business loan for salaried employee Archives

What are all the Benefits of Business Loan ?. Who is the Best Bank Loan Consultants for Business Loans in Chennai, Tamil Nadu, India. Contact S & P Bank Loan Consultants which is one of the Top Finance Consultants in India 24/7.

Borrowing money from bank as a business loan

Are you running a business? Business always need finance at all its stages. Managing business with own funds for long tenure is difficult. You may need finance to buy asset or other business expenses. Borrowing money from bank as a business loan is the best option for your finance needs.

Business Loans as secured or unsecured

Business Loan serves as a powerful tool for any business. You can take Business loan for purchase of stock and new machinery. You can also avail Business Loan expansion and any major business expenses. Bank offer Business Loans as secured or unsecured. It varies from bank to bank and depends on other parameters. We will look into why you have to go for a business loan.

Receives huge cash inflow for business

The easiest and best way to raise money for business is business loan. It can be for launch, growth or expansion of business. Bank offers business loan for all business purposes. Business loan is the best option to raise large amount of funds for multiple purposes.

Finance is lifeline of any business. With huge cash inflow, you can make advance payment for materials and negotiate for a discount with supplier. This will increase your profit and you can sell the goods at competitive price. You can also increase your market share.

Retains the control and Management of the Company

If you take a business loan, bank does not interfere in day-to-day activities of the business. It does not involve in any major business decisions. If you raise funds through equity shares, business issue shares to shareholders. If you raise funds through investor, they involve in management decision. Taking business loan, retains the control and management of the company with promoters.

No profit Sharing with anyone

Bank does not ask for profit share in your business. Even company grows tremendously, because of Bank loans. Bank only demands loan amount with added interest. For equity fund raisers, business has to pay dividends. Fund raiser being investor, he demands for share of profit, in proportion to growth. Availing bank loan helps you to improve your own business without sharing of profits.

Convenient and Accessible

All the banks offer various types of business loan products. You can easily access to any business loans. We make the loan process simple for you. Most lenders offer loan through online. Submit the documents in online. Approval and disbursal process is quick.

Our S & P loan consultants would handle whole loan process on your behalf. In fact, We provide a dedicated team with personal relationship manager to handle all your doubts in business loans.

Collateral Free

Gone are the days, where business loan is offered against collateral. Now banks offer collateral free loans for new ventures too. To support economic envelopment, Government has introduced MUDRA and CGTMSE scheme. No collateral for government scheme loans.

Business plan, viability, future cash flow and credit history

Banks look into your business plan, viability, future cash flow and credit history. If all parameters are good, bank approves the loan without collateral. Our Loan consultants will help you to get maximum loan amount with best lender, offers and concessions. By the way, You can reap the full benefits of business loan.

Reasonable Interest Rate:

Banks are competing among themselves for offering loans. This is good situation for business owners. You can negotiate for a reasonable lower rate which reduces your cost. Banks consider business financials while evaluating loan application.

Interest on loan is claimed as expenses in profit and loss account of your business. Thus, interest is tax-deductible.

Flexible Tenure:

Business Loan can be for working capital or purchase of fixed asset. It can be for expansion plans too. You may need some holiday period for interest and principal payment of loan. Moreover, You can use the holiday period for stabilizing the business in the market.

Short term Finance

Some business need only short term finance. Few business may need bullet repayments, cash realization may take longer time in this business. Lenders understand your need, business design and financial parameters. Based on your need, lenders offer loan tenure and repayment options.

If your credit history and financials are good, banks offer you lower EMI, compared to market rate.

Find the Benefits of Business Loans

Benefits of business loan is incomparable. Business loan takes you to next level in business. If you are looking out for business loan, we help you out with hassle free loan process and quick disbursal. By all means, We hope you have understood the Benefits of Business Loan. Find the Best Bank Loan Consultants for Business Loans in Chennai, Tamil Nadu, India.

Contact S & P Bank Loan Consultants, One of the Top Finance Consultants in India.

How to get a Personal Loan for Salaried Employees ?

S & P Bank Loan Services indeed offer the best Consultancy services to get all in all personal Loans for salaried employees in Chennai, Tamil Nadu, India.

Need for a personal loan for salaried employees:

Person working with any organization, will earn a fixed amount as salary. Most of the organizations offer yearly bonus and incentives. In fact, Cash inflow is almost fixed for the whole year for any salaried employees.

How to meet up cash crunch, emergency situation, unplanned expenditure?
How to arrange funds for vacation trips, debt consolidation or credit card payment?

Firstly, Personal loan comes for rescue to salaried employee. Not only bank offer personal loans, NBFCs and digital lenders also offer personal loans.

Features of Personal Loan for salaried employees:

Many lenders offer personal with no physical documents, quick approval and instant disbursal. Moreover, No guarantor and co-borrower required for a personal loan. Meanwhile, No collateral required for personal loans. Of course, Pre-approved loan for existing customers. By all means, It can be used only for legal purposes. In other Words, No need to visit the branch. In the same fashion, No restriction on end use of funds.

Interest rates on personal loans are comparatively less than credit card interest rates. On the same way, Only processing fees is paid to bank and no other hidden charges. Based on your repayment capacity, you can get more than one personal loans.

Eligible Criteria for Personal Loan:

Main criteria for personal loan is age, income earning capacity and repayment capacity. In the same token, For salaried person, income earning its always satisfied one. In the same fashion, Age and income eligibility varies from bank to bank.

General Age criteria for individuals to apply for personal loan is between 21 years to 55 years. Minimum income eligibility is Rs.20000/- per month. Repayment capacity denotes with the net income earned how much you can pay for personal loan applied. Lenders generally fix 50% EMI ratio on net income towards personal loans.

If you have other loans like car loan and housing loans, all needs to be considered to arrive at eligibility. We at S & P Bank Loan Consultants, help you with arriving you the personal eligibility. Key Documents to submit are duly filled in application, PAN card, driving license / passport / Aadhar, Salary slips, Form 16 and ITR.

Interest Rates and Offers:

Every bank has different personal loan products for salaried employees. Interest rate for all loans vary from 10.5 % to 20% across banks. Minimum loan amount starts from Rs. 1000 and maximum loan amount is Rs. 25 Processing fees ranges from 1% to 6% of loan amount. GST is applicable on processing fees.

Best banks for availing personal loans

Kotak Bank, SBI, Citibank, Bank of Baroda, IDFC First Bank, PNB, HDFC Bank, are few of the best banks for availing personal loans based on their competitive Rate of interest.

Tips for improving chances of getting a Personal loan for salaried employees:

Check the Credit Score:

First step to apply loan is take CIBIL report. Check for the CIBIL score. If the CIBIL score is above 700, proceed for applying loan. If the CIBIL score is below 700, take steps for improving CIBIL score. Do not apply loan in the wait period of improving score. Take list of all loans / credit cards which are due in CIBIL report and pay it off.

Then write to the particular bank to update their records. If you want support in improving your credit score, we can help you out at S & P Bank Loan Services, If you can’t wait for improving credit score, search for lenders who offers loans for low score with high interest rate. The Best Loan Consultants in our office can also support you in this.

Avoid Multiple Applications:

Do not apply personal loan within a period of 6 months. Avoid multiple loan applications within short time. As each credit enquiry gets reflected in CIBIL report, CIBIL score will reduce for enquiries.

Best suited Personal Loan Product:

Select right personal loan products suitable for you. Compare the loan amount offered, interest rates, processing fees, loan tenure, pre closure charges and other fees. In Summary, We at S & P Bank Loan Services can also help you with choosing the right product for salaried employees.

Be Honest:

Provide correct information to lenders. As they verify the information before processing the loan. In Addition, Incorrect information may lead to rejection of loan.

Job Stability:

Working in same organisation for more than 3 years which will increase your chance of getting loan.

Repayment Capacity:

Apply for a loan based on repayment capacity. If you apply for higher amount than eligible, there are chances for getting the loan rejected. Finally, You can check in personal loan eligibility calculator in internet and apply for loan.

Contact Top Bank Loan Consultants to avail the best Personal Loan offers for Salaried Employees

Write to our Bank Loan Consultants. Contact us for any doubts on personal loan for salaried employees.