Facing difficulty in running your business? Choose our working capital loan that has been designed to help businesses ensure their business continuity.
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It's crucial for a business to be able to expand. A business cannot survive in this cutthroat economy without raising revenue and profit. There are several ways to increase revenue, from new products to performance marketing. All of this, however, requires a sizable sum of money. Banks and non-bank financial organizations in India offer unsecured business loans (NBFCs). The primary goal is to take care of a developing business's urgent needs.
The majority of financial institutions offer term and Flexi-loans to meet a company's business needs. Commercial Loans are another name for business loans. These loans are available to sole proprietors, closely held businesses, partnership firms, self-employed people, and business owners.
Make sure you satisfy all the requirements for business loan eligibility and submit all the SME loan-related documentation to ensure a seamless transaction. This will avoid inconsistencies in the loan application, guarantee a quick approval of your request, and provide you the longest possible loan term. To qualify for an unsecured business loan, a variety of standards must be satisfied.
My Mudra Working Capital Loan Eligibility Criteria
The following requirements must be satisfied in order to be eligible for a working capital loan.
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Age |
The loan applicant must be between 22 and 62 years of age. |
|
Work Experience |
He or should have a business vintage of at least 3 years. |
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Annual Turnover |
The applicant’s business must have a minimum annual turnover of ₹20 lakh. |
The following are the documents that each person applying for a working capital loan from My Mudra Fincorp must submit in order to be considered for an SME loan or a business loan. These documents are relatively simple to obtain, as was already explained earlier.
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Documents |
Requirement |
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KYC |
· Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, Passport. · Proprietor/Partner/Director PAN Card, Aadhaar Card, Electricity Bill/Rent Agreement/Passport. |
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Business Address Proof |
· Utility bills/ Rent Agreement. |
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Financial Documents |
Bank account statement for the past 6 months. |
*The aforementioned list of documents for a working capital loan is suggestive. Extra documents may be needed at the time of loan processing.
Follow these tips to improve your Working Capital Loan Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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