Where Can You Find The Best Working Capital Loan For Your Business?

Proper cash flows are essential to ensure that your business runs like a well-oiled machine. Working capital finance are specially designed loans, helping you run your daily operations without a hitch, no matter how your monthly sales have been or what the market conditions are. Where do you get such loans? They are available both online and offline.

Opting for an offline loan means that right from researching various lenders to applying for a loan and submitting needed documents, you have to visit the respective branches. The time that you could have used in focusing on your business is now spent in travelling and standing in queues. Even after all these processes, there is no surety that you will get the approval or if you have selected the right lender.

Instead of going through all this, opt for an online working capital loan. The online process makes it easier for you to get the loan and also saves time and energy. You can get the best working capital loan online. All you need to do is:

1. Research all the lenders offering a working capital loan.

2. Read about their features and benefits online.

3. Understand the terms and conditions of the loan.

4. Check the eligibility criteria and documents you need to submit.

5. View the details regarding fees and charges over and above the interest rate.

6. Select your lender, apply for working capital loan online and get instant approval.

Here the features and benefits that you will experience when you look for a working capital loan online:

1. High Loan Amounts Up To Rs. 30 Lakh: This will help you continue a smooth operation of your business without any financial obstacles.

2. Lower Interest Rate: Working capital loans online offer a comparatively lower interest rate. This helps the loan become cost effective for you.

3. Flexible Repayment Periods Up To 96 Months: You can choose a tenor based on your income and repay without any hassles.

4. Online Account Access: You can access your loan account with your user ID and password, and check your repayment schedule, interest certificate, etc.

5. No Need For Collateral: You don’t need to pledge valuable assets as security.

6. Quick Sanction In 72 Hours: Once your documents are verified, the loan amount will be transferred to your bank account in just a few days.

7. Minimal Documents Required: You need a few basic documents for application such as business proof, business vintage of 3 years, financial statements and KYC documents.

Line of credit: This is a facility offered by select working capital loans online. It is of great use when you find it difficult to predict your working capital requirements. This is what how it works:

1. You get a certain amount on a credit line by the lender for a certain tenor

2. You can borrow what you require

3. Unlike a term loan, you need to pay interest only on what is borrowed and not the entire sum

4. You can borrow multiple times when you need the funds

5. You can also prepay when you have additional funds at no charge

6. Your EMIs comprise only the interest portion of your loan

7. This keeps your EMIs low and affordable

8. You can repay the principal at the end of the tenor, or you can pre-pay with no extra charges

Arwind Sharma is a financial advisor with an experience of more than 7 years. He has worked for topmost financial firms in India and has been a visiting faculty at many reputed institutes in India.