Running a business is an exciting affair because once you notice your profit going up, you get inspired to make good use of it and expand your business further. Expanding your business could help you establish your brand and increase your hold on the market. However, finding the financial backing for expanding your business is something you need to work at. You can’t possibly use your personal savings as you never know when you might need those savings for personal expenditures. So, the only other option is applying for a Business Loan. Taking the Capital First Business Loan is one of the smartest ways to finance your business expansion.
Why Must You Take Capital First Business Loan?
Running and growing a business needs money, and Capital First Business Loan helps your business to meet its financial needs.
Here are a few reasons why you should be applying for the Capital First Business Loan:
- Larger loan amount: Capital First provides loans to businesses with both big and small requirements. You can borrow anywhere from Rs. 3 Lakhs to Rs. 75 Lakhs as a loan from Capital First, depending on your need and eligibility.
- Flexible tenure: Capital First provides loans at a flexible tenure of between 1 to 5 years, which means you can repay the loan easily in extended installments.
- Doorstep services: You can apply for this loan from the comfort of your home with its door to door application process.
- Expedited processing: At Capital First, they process your loan application within 72 hours after the submission and verification of documents, which really helps when you are in an urgent need of funds.
- Top–up Facility: If you need more money later, you can make use of their top-up facility to get more credit on top of your existing loan limit.
- No need for collateral: Capital First Business Loans can be availed without collateral or security which makes it the perfect choice for all business owners.
Who Can Apply for Capital First Business Loan?
Capital First gives collateral-free loans to business owners as well as professionals.
- Business loans can be availed by the following categories of applicants:
- Sole proprietorship firms
- Self-employed individuals or professionals like Doctors, Chartered Accountants, Lawyers, and so on.
- Partnership firms
- Private Limited Companies
- Closely held limited companies
- Retailers
- Manufacturers
- Traders
- Your business should be in existence for at least last 3 years.
- Your company’s turnover must be more than Rs. 1 Crore.
- The company’s profit after tax must be positive for the previous 2 years.
- You should have a good credit score.
- Your minimum age must be 28 years at the time of applying for the loan and not more than 68 years at the time of loan maturity.
What are the Documents Required for Capital First Business Loan?
Keeping all your documents ready beforehand makes it easy while applying for a loan. The documents are, of course, easy to obtain and we, at MyMoneyMantra, provide you with a checklist to help you gather all the necessary documents without any trouble.
Following are the documents required for Capital First Business Loan:
- Photo Identity Proof: Self-attested copy of any of the following documents:
PAN Card, Passport, Voter Identity Card, Driving License or Aadhaar Card.
- Address Proof: Self-attested copy of – Telephone Bill, Electricity Bill, Passport, Bank Account Statement, Sale Deed or Property Purchase Agreement of self-owned property, Aadhaar Card, Ration Card.
- Income Proof: Self-attested copy of your latest Income Tax Return (ITR), Audited Financials and the Bank Statements of the last 6 months.
- Business Proof: Self-attested copy of – Qualification Certificate or Certificate of Practice, Shop Act License/ Sales Tax/ VAT Registration/ Partnership Deed.
How Long Does it Take to Get the Loan?
The online process is pretty simple and straightforward. Once you submit all the necessary documents, Capital First will approve your loan within 72 hours and disburse the loan amount into your bank account as soon as possible.
How Do I Repay My Loan?
You can repay your loan through equal monthly installments (EMIs). You can calculate your EMI on our website by using our Online EMI Calculator by just entering the loan amount, tenure, and interest rate.
If you wish to prepay your loan before the completion of the scheduled tenure, you can do so after a lock-in period of 6 months is over. Moreover, you will be charged a foreclosure charge of 5% of the remaining principal amount of the loan.
The above features make Capital First Business Loans the best funding option for all types of businesses.