Business Loan Interest Rates
Just about everyone has heard the expression – ‘one has to spend money to make money.’ Developing and managing a business requires money but how does someone get the money if they are not independently wealthy or established? A business loan can offer the funds most businesses need – whether it is a big business or small, it does not matter. Almost every businessman at some point needs to think about a loan. An unsecured business loan can take any business to newer heights; help expand operations, even save a business from a tight spot. Opting for a business loan is a key step, but which loan is right for you and how do you determine between various types?
Clix Capital brings to you the right type of business loan to match your requirements. If you have been in the business for 3 years and you require money to expand, grow, or build working capital, our business can be the best choice to make. Whether you are a well-settled business professional or a promising entrepreneur in need of small business loans, you can always turn to Clix Capital for business loans online. We offer SME loans ranging from Rs. 5 lakhs to 50 lakhs with flexible repayment options. However, the interest rate is one thing you must be concerned about. Here you will get some useful information about business loan interest rates
Here’s What Clix Has To Offer
Large Loan Amounts
We have SME business loans ranging from Rs 5–50 lakhs to meet every business need.
Collateral-Free Loan
We understand your ambitions and this is why we cater to your financing needs by providing you with quick and unsecured business loans.
Flexible Repayment
We understand that your business goals can’t be timed and hence we’re flexible — choose a repayment period from 12 to 36 months (48 months if you’re a self-employed professional).
Minimal Documentation
You deal with enough paperwork every day, so we keep ours to a minimum and help you get SME loan with ease.
You can Use a Business Loan To:
- Increase your business cash flow
- Lease bigger office premises
- Renovate your office
- Purchase, lease or repair machinery and equipment
- Upgrade to the latest technology
- Stock up on inventory
- Hire seasonal employees
- Purchase raw material for bulk orders
- Expand to another area or city
- Scale-up operations and take on bigger projects and much more
Types of business loans
Business Term Loan
A Business Term Loan, finances your high-cost investment like business expansion or purchase of tools or machinery.
Working Capital Loan
This business loan can be availed by different businesses for various purposes. With this type of loan, one can easily finance their daily business expenditures. Working Capital Business Loan lets your business grow by freeing up and adding to your cash flow.
Business Loan Eligibility Criteria
Are you thinking of availing a business loan in the near future? Take a look at our business loan eligibility criteria mentioned below, to make sure your business loan is approved at the very first go:
- The applicant has to be in business for last 3 years with a minimum turnover of Rs. 1 Crore
- The business must have generated profit for a minimum of 1 year
- The business should be a Sole Proprietorship / Partnership firm / Private Ltd / Trust / LLP involved in the business of Manufacturing, Trading or Services
- The applicant needs to be 21 years of age and should not be above 65 years at the time of loan maturity.
Check out the detailed criteria for business loans eligibility to know more.
How Much EMI do I have to pay for a Business Loan and What are the Fees/Charges Associated?
At Clix Capital, you can choose from customized repayment (EMI) and down payment options. However, the interest rate of your business loan depends on various factors, such as the specifics of your application (including metrics like business health and income). We will tell you the final applicable business loan interest rates once we go through your application form and all supporting documents.
This is the first and foremost step when it comes to ascertaining the loan amount that you can avail, so that the EMI does not affect your monthly financial needs. To know how much EMI you would have to pay every month, try our easy-to-use business loan interest rate calculator. Simply enter the following details and know your EMI:
- Loan Amount
- Desired Interest Rates (%)
- Tenure in Years/Months
What are the Documents needed for a Business Loan?
We, at Clix Capital believe in fast loan disbursals with no inconvenience of prolonged paperwork. Here are the documents to be submitted with the application for a business loan:
- Completed Application Form
- Passport-size Photograph
- Identity Proof
- Address Proof
- Financial Documents
- Proof of Ownership
At Clix Capital, we understand how small steps can make a great difference in reaching your business goals. To help you achieve newer milestones of success every day, we provide a range of collateral-free customized business loan solutions suited for your business requirements.
Factors that Affect your Business Loan Interest Rates
Several factors affect interest rates applicable on your business loan, making the EMIs different from one borrower to the other. Here are a few of them:
- Credit Score: The better your credit score is, the easier it would be to get your loan approved at a lower interest rate.
- Business Vintage: We offer business loans only to existing businesses that are at least 3 years old. However, the older you are, the lower the interest rates you may get on your loan.
- Business Type: Riskier business types have to pay a higher interest rate than less riskier ones.
- Business Plan: If you give a strong vision and plan for your business, you may have a better chance of getting minimum interest rates. However, if your business plan is dwindling and you don’t give a strong reason, you may end up paying a higher interest rate.
- Monthly Revenue: Your interest rate is calculated based on the loan amount you have applied for and your business’s monthly revenue. If you don’t have satisfactory revenue, you may end up paying a high interest rate.
Tips to Minimise Business Loan Interest Rates
Here are a few tips that can help minimise interest rate on your business loan:
- Improve your credit score
- Maintain a good credit history
- Boost your company’s revenue and profitability
- Apply for the right loan amount with a strong business plan
For any questions regarding quick loans for your business, call us on 0124-474-0870 (toll-free).
What Documents Do I Need To Provide for Business loan
We’re almost paperless (yes, really) but will need a few document to process your application for Business loan:
Completed Application Form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your business loan request.
Passport-Size Photograph
- This photograph should be fairly recent and indicative of your current physical appearance.
Identity (ID) Proof
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
Address Proof
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License. Your Utility Bills from the last 2 months may also apply here.
Financial Documents
- PAN Card – For Firm/Company/Individual(s) coming applying for the loan
- GSTIN
- 6-month bank statement
- Copy of the most recent Income Tax Return form along with computation of income, audited balance sheet and profit & loss account for the previous 2 years
- Proof of continuity of business of 3 years (ITR/trade license/establishment/sales tax certificate)
Proof Of Ownership
- In The Name Of The Applicant Or The Applicant’s Spouse/Parent
*Please note that while only scans or photocopies of your documents are required while applying for a loan, you might want to carry original documents in case of verification. Approving the loan application is at the sole discretion of Clix; we might ask for further documents for a more thorough assessment of your loan.
How Do I Apply For A Business Loan
Fill out
the application form.
It takes only 3
minutes!
Sit back and
relax! You are on
your way to secure a
business loan.
FAQs
How do I avail a business loan from Clix?
All you need to do is just Clix here!
Is there any restriction on the end use of my loan?
We are all about catering to your business needs! You can use the business loan for anything from expanding your capital to purchasing equipment or machinery, or simply financing your working capital needs.
What will be the tenure, down payment, EMI, and interest rate for my business loan?
At Clix Capital, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your business loan depends on various factors, such as the specifics of your application (including metrics like business health and income). We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.
Do I need any collateral to avail this loan?
Not at all! There is no additional collateral or guarantors required to have your SME loan application approved.
How can I reach out to Clix for any other information on my business loan?
Just call us on our toll-free number at +91-120-6465400 between 9:30am-6:30pm from Monday to Saturday (barring public holidays). Alternatively, you can also write to us at hello@clix.capital to resolve your queries around business loan. Don’t worry, there are no consultation charges.
What is the schedule of charges at Clix?
Read about our approach for determining interest rates, processing and other charges here.
Click here and get ready for success
Apply now for simple, fast, and accessible loans for business from Clix.
