Mysuru: Are you a self-employed professional stationed in Mysuru, the biggest and most sought after city of Karnataka after Bengaluru and need funding? Do you need a business loan in Mysuru to help you complement your business needs? You can easily get funding from leading banks and non-banking finance companies to the tune of Rs.30 lakh.
Mysuru is witnessing an unprecedented growth in the recent times. Because of its proximity to the state capital Bengaluru, its, climate, and its industrious cosmopolitan populace business opportunities are mushrooming in the city. It’s a great city for a start-up. Maybe you already have a business there, and just need additional funds to give it a boost. You could easily fulfill your business plans with quick business loan in Mysuru.
Here are some of the amazing benefits of availing a business loan in Mysuru.
Business loan in Mysuru benefits at a glance
Be it for growing your business, buying new equipment, working capital needs and more, a loan for business in Mysuru can help you cover your needs. Here are some fabulous advantages of a business loan in Mysuru or elsewhere.
1) Large business capitals to suit your needs
Since a majority of banks and non-banking finance companies can provide you a large business capital assistance as high as Rs.30 lakh, you can fulfil many business tasks. Thus, depending on the type of needs that your business has, you can avail a loan amount accordingly.
2) Flexi loan facility
Flexi loan facility may not be available to all banks and other financial institutions as only select, and reputed NBFCs like Bajaj Finserv offer this unique facility. The facility assists you to withdraw an amount of your choice out of the sanctioned amount as per your immediate needs. The biggest benefit is that you only need to pay the interest portion as EMIs and rest are adjusted at the end of the loan tenure. Since interest is only charged on the withdrawn amount, it helps you reduce the EMI and save huge!
3) Faster approval and money disbursement
You can get a business loan approval in 24 hours and it comes with easy eligibility conditions. The lenders are aware of your needs and urgency and process it on priority. Further it is an unsecured loan, so no collateral need be produced to secure the loan sanction.
4) Online account management
When you avail a business loan from a leading lender, you also get to access all your loan information whenever you want via the lenders’ digital customer portal. Being aware of the loan information helps you track and streamline it easily.
Usages of a business loan
A small business loan comes with plenty of usages. Have a look!
- Increase cash flow of the business
- Renovate an existing office
- Lease bigger office premises
- Buy, lease, repair machinery, and related goods
- Upgrade to latest trends/technology in your niche
- Inventory stock up
- Hire employees
- Buy raw materials
- Working capital needs
- Scale up business in another city
Business loan eligibility terms at a glance
Eligibility criteria for a business loan in Mysuru is simple and hassle-free. The major criteria are listed below:
- You should be in the age bracket of 25-55 years
- Your business should have an age of at least 3 years
- You should have filed Income Tax Returns (ITRs) for your business for last 1 year
- Your business’ previous years’ turnover must have been properly audited by a certified CA professional
A lender may or may not ask you to submit more to prove your eligibility.
The Bottom Line
Now that you are aware of the benefits of a business loan in Mysuru, do assess your needs and apply accordingly.
About the author
Nidhi Mahajan is a guest blogger and passionate about content writing. She has been creating SEO friendly content for more than 5 years. For more info you can check her Blogs at pop-pins.com
