Pune is the second-largest city in Maharashtra. It is also considered to be a fast-growing city within the Asia Pacific region. Referred to as ‘Oxford of the East’, the city is home to some of the top educational institutions in the country. Further, Pune is emerging as one of the prominent locations for setting up manufacturing as well as Information Technology companies. Small businesses and startups contribute significantly to Pune’s economy. This, in turn, has led to an increased demand for business loans. If you are a resident of Pune and wondering how you could find the funding required for taking your business to the next level, you are at the right place. Read on to know more about where to get business loans in Pune.
Business Loan In Pune
‘Business loan‘ is an umbrella term used for referring to different types of financing options that are available to businesses. Typically, these unsecured income-based loans are meant for providing support to self-employed individuals or professionals, and proprietorship companies. There is no need to provide any collateral security, but the bank may look into your financial situation and past credit record.
Business loans may be used for the expansion of your operations, setting up a new office, branding and marketing, and capacity enhancement, among others. They do not come with the kind of flexibility that overdrafts and credit lines offer for meeting your day-to-day working capital needs. However, they are easier to get and call for just simple paperwork. As these are unsecured loans, they are generally costlier compared to secured business finance extended by banks and other financial institutions.
Eligibility for obtaining a business loan:
- Financials of your business for the past 2 to 3 years
- Number of years in business and the current level of activity
- The industry to which your business belongs and performance of the sector
- Location of your business and current liabilities/obligations
- Your financial track record and CIBIL score
Personal Loan for Business
Banks generally offer personal loans to you to help you overcome emergencies that you may be faced with in life. They could be used for meeting any of your requirements such as your child’s education, medical emergencies, purchase of high-value items, or even improving your business.
The amount and tenure of personal and business loans offered by banks and other financial institutions range from Rs. 50,000 to Rs. 50,00,000 and 3 years to 7 years, respectively.
Finwizz – The Best Business Loan Consultant In Pune
Today, the challenge involved in taking a personal or business loan is availability. Over the years, there has been a mushrooming of lending institutions – banks and NBFCs – and it is a challenging task for borrowers to choose the right institution to bag the best deal and obtain hassle-free services. This is where Finwizz can be of great help to you.
They offer professional business loan consultancy services and connect you with the best financial institution in Pune that offers the solution for your specific requirements. Finwizz was started by three friends in 2005 and they have vast experience in the industry. Further, their goal is to make access to loans easier for the common man.