Short-term Business Loan
In this era of technology, business financing has been very easy. if you want the short-term business loan then PlanGrip offers you the best loan for your business within 24 hours, which you have to over 3 to 24 months period with fixed regular payments.
This loan comes up with obstacle-free financing solutions to businesses and plangrip offer this loan at very competitive interest rates, making them an even more economical option. Apart from offering a business loan, our specialist officer is always available 24*7 to help you.
What Is Short-term Business Loan?
Small businesses usually prefer to obtain short-term loans instead of long-term debt financing as it has a maturity of one year or less. They must be repaid to the lender within one year or less. Most short-term loans can be repaid much more quickly than that. Term loans with short maturities can help you meet an immediate need for financing.
Targets Of Short-term Business loan
For the betterment of working capital, short-term business loans raise working capital to cover temporary deficiencies in funds so you will be able to meet payroll and other expenses. You can also have a requirement of short-term loans to pay your own bills; i.e. to meet your own accounts payable obligations. You may just need a short-term loan to even out your cash flow, particularly if your company is a cyclical business.
Some Facts You Need Keep In Your Head Regarding Short-term Business Loan
Basically, It totally depends upon lenders to lenders and especially those who judge your eligibility from your business credit score. Here are the following mentioned things you must notice before applying to get a business loan.
- Your Personal credit score matter most for your lenders
- Business credit
- Annual revenue or income will be stood out too
- How long have you been running your business
- Declared bankruptcy or not?
Why You Must Obtain Short-term Business Loan?
A short term business finance seems like a great option for any company or business that requires a line of funding. Ultimately, we have made this section so you can have a quick look at all the advantages and the features that are associated with short-term business loans at plangrip.
- Acceptance of bad credit
- Equated Monthly Installments
- Available for both small and micro businesses
- Your repayments will automatically be subtracted from your accounts
- You can avail this short-term loan at an affordable interest rate
- You will be able to get your amount just after the approval of a short-term loan within one day.
- No extra fee or charges
- More than the age of 18 years can avail and apply this short-term loan
- Quite flexible repayment option 12 months – 24 months according to business funding.
- Obstacle-free documentation process
We hope you can have a basic idea of short-term business loan’s features
Eligibility criteria for short-term business loan
Of course, eligibility is a must. In order to avail of short-term loans for business, you will have to fulfill some requirements or meet some eligibility criteria. For qualifying short-term business loans, you will be required to mention or submit your payment history for other borrowed loans, company’s or businesses, cash flow history, and income statements.
Below have mentioned some eligibility criteria which you need to fulfill before applying for short-term business loans.
- You must have a net profit of 1 lakh
- You must also have work experience of minimum one years
- Annual business turnover around 10 lakhs
- Requirement of current balance sheet
Note:- As you know already that there are different loan schemes are available in the market and Eligibility criteria totally depend on the kind of loan you are applying for so, Make sure you check your specified criteria before applying for a loan.
Documents You Will Need To Get Short-term Business Loan
- Identity Proof: Driving License / PAN Card / Passport / Voters ID Card / Aadhaar Card.
- Address Proof: Ration Card /Telephone Bill / Electricity Bill / Passport / Trade license / Lease agreement / Sales Tax certificate.
- Income Proof: Bank Statement of the Last 2 Years.
- Financial Documents: Last 2 Years ITR along with computation of Balance Sheet, Income & Profit & Loss a/c for the last 2 yrs.
- Proof of Business Continuation
- Business Ownership[ Proof Other Mandatory Documents such as Sole Proprietorship Declaration, Certified true copy of Memorandum & Articles of Association
- Last 3 years audited financials.