Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital to start up a new business or enable the rapid growth of an existing business. Scaling up always requires a influx of finances.
Which is why, we go to all lengths to ensure that we can disburse a loan that can help you take your business to the next level. Business loans are very special to Andromeda and we have been helping our customers scale to new heights of success by helping them finance their dreams for their enterprises. While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.
Business loans are categorized broadly into following 2 segments.
Most banks have a common set of parameters that they evaluate loan applicats with, but what exactly these parameters are depends from bank to bank.
Most banks will disburse business loans to individuals aged between 24 to 65 years.
Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. If you can show sustained billing and revenues and top it off with profit, getting a business loan should not be a problem for you. Some banks give a loan amount up to 60 to 80% of your median annual profits.
A bank will prefer if you have been engaged in sustainable business for atleast 5 years to consider giving you a loan. Your diversity in terms of business experience and so on along with good results will help you acquire your business loan.
Business loans range from min. of 1 year up to a max of 4 years
The processing of the loans usually takes 4 working days after all the documents are submitted.
You can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.You can make a part pre-payment with a minimum amount of Rs.50,000 after 6 months from the date of disbursement of the loan. This part pre-payment can be made only once in a financial year.
We provide Personal Loans, Home Loans, Business Loans, Vehicle Loans and Balance Transfer Services
A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property.
A personal loan is a loan for your personal use, be it your child’s wedding, a dream vacation, or a shopping extravaganza.
Financial Flow is the life blood of any successful organisation. Most businesses will need a large amount of working capital
Many people don’t know that banks don’t increase Home Loan EMIs but they increase the tenure of the home loan when the floating interest rate increases