Letter of Credit (LC)
LC is a payment system used mainly in international trade or business with other country corporates in which the bank provides a monetary guarantee or assurance to enterprises that deal in the import and export of goods.
Point-of-Sale (POS) Loan / Merchant Cash Advance
POS Loan is a credit facility wherein business merchants offer funding to their customers at the point of their purchase. Self employed, Enterprises, Business owners, Entrepreneurs, MSMEs, and Retailers can avail of such POS funding.
Overdraft (OD)
Overdrawing money from business personnels current account or savings account even if the account balance is zero or even below. The interest rate applicable is charged only on the utilized amount of the total withdrawal or sanctioned limit.
We at 99banks online loan application portal, give an opportunity to apply business owners to transfer their existing Business Loan to any reputed loan lenders and can choose lower EMIs
A business loan is a loan taken for investments, buying equipment and salary purposes in a business set-up. It is essentially borrowing money for a set purpose and entails repayment with a fixed interest rate.
Any self-employed or business personnel can take a business loan to fund their business investments, improvements, equipment purchasing and any new projects. A business loan can help business owners and business ventures to prosper at a faster pace and owners can finish ongoing projects immediately.
Some banks have a lock-in of 6 months to a year while some banks allow you to pre-close even after the 1st EMI has been debited from your bank. There may also be restrictions that you can only use your own funds (and not the balance transfer cheque of another bank) to pre-close a loan. In addition, banks may allow pre closure at no cost or may levy a pre-closure fee (2-5% of the amount being pre-closed). Please ask for clarifications from our or the banks’ loan advisor on all these factors before signing the loan document.
To get a business loan from any leading lender banks through the 99banks online loan portal, the applicant must own a business that has been operational for a minimum of 3 years and is currently in running. Applicants are also required to have filed their income tax returns for at least one year.
After submission of all the necessary and required data from the applicant, we will forward the data to the leading lender banks. They will do their best to create a quick turnaround time for your loan. It may be getting 6-7 working days to process your loan application from the lender side.
The minimum annual turnover criteria are defined by the lender and vary from bank to bank, so the applicant's application will be pushed based on their eligibility and documents submitted to the 99banks portal, we push the application which lender bank approves the application in a positive way.
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