Businesses and individuals can apply for a loan known as Business Loan ki Jankari. This type of personal loan can be given to almost anyone in India. There is no credit check and you are not required to put down a huge collateral to receive this loan.
Business Loan Ki Jankari was originally intended for small businesses. The original business idea was started by a woman called Lovely ankate. She did not have much money laying around so she took out a loan to fund her business idea; what s so bad with that, you ask? Well, she was funding something that will provide her good income so what is really wrong with that, right?
She placed her property at stake and hoped that the loan would pay off. As it turns out, she has been able to repay her loan without having a single loss thus enabling her business to expand. This has made her happy. But what is not evident is that apart from being a business owner, she has also been able to prove that she is financially stable.
Business Loan Ki Jankari works on the same principle as any other secured loan. You need to place some valuable asset as collateral against the loan amount you are applying for. This will help the lender to bear a lesser amount of risk and thus help in lowering the interest rate on the loan. You will also be able to pay off your loan in a stipulated period of time thereby increasing your chances of repaying.
Initially, the amount of collateral you are asked to place will depend on how much your business idea is worth. Since the amount is small, you will be able to borrow a smaller amount of money. This will enable you to pay off your business loan with ease. However, to increase your chances of paying off the loan on time, ensure that you keep increasing the amount of collateral till such time that you are comfortably paying back the amount you owe to your lender. This will also help you in boosting your credit score and thus improve your chances of availing a bigger amount in the future.
The repayment schedules of various types of loans like merchant cash advance, home renovation loan, car loan etc. vary on the basis of the collateral that you have pledged for the loan amount. So if your business idea is worth something, you can ask your lender to give you a larger loan amount so that you can meet all the expenses of your business and repay all your debts. However, if you have a bad or poor credit record, your chances of getting a larger loan amount will be hampered.
When you are looking for a business loan, you should always keep one important fact in mind. If you are able to repay back the loaned amount with ease within the given repayment schedule, then your lender would not entertain any effort to take back the loan. And if your ability to make . . . . . . timely repayment is hampered due to any reason, then your business loan application will be rejected by the lender. Thus, it is important to convince your lender about the importance of your business and the assets that are put behind your business. Prove your lender that the money that you will be putting into the business will yield positive results for the business in the long run.
In order to find out the amount of business loan that you will be granted against your business collateral, you can take the help of a consultant or a financial advisor. Since the amount of loan depends upon the value of your collateral, you should try to convince your financial expert that your business has the potential to earn good profits in the near future. On the basis of this, your advisor will be able to advice you about the required loan amount. But, it is advisable to gather as much information as possible before seeking the services of a financial advisor.