Get Business Loan
Business Loan of 20 Lakh
Are you considering to expand your business, upgrade equipment, or manage cash flow? Regardless of whether you are an entrepreneur or an established business owner, IIFL Finance offers business loans of 20 lakhs to meet a variety of funding needs. It could include anything from market expansion to equipment purchases to working capital to facility upgrades. Business loans of 20 lakh are available to a wide range of businesses, including MSMEs, entrepreneurs, retailers, sole proprietors, manufacturers, traders, and professionals.
Features and Benefits of a 20 Lakh Business Loan
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Unlock Growth Potential: This 20 lakh business loan provides a substantial financial boost to propel your business forward, addressing needs like market expansion, business relocation or equipment upgrades.
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Collateral-Free Convenience: Unlike secured loans, this option eliminates the need for collateral, making it accessible to a broader spectrum of businesses, even those with limited assets. So regardless of the size of your business, you can approach IIFL Finance to achieve your business goals
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Instant Funding: Experience a streamlined process with potential disbursal within days of approval. This ensures you don’t have to run from pillar to post at the last minute and have the resources you need quickly to seize time-sensitive opportunities.
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Flexible Repayment Structure: You can customize your repayment plan basis the cash flow into your business. The extended tenure (up to 3 years) allows you to spread the cost-effectively. It also relieves you of unnecessary stress and lets you focus on more important things at hand.
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Hassle-Free Application: The online application for a 20 lakh business loan minimizes paperwork, saving you valuable time and effort. This streamlined approach boasts a potentially fast turnaround, with the possibility of receiving the funds within 48 hours of approval.
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Competitive Rates: IIFL Finance offers attractive interest rates, making the 20 lakh business loan a cost-effective solution for businesses seeking significant capital. At the time of deciding the final rate, the factors that will be considered are your creditworthiness and business health.
Eligibility Criteria for 20 Lakh Business Loan
The following criteria should be fulfilled by the applicant of a 20 lakh business loan
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Age: You should be an Indian citizen within the age bracket of 23 to 65 years and should be 65 or younger at the end of the loan tenure.
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Business/Venture Age: The business should be running for at least 3 years and should not be blacklisted.
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Creditworthiness: A CIBIL score of over 700 is mandatory
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Bank Account: A current bank account is mandatory.
Here are some common mistakes that you can avoid while applying for business loan for 20 lakhs
- Ineffective business plan.
- Incorrect documentation.
- Poor credit score.
- Opting for an incorrect loan.
- Applying for multiple loans.
- Borrowing excessive loan amount.
- Failing to read the terms and conditions.
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