Benefits of Business Loan for Residents of Ranchi

One of the most populated cities of India, Ranchi, is the capital of the richest mineral zone in the world, Jharkhand. Ranchi is also nicknamed as the ‘City of Waterfalls.'  This city is expanding and urbanizing at an accelerated rate. The infrastructural and economic development has resulted in the need for more areas that are now added to the vicinity of the city. With increasing population, the city has managed to generate extensive facilities for employment, institutions, and industries. The effortless availability of labor pool, educational institution, communication, management, and transportation facilities aid in business development in the city.

The trade and commerce hub of India is home to thriving mining, engineering, mineral, handloom, and iron & steel industries. But, with increasing businesses, the need for funds increases. Although the government offers lucrative funding options for the development of the city, entrepreneurs need ample funds for their business establishment and development in the highly competitive market. With this viewpoint, various banks and Non-Banking Financial Company (NBFC) provide a business loan in Ranchi.

Benefits of Loan for Business in Ranchi

Collateral-Free Loans

Quick business loans are collateral-free. This means that you do not require to assure your asset to secure the loan amount. Small Business Loan is offered on the basis of your credit score and your ability to repay the loan amount.

Affordable EMI Options

Bajaj Finserv, one of the leading financial providers, offer business loans in Ranchi with affordable EMI facilities. You can opt for Flexi Business Loans where you can choose to pay interest-only EMIs and repay the remaining loan amount as and when possible during the loan tenor. This facility can help you stabilize your business funds to boost your business revenue.

Flexible Tenors

With quick financing requirement for the fast-paced business development in Ranchi, you would want flexibility in your loan tenor. Bajaj Finserv brings you collateral-free business loans with flexible tenors ranging from 12 months to 60 months. If you avail Flexi Business Loans, the tenor can go up to 96 months.

Higher Loans at Lower Interest Rates

You can avail business loans up to Rs. 30,00,000 with Bajaj Finserv. Additionally, the business loan interest rate is lower when compared to other prominent loan products. Apart from low interest rates, you can also avail pre-approved offers which offer you an instant business loan approval. Also, you may need to pledge collateral when availing other loan products, unlike business loans in Ranchi.

Online Application Procedure

You need not worry to waste a lot of time for availing business loans in the hustle and bustle of setting up your business. You can get access to business loan within a few clicks. You need to fill an easy application form and submit minimal documents like KYC documents, business proof, financial documents, bank account statements of last month, and a photograph.  

Things to Consider Before Availing Business Loans in Ranchi

Among all other things, following are the two significant factors to consider while availing business loans in Ranchi:

Access Your Business Needs

Before deciding to go for a unsecured business finance, you must do thorough research on the current market rates for loans and determine your loan amount accordingly. Although you need funding to cater your business needs, you must make sure that the loan repayment sum is affordable for your firm. Analyze the actual requirements and choose the loan amount that you actually need so as to avoid a dip in your credit score due to loan repayment failures.

CIBIL Score

As mentioned above, business loans are collateral-free. You must check the credit/CIBIL score of your company before applying for business loans to meet the eligibility criteria. The closer your score is to 900, higher will be your score. The minimum score to avail business loans varies among the financial providers. So you must check with your loan provider for the same.