steps for securing an sme loan
TRANSCRIPT
Steps For SecuringAn SME Loan
Helping Small Businesses Grow…
Research On SME Financing Options1
www.biz2credit.in
It is important to understand the various kinds of financing options available in the
market. Mentioned below are a few areas where your research should be focused:
a. SME loans & financing options by various public sector banks, their rate of
interests, and prepayment terms & conditions.
b. SME loans & financing options by various private sector banks, their rate of
interests, and prepayment terms & conditions.
c. SME loans & financing options by various NBFCs, their rate of interests, and
prepayment terms & conditions.
d. SME loans & financing options recommended by experts & fellow
entrepreneurs.
e. SME loans & financing options by various third-party lending sites, their rate of
interests, and prepayment terms & conditions.
Maintain All Your Documents2
www.biz2credit.in
The most common documents that you will require for securing a small business
loan are:
Proof of business and individual identity, residence address
Business land-line business phone number with last 3 months duly paid bills
Certified balance sheet of the enterprise for last two to five years (depending upon the
terms and conditions of banks and schemes)
Copies of IT returns for last two to five years (depending upon the terms and
conditions of banks and schemes)
Bank statements of last 6 months
Copies of memorandum and articles of association
Certificate of incorporation
Check Interest Rates, Terms & Conditions3
www.biz2credit.in
Procure the exact amount of money that is required; not more than that. Conduct a
proper research to avoid procuring a higher amount.
Check the interest rate of the loan and determine the time you will be requiring to
repay it.
Check the prepayment process, and their terms & condition.
Consider viewing the EMI that needs to be deposited. Avoid a bulky EMI.
Apart from the interest rates, evaluate the costs, fees and other charges associated
with the loan.
Thank You For Viewing The Presentation
Source:www.biz2credit.in/blog
Helping Small Businesses Grow…