Business Loans with MyCAbuddy
A business loan is a financial arrangement between entrepreneurs and lenders, facilitating investment or working capital needs. MyCAbuddy offers various types of business loans tailored to suit the needs of small and medium enterprises (SMEs), providing quick access to funds for growth and expansion.
Types of Business Loans
- Credit Line/Overdraft: Access funds up to a predetermined credit limit from your business account, repaying the borrowed amount along with interest.
- Equity Funding: Investors provide capital in exchange for ownership stakes in the company, without the requirement for repayment.
- Short-term Loans: Offered for working capital and limited capital investment needs, with shorter repayment periods.
- Equipment Finance: Secured by equipment, providing funding for purchases and serving as collateral.
- Loan on Accounts Receivables: Short-term credits exchanged for account receivables, aligning with invoice due dates.
- Factoring/Advances: Advance payment for accounts receivable, with a portion paid upfront and the remainder withheld.
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Features of Business Loans
- Superfast Processing: MyCAbuddy ensures quick processing, with most documents processed within 72 hours.
- Loan Amount: Loans ranging from ₹2 lakhs to ₹50 lakhs are available for eligible SMEs.
- No Collateral Required: Unsecured loans are offered, eliminating the need for collateral and asset risk.
- Extended Loan Tenure: Flexible loan tenures from 12 to 36 months provide significant credit relief.
- Transparent Costs: Transparent pricing with no hidden costs ensures clarity and trust.
- Flexible Repayments: Monthly EMIs and flexible repayment options offer ease of repayment for borrowers.
Benefits of Business Loans
- Faster Processing: Access funds within 72 hours, enabling timely business decisions.
- Preserving Your Ownership: Collateral-free loans ensure business ownership remains intact.
- Streamlining Your Cash Flow: Enhance cash flow and achieve profitability with timely funding.
- Improving Your Credit Score: Timely repayment boosts credit scores, improving access to future credit.
Benefits with us
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- Streamlined Registration Process
- Compliance Assurance
- Cost Efficiency
- Employee Welfare
- Expert Guidance
Documents Required for Business Loan
- Bank statement (12 months)
- Business registration proof
- PAN Card Copy
- Aadhar Card Copy
- Partnership Deed Copy
- Company PAN Card Copy
Additional business registration proof may include Business Registration Certificate, GST filing, Gumastadhara, Trade License, Drug License, TIN, and VAT registration.
Eligibility Criteria for Business Loan
- Business operational for at least 6 months
- Minimum turnover of ₹5 lakhs in the preceding 6 months
- Not blacklisted or excluded from SBA finance
- Businesses eligible pan India.
Business Loans FAQs:
How long does it take to process a business loan with MyCAbuddy?
MyCAbuddy processes business loans within 72 hours, ensuring timely access to funds for business needs.
Are collateral-free loans offered by MyCAbuddy?
Yes, MyCAbuddy offers collateral-free business loans, preserving business ownership and assets.
What documents are required for a business loan application?
Documents such as bank statements, business registration proof, PAN card, Aadhar card, and partnership deed are required.
What is the minimum turnover required to be eligible for a business loan?
A minimum turnover of ₹5 lakhs in the preceding 6 months is required for eligibility.
Is location a factor in eligibility for a business loan with MyCAbuddy?
No, MyCAbuddy provides business loans pan India, ensuring accessibility to SMEs across the country.