There are several types of business loans, including:
● Term Loans : Age between 21 and 60 years.
● Working Capital Loans : Loans designed to finance day-to-day operations.
● Equipment Loans : Financing for purchasing equipment or machinery.
● Invoice Financing : Loans based on outstanding invoices to improve cash flow.
● Line of Credit : A flexible loan that allows you to borrow up to a pre-approved limit.

Eligibility for a business loan typically includes:
● A registered business (sole proprietorship, partnership, or corporation).
● A certain number of years in operation (usually 1-3 years).
● A good credit score (typically above 650).
● A stable revenue stream and a proven track record of profitability.
● Collateral (in some cases, depending on the loan type).

The documents required for a business loan application may include:
● Proof of business registration.
● Financial statements (balance sheet, profit & loss statements).
● Income tax returns (ITR) for the past 1-3 years.
● Bank statements for the last 6 months.
● Collateral documents (if applicable).

Interest rates on business loans vary based on factors such as your business type, credit score, loan amount, and lender. Typically, business loan interest rates range from 10% to 24% per annum.

The approval process for a business loan usually takes anywhere from a few days to several weeks, depending on the lender and the complexity of the loan. Lenders may also require additional time for document verification.

Repayment terms for business loans vary based on the type of loan and the lender. Most loans are offered with repayment terms ranging from 1 to 5 years. Some loans, like working capital loans, may have shorter repayment durations.

Yes, some types of business loans, such as unsecured loans or lines of credit, do not require collateral. However, these loans may come with higher interest rates or stricter eligibility requirements.

Yes, new businesses can apply for loans, but they may need to meet additional requirements, such as a strong business plan, personal guarantees, or higher interest rates. Lenders may also consider your personal credit score and financial history.

To improve your chances of securing a business loan:
● Maintain a strong credit score (both personal and business).
● Keep your financial statements and tax returns up-to-date.
● Prepare a solid business plan with clear financial projections.
● Offer collateral if required, or consider securing an unsecured loan if you have a good credit history.

Yes, many lenders allow early repayment of business loans. However, some lenders may charge prepayment penalties, so it’s important to check the terms of the loan agreement before proceeding with early repayment.

The loan amount you can get for your business depends on factors like your business revenue, credit score, and loan type. Most lenders offer loans ranging from ₹50,000 to ₹10,00,00,000 or more.

Finwelco partners with top banks and financial institutions to offer:
● Competitive interest rates.
● Quick and easy loan approval process.
● Flexible loan amounts and repayment options.
● Expert guidance to help you choose the best loan for your business needs.