Get A Personal Loan In Gachibowli For Your Business Needs

Personal Loan In Gachibowli

Personal Loan In Gachibowli

Gachibowli is a suburb located in Hyderabad, Telangana. It is also known as a “financial district” where banks, insurance companies, and other financial institutions have their head office in the central part of the city. It has recently grown into a software hub with HITECH City located just 5 KM away from the city.

Apart from being a software hub, Gachibowli is also known as a sports hub with the best stadiums like Swarna Telangana State Sports Complex, GMC Balayogi Stadium, and Gachibowli Indoor Stadium, etc. located in the. With well-developed hospitals, educational institutes, sports, and information technology, Gachibowli is a great place to start or grow your business.

However, starting a business or planning to expand your existing one can be risky as the competition is very high. You should plan well every penny you spend on your business to avoid letting your business enter any unwanted situation. It is where getting a personal loan for your business will be helpful to meet all your business requirements. You can also apply for a personal loan in Hyderabad to instantly aid your sudden financial needs without the need to submit any collateral.

Before going further, let us first understand what a business loan is and how you can use a personal loan for your business requirements.

What is a Business Loan?

A business loan is a type of personal loan offered to help meet the financial requirements of businesses. It is a type of unsecured loan where you need not submit any collateral to get a loan. You can also apply for a personal loan using Buddy loan. It is one of the best third-party aggregators that offer loans for different categories with interest rates starting from 11% per annum and flexible loan tenure from 6 months to 5 years.

Also Read : Planning To Launch a Business? A Small Business Loan Is An Ideal Solution.

Reasons for which you can take a Personal loan in Gachibowli for business needs

Here are a few reasons for which you can take a personal loan for your business needs.

  1. Launching new business:

    In this competitive world, though it is easy to start a business, sustaining in the market is the biggest challenge. It requires research, innovation, and a constant eye for change. Moreover, while launching your business, check out whether you stand out from your competitors or not.

However you must handle the overhead costs that occur. Hence, to start your business journey, availing of a business loan will greatly help you transform your business idea into a successful venture.

  1. Expanding your existing business:

    When a business is successful, the next step is the expansion of its operations. This requires a huge capital investment to up-scale your business, expand the productions and operations, launch a new product in the market, etc. You can easily curb this huge capital expenditure by taking a personal loan.

  2. Buying new machinery or equipment:

    With constant technology change, it is necessary to keep upgrading your machinery and equipment according to the current demand, especially if it’s a manufacturing firm. Hence, to keep up with the competitors and sustain in the market, taking a business loan will help you smoothly aid the cost of new machinery.

  3. Consolidation of Debt:

    A growing business also has many unpaid debts. Hence, it is wise to avail a business loan to consolidate all your debts in one loan with low-interest rates.

  4. Inventory Management:

    Managing your inventory is essential for a product-based business. It includes procuring raw materials, getting the components from suppliers, storing the finished product, warehousing, and transporting the finished goods to the consumers. It can be costly to handle for a growing business, and hence, you must take a business loan to meet this requirement.

  5. Talent Acquisition:

    An employee is considered an asset to the company, and their performance can impact the company’s work quality and growth. This is why recruiting talented employees is essential. But the cost of recruiting, training, and mentoring can be quite expensive, and hence, a business loan can help you handle such costs efficiently.

  6. Marketing strategy:

    Marketing plays a major role in building a brand that will attract more customers, ultimately bringing more profits to the business. However, a good marketing strategy comes with its costs, and a business loan will surely be an additional benefit to curb those expenses.

  7. Relocating your business:

    Sometimes, you might need to relocate your business to find better opportunities elsewhere. It includes expenses such as shifting, arranging movers and packers, etc. Thus, availing a small business loan can help you in such situations.

Benefits of Getting a Personal Loan in Gachibowli for your Business

Here are the benefits and features of getting a personal loan for business:

  1. No Hidden Charges or prepayment is required.
  2. Collateral Free.
  3. Instant Loan approval.
  4. Minimum Documentation.
  5. Flexible Tenure of loan repayment.
  6. Get loan amount within 24 to 48 Hrs of approval.

Eligibility Criteria

Sl. No. Particulars Description  Description
1 Nationality  Indian
2 Age 21 to 60
3 Employment Status Employed or Self-Employed
4 Minimum Income INR 20,000 per month
5 Work Experience Min 1 year completed
6 Credit Score Above 750

Documents required

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving License, Passport
2 Proof of Address Aadhar Card, Electricity Bill, Water Bill, Passport
3 Proof of Income ●     Bank statement for the past 3 months
●     Salary Slips of 3 months
4 Income Tax Returns for the last 3 years Balance Sheet and Profit & Loss Statements for the last 3 years audited by a CA

Important things to consider while applying for a personal loan in Gachibowli for business needs

Here are the essential things that one should consider when applying for a personal loan:

  1. Credit Score: Maintain your credit score above 750, indicating that you have a good credit history and can repay your dues on time. It will also help you get loans for lower interest rates. If you want to check your credit score instantly, you can use Buddy Score to know your creditworthiness.
  2. Loan amount: It is suggested to avoid taking a loan amount more than what you require because this can reduce your credit score if you fail to repay your dues on time, affecting your creditworthiness. Therefore, take out the loan amount only for what you require.
  3. EMI: Calculate how much EMI you have to pay with the help of EMI calculators available on various websites. It will help you compare the interest rates, tenure of repayment and EMIs offered by different lenders and guide you in making an informed decision.
  4. Co-borrower: If you have a poor credit score and want a personal loan, getting yourself a co-applicant or a co-borrower with a good credit history will help you quickly avail of a personal loan.
  5. Relationship with the lender: Having a good relationship with your lender will help you quickly get a loan as they already know about your financial status and ability to repay it.
  6. Debt-to-Income ratio: Lenders will check your debt-to-income percentage before approving your loan application which should be less than or equal 50%.
  7. Additional Charges: Other charges such as GST and processing fees will be included. The GST rate is 18% for banking services, and the processing fee between 0.5 percent to 2.50 percent will be deducted from the loan amount.

Also Read : Guide On Applying For A Personal Loan In Somajiguda

Factors that impact the approval of your loan application

Here are the factors that lenders consider before approving your loan application.

  1. Monthly Income: This is the first factor lenders consider when evaluating your loan application. The higher your income, the greater your borrowing capacity. Hence, the applicant must have a minimum monthly income of INR 25,000 for the loan to get approved.
  2. Credit Score: Lenders will check your credit history before approving your loan application. A score of above 750 is considered excellent indicating your capability to repay your dues on time. You can also check your credit report using Buddy Score instantly to know your creditworthiness.
  3. Accurate and valid information: Make sure to fill in all details accurately because every detail will be checked during background verification. Submit valid documents such as Aadhar Card, PAN card, passport, etc for KYC verification. If there is an error in the information provided, then your loan application is viable for rejection.
  4. Stable Job: Lenders usually check if you have a constant flow of income to know the risk they bear by lending you money. You must have a minimum of 1-year complete employment history to consider your loan application.
  5. Unpaid Debts: If you fail to repay your debts on time, then your credit score will reduce. Hence it can increase the chances of your loan application getting rejected. You must pay all your dues on time to increase your creditworthiness.

Summing Up

A commercial and business hub like Gachibowli gives a lot of opportunities for business development or to start a new venture. However, with the intense competition to sustain a business in the market, managing its cost becomes the biggest challenge.

Hence when you are facing difficulty in the business availing of a personal loan can be extremely helpful. You can even apply for a personal loan using Buddy Loan as it is one of the best third-party aggregators that offer instant loans online for different categories to curb the sudden financial requirements of the borrowers.