Aurangabad, a city in Maharashtra, is considered an international tourist hub due to the world heritage places like Ajanta & Ellora caves. The city is heading towards rapid industrial growth with its past glory and charm, rich culture, traditions, heritage, and artistic displays. The city is famous for its artistic silk fabrics and cotton textiles. Now, Aurangabad has officially been renamed as Sambhaji Nagar. Running a business in a busy place like Aurangabad is not easy. But there are many things to consider – from inventory and marketing to employee management and bookkeeping. And if you’re short on cash, growing your business can be even more challenging. Here, a personal loan can come in handy. A personal loan is an unsecured loan that can utilize for any purpose, including expanding your business.
So, if you’re located in Aurangabad and need extra money to help your business grow, you can apply for a personal loan in Aurangabad and get the funds to take your business to the next level. Log in to Buddy Loan App to get an instant personal loan in Aurangabad with better interest rates.
How Does Personal Loan Matter For Business?
A personal loan in Aurangabad can help you expand your business. You can use the money for various purposes, such as buying new equipment or hiring more employees. Personal loans can be used for small-scale and large-scale industries.
You can go for a business loan when you have the following necessities.
Start Or Launch Your New Business :
If you have an excellent business idea but don’t have the funds to make it a reality, then a personal loan can help you initiate your business.
Expanding Your Existing Business :
When your business provides excellent ROI(Return On Invest) and profits, it is the best time to expand your business. These huge process needs investments to set up new products and services, lengthen your operations and production, and more. Thus, a business loan will bring more success for you.
New Equipment And Machinery :
Sustaining in a business is very tough and challenging. You need to know the current market trends, the latest technologies, and your competitors’ actions. Establishing the latest equipment and machinery will help you to attain a top place for your business. For these, you need additional funds. Buddy Loan can help you get personal loan to handle the situation smartly.
Inventory Management :
For a better flow for your business, you have to take care of specific fields such as raw material management, component collection from suppliers, product warehousing, and reaching the final product to customers. The record of inventory management tracks these purchases and sales of products to users. With a business loan in Aurangabad, you can meet the expenditure.
Human Resource Management :
For a successful journey of a business, along with a better idea, you need talented people who can implement your ideas into reality. For start-ups, handling the expenses of hiring, training, and mentoring people are not easy. So they can use a personal loan to cover the shortage.
Marketing Strategy :
Implementing your ideas through marketing strategies will enhance your business, attract more customers, and make high profits. To tackle these expenses, you can go for a personal loan.
Features of Personal Loan in Aurangabad For Business Expansion
- Avail collateral-free personal loans -: You don’t need to submit any assets for loan approval as a guarantee for lenders.
- Needed minimum documents -: With fewer documents such as PAN, Aadhar, and the last three months’ bank statements, you can apply for a personal loan. It can vary depending on the lender.
- No hidden charges -: There will be no charges other than a fixed processing fee and GST while applying for a loan.
- Get a quick approval -: You will get a quick approval once you are eligible for the loan. After the KYC verification, lenders will approve your loan immediately.
- Flexibility in loan tenures -: You can get a personal loan minimum of Rs.10,000 to a maximum of 15 lakhs. Through EMIs, You can pay back the loan over a fixed tenure of 6 months to 5 years. You can select the tenure as per how much you can pay per month.
- Quick loan disbursal -: Once you get the loan approval, the loan will be directly transferred to your account within 24 – 48 hours.
- Paperless process -: Nowadays, all transactions are done digitally. So, you don’t need to visit a bank to obtain a loan. Via online apps and websites, you can apply for a business loan.
- Better interest rates -: As per your credit score, lenders will determine the interest rates for your loan. With an excellent credit score and credit history, you are more open to getting an instant personal loan with a low-interest rate. With Buddy Loan, you can get better interest rates starting from 11.99%.
- Safety of your loan -: Information you share wth lenders while applying for a loan will be kept confidential.
Are You Eligible For A Business Loan in Aurangabad?
Many factors decide the eligibility for a personal loan in Aurangabad for business expansion.
- The borrower must be an Indian citizen.
- Their age should be over 21 years.
- The borrower should have a registered business entity, and for the last three years, their business should have been running successfully with profits and ROI.
- Individual entrepreneurs, public and private companies, partnership firms, manufacturers, etc., are eligible for this loan.
- The borrower should have a yearly turnover of above INR 12 lakhs for your business.
- There should be no pending debts in the applicant’s credit history.
- The applicant must have a credit score of above 700.
You can check your credit score with Buddy Score and know your eligibility.
Required Documents For A Personal Loan In Aurangabad
- Identity Proof – PAN, Aadhar, Driving Licence, Passport, Voters ID. (Anyone of them)
- Address Proof – Passport, Aadhar, Ration Card, Utility bills, Driving Licence. (Anyone of them)
- Income Proof – Income Tax Returns of the last two years, Balance sheets and Profit & Loss statements for the previous two years.
- Ownership of Residence proof – Property documents, Electricity Bills, Maintenance Bills, Water BIlls. (Anyone of them)
- Proof of Office Address – Electricity Bills, Property documents, Maintenance Bills. (Anyone of them)
- Proof of Office ownership – Property documents, Maintenance Bills, Electricity Bills. (Anyone of them)
- Proof of Business Existence – Tax registration copy, Company registration licence, Shop establishment Proof. (Anyone of them)
- Bank statements – Statements of savings and current bank account for the last year.
- Investment Proof (If any) – Fixed deposits, Fixed assets and shares.
- Photograph – One passport-size colour photo.
Check These While Taking a Personal Loan for Business
- Credit Score -: It is the vital factor that decides the interest rates you get when applying for a loan. It. Your overall financial transactions along with your loans, monthly payments, credit behaviour, and past credit history are projected through your credit score. Your credibility will be increased with a higher credit score above 700. Eventually, it will provide you a low-interest rate.
- Loan amount -: As personal loans are easily available with less procedures and paperworks, it might tempt you to get more than you need. But be alert and apply only for the required amount. It will prevent getting defaults and debts.
- EMI -: To avoid a financial crash over your monthly budget, use an online EMI calculator and check how much EMI you can pay monthly over a certain tenure.
- Relationship with the lender -: With a long-time trusted relation with a bank will help you foe getting an approval for your loan soon. If you have good, then you have more chances for getting low-interest benefits than others.
- Interest rates -: Before applying for a personal loan, always do a research and compare various offers. Then, you can negotiate with lenders for better interest rates.
- Other charges -: You have to pay a GST of 18% and a processing fee of 0.5% for a loan approval.
- History of defaults -: Your credit history should be clear from any defaults. If lenders find out anything while checking your credibilty, you might get a direct rejection or a high-interest rates for the loan.
A personal loan for business expansion can be a great way to get the funds you need to take your company to the next level. It may seem like an unnecessary risk, but when done correctly it can be a smart move that helps your company grow. By understanding the importance of personal loans for business expansion and taking the time to research your options, you can ensure that you get the best deal possible and set your business up for success. So why is it important for people to take a personal loan for expanding their businesses? The answer is simple – because it’s one of the smartest things they can do in order to nourish their companies.
Is it possible to get an instant approval for a personal loan for business?
As it is an unsecured loan, you can get instant approval from the lenders after they decide your eligibility and creditworthiness.
What are the documents needed for a business loan in Aurangabad?
You need basic documents of ID proof, Income proof, and address proof.
What is the maximum loan amount you can get?
You can get a personal loan of maximum 15 lakhs, with a flexible repayment tenure over 6 months from 5 years with Buddy Loan.