Of all the types of business loans in India, a pre-approved business loan has its own set of benefits and provides many flexibilities to borrowers. It helps to avoid the cumbersome business loan approval process when you need the funds the most and can run the business in a hassle-free manner.
A pre-approved business loan is offered to existing businesses with strong financials and a good CIBIL score by their existing lenders or banks. A business only needs to fill out the loan application and submit the required documents to the lender. The lender provides the loan and this is considerably faster than the usual process.
However, the pre-approved business loan eligibility varies, and not all businesses may be eligible for such offers. The quantum of the amount to be approved as a loan solely depends on the lender’s policies, as well as other factors such as the business financials, revenue stability, profitability, repayment history, and so on.
A pre-approved business offers many benefits to borrowers, including:
Business owners who do not have any pre-approved business loan offers and need a loan to manage their business needs can apply for an unsecured business loan from reputed lenders like Fullerton India. The basic eligibility criteria are the same as points 1-5 mentioned above. Please note that business loan eligibility may also depend on various other factors including Fullerton India’s policy at the time of loan application.
Unsecured business loans can be repaid through Equated Monthly Installment (EMI) every month, for a period of 12 to 60 months. Borrowers can choose a tenure based on their monthly budget so that the EMI doesn’t stress their finances.
You can use the business loan EMI calculator to know the EMI amount almost accurately for different loan tenures and help you to choose the most convenient one.
To calculate EMI on the business loan EMI calculator, it needs only three inputs- principal amount, interest rate and loan tenure.
Both pre-approved and unsecured business loans are useful for SMEs and small businessmen, as it helps them to get quick access to funds and take advantage of any market trend without worrying about finances.
Also, one doesn’t need to dip into their savings to meet the business financing requirements.
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