First, ask yourself these questions:
- Consider what assets you feel comfortable leveraging.
- Would you rather leverage someone else’s assets as collateral?
- What kind of repayment terms are you after?
- What are you going to use your funds for?
- How much do you need?
It might sound like a simple/obvious question, but in reality it can be one of the most difficult to answer. A secured small business loan that offers too-little can leave you unable to fund your business goals. Too much can leave you repaying excess money that you don’t need for a long, long time. Take the time to think about this.
Documents required:
- Certified Financial Statement for the last 2 years.
- Your Proof of Residence – Passport / / Voters ID card / Driving License / Adhaar Card
- Your Proof of Identity – Passport / Pan card / Voters ID card / Driving License / Adhaar Card
- Your Proof of Business : Shops & Establishment certificate / Trade license certificate / SSI registration certificate / Sales certificate / Partnership deed for firms / Memorandum of Association for companies
- Your latest Bank Statement from where you operate your business from the past 6 months.
- Copies of all Property Documents of the concerned property that you chose to pledge for the loan.
Schedule of Charges:
What Sort of Business Might Use a Secured Business Loan?
The difficulty that owners have is making the right choice between a secured or unsecured loan.
A secured business loan is an excellent solution for those with a poor credit rating. It is a great option if you want to start a new business or expand your business. If your secured business loan is approved, you will have a lower APR rate and very likely a longer repayment period. This can make it affordable for start-up businesses to get the cash they need during a time when profits are just starting to grow.
Unsecured loans appear more attractive, but although they are often approved quickly, there is a bigger cost involved. Unsecured mean that there is no collateral offered, thus making it a risky business for the lender. Therefore, banks are obliged to charge higher interest rates, and some of them get the most out of it by charging exorbitant interest to reduce the risk on their capital.
How Does Secured Business Finance Work?
Whether you’re expanding your workforce, purchasing new equipment, tools or machinery, or simply need additional working capital to tide your business over, a secured business loan could well be the answer.
It all starts by completing your Capitalise profile which takes just 3 minutes. Simply enter some basic information about your business and the required loan, and we’ll match your company with lenders who can not only provide the capital needed but offer an excellent chance of accepting you.
You’ll be able to upload key information, for example regarding your assets, through the Capitalise platform, greatly reducing the time it takes to assess each application. An affordable repayment plan will be created based on your circumstances, with all payments clearly listed to avoid any nasty surprises.
Once you’ve been approved, funds will typically be issued within just a few working days, leaving you to concentrate on growing your business.
You can apply for an attractive offer with best possible rate of interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.