Repaying bank loans within a short period of time is like taking off the burden of your shoulders, isn’t it? So, we are going to introduce you to PlanGrip that offers the short-term loan for your business within 24 hours that has a maturity of one year or two or it can be less than 1 year.
The loan stood out in the market with easy processing funding solutions to small businesses and with the objective of providing small business financial assistance, planngrip supply this loan at terribly competitive interest rates, creating them an excellent a lot of economical choices. Our specialist officer is always ready to offer you 24*7 assistance.
What Is a Short-term Business loan For Small Businesses?
In order to extend assets to hide temporary deficiencies in funds thus, you’ll be ready to meet payroll and different expenses, short business loans area unit quite useful. you’ll be able to even have a demand for short loans to pay your own bills; i.e. to satisfy your own accounts collectible obligations. you will simply want a short loan to even out your income, notably if your company could be an alternate business.
Importance Will Given To Following Things In Order To sanction Short-Term Business Loan
Generally, It totally depends upon lenders to lenders and especially those who assume your eligibility from your business credit score. These are some important things you must know before applying to get a short-term business loan.
- Your Personal credit score
- Business credit
- Annual revenue or income will be required too
- How long have you been staying in this business?
- Have You declared bankruptcy or not?
How Short-term Business Loan Is An Ideal For The Development Of Businessess, Let’s Look At The Reasons Why Is It So?
A short term business loan or finance is a great option for any company or business that requires a line of funding. Now, we have made this section so you can have a quick look at all the advantages and the features that are associated with short-term business loans at plangrip.
- Bad credit will be accepted without any problems
- Equated Monthly Installments(EMI)
- Available for both small and micro businesses
- Your repayments will automatically be subtracted from your accounts
- You can get this short-term loan at an affordable interest rate
- You will be able to get your amount just after the approval of a short-term loan within one day.
- No requirement of additional fee
- More than 18 years old applicant can apply this short-term loan for business
- Quite flexible repayment option 12 months – 24 months according to business funding.
- Documentation process is easy
Eligibility Criteria for short-term Business Loan
In order to get short-term loans for business, you will have to fulfill some requirements or meet some eligibility criteria. For qualifying short-term business loans, you will be required to mention or submit your payment history for other borrowed loans, company’s or businesses, cash flow history (where your income and outgoing cash will be recorded), and income statements.
Eligibility Demands You Must Meet Before Applying For Short-Term Business Loans.
- You should have a net profit of 1 lakh
- Work experience of minimum one year would be preferred
- Annual business turnover around 10 lakhs
- Current balance sheet is required
Documents You Will Need In Order To Obtain Short-term Loan For Business
- VAT returns for the last twelve months
- 12 months of financial statements are mandatory to be mentioned to the lenders
- Quotation of kit, machinery, article of furniture & different assets to be purchased
- Photocopy of residence proof like bank statements, citizen ID card, adhaar card, passport, identity card, electricity bill, rental agreement or driving license
- A copy mature proof like a tenth certificate, PAN card or credential
- Identity proof will be asked too such as adhaar card, passport, citizen ID card or passport
- 2 passport size photos of the applicant
- Business possession proof and profile
- Business registration