Ghaziabad is the commercial and industrial hub of Uttar Pradesh. Owing to the rapid urbanization and growth of several small and medium-sized businesses in recent years, Ghaziabad has become one of the most prospectuses in the country.
In addition, Ghaziabad has also witnessed a rise in its financial sector following significant growth in the lending industry. Business loans in Ghaziabad have become one of the most preferred methods to secure financial backing for entrepreneurs across the region.
Who are eligible for business loans?
To be eligible for a business loan, an individual should fulfil the following criteria:
- They should be self-employed individuals, proprietors, private company or partnership firms.
- The business should have a minimum turnover of Rs. 40 Lakh in a financial year.
- The individual must be between the age of 25 and 55 years.
- Any business which has been making a profit for the past two years is also eligible for a business loan.
- Individuals running their current business for at least 3 years with a complete experience of 5 years.
Therefore, owing to the ease of the business loan eligibility individuals can avail such loans conveniently. Besides, having a surplus fund will also help you to successfully implement a big project in the future as well.
What are the interest rates and benefits?
With business loans, you can conveniently expand your business and benefit in several other ways without facing any monetary issues. A source of finance for your business, it comes with an affordable interest rate and flexibility in repayment terms, making it the most desired and preferable source of financing for borrowers.
Let’s take a look at some of the benefits offered by a business loan.
- You get access to a higher amount when you avail a business loan. Ghaziabad, being a manufacturing hub, houses several large scale and ancillary industries. So, in case you are the owner of a manufacturing business, you can easily avail a business loan in Ghaziabad to fund your organisation’s growth.
- Business loans are collateral free credits, which make it easier for small business owners to avail the same. Therefore, with sufficient funds, you can utilize the amount to manage your working capital for your manufacturing business without worrying about losing any asset in case of defaulting.
- In addition, the interest rates are relatively affordable. You can also negotiate with the lender if you have a good credit history and CIBIL score.
- Some borrowers offer flexible lending options, where you only withdraw the amount that you need for your business and repay the same accordingly. It keeps the payable interest low as you pay the same for only the withdrawn amount. There are no pre-payment charges as well.
Bajaj Finserv offers such a Flexi Loan facility at minimum documentation with loan disbursal within only 24 hours. It also brings your pre-approved offers to simplify the application process.
Therefore, availing a business loan has become simplified for the benefit of its borrowers. Ghaziabad has been a commercial center in western India, due to which the demand for business loans in Ghaziabad is also on the rise. As a result, several start-ups and small businesses are finding it easier to expand their reach in the area due to the easier availability of financial backing.