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A term loan is the flexible, stable way of getting more working capital, developing your business, and making your credit. If you are seeking an easy small business loan, this is it. Term loans for businesses are helpful when the financing need is time-bound and properly described. These loans have a particular payback term and can provide floating or fixed interest rates. Depending on the tenure, terms loans can be classified into long-term, short-term and intermediate-term loans. Terms loans can be either secured or unsecured and serve different purposes like purchasing new equipment, increasing working capital, or expanding office premises.
The finances obtained in a business term loan are sometimes applied to instant expenses. Apart from banks and credit unions, FinTech firms now offer this loan. Every business term loan is different. The loan amount usually ranges anywhere from a few thousand to several lacs. Your business or personal credit score, time length in business operation, and revenue of your company are fundamental factors which decide how much a financial lending institution wants to provide and what the rate of interest for that loan will be. Generally, the APR (Annual Percentage Rating) starts around 6% and reaches up to 99%.
If you are seeking frequent cash inflow, the line of credit is the best option. With a line of credit, businesses are offered a credit limit they can take up against whenever they require it and are free to use the funds on the expenses of their choice. Line of credit is best for short-term operating purposes and for instant revenue-creating activities because the entrepreneur can use funds when he/she requires them. After opening a line of credit, you will get fund access. Then you will get a monthly invoice reflecting the credit amount you have used alongside interest charges (if any). Your payment depends on the actual interest accrued on these funds while you utilize them. Once you repay the funds, the amount is available for use. You will just be charged interest on the loan amount you use.
Features of Line of Credit:
To qualify for a short term loan, meet the eligibility criteria given below:
Invoice discounting is a working capital solution which helps businesses in getting advances on cash that are due from the clients, instead of waiting for those clients to pay. Invoice discounting has become a prime source of working capital funds which relies on collaterals of the invoice due from the debtor if the amount is borrowed from a traditional lender. There is unsecured invoice discounting which is an alternative to conventional business loans that offers you immediate access to cash stuck in your outstanding invoices. With an invoice discounting, don’t wait to get paid by your customers, rather get instant money against your invoices through Indifi.
Several small business owners cannot acquire conventional bank loans because they don’t have sufficient collateral or credit. Hence, Merchant Cash Advance is best suited for such businesses with significant transactions occurring through card swipes. It advances cash to merchants depending on predicted future sales, providing an alternative to the traditional bank loan. With a Merchant Cash Advance, businesses get an amount of money in return for a percentage of their future earnings. Businesses basically require money to maximize credit, stock more inventory, reach out to more clients or extend their operation and a Merchant Cash Advance helps businesses meeting their instant cash needs.
The eligibility criteria for a Merchant Cash Advance loan against POS machine are as follows:
Overdraft Facility or Credit Line is a financial instrument in which you can withdraw funds from your current or savings account, even in case your account balance is NIL. Nearly every financial lender offers this facility, incorporating NBFCs and banks. It’s a kind of short-term loan to be paid back in a defined duration as needed by the lender.
To borrow the overdraft facility, a small business must meet the following eligibility criteria:
The development of eCommerce in India has allured several international and domestic agencies to this industry. And it has considerably increased the competition for small online businesses. To beat this competition and allure more buyers, small sellers require investing in their online business consistently. And eCommerce business loan is the best way to maintain this consistency of funds.
In order to apply for an eCommerce business loan, you need to keep softcopies of the following documents ready to make sure a seamless, fast application procedure:
It’s now easier to qualify for a hotel business loan from Indifi. All you need to do is to meet the following eligibility criteria in order to reap the benefits of the loan:
You may have to submit other appropriate financial documents when it comes to verifying all documents provided by you. You will get information regarding this when needed.
The eligibility criteria to get a shop loan at Indifi are:the loan:
The basic documents required for a shop loan are:
To qualify for a restaurant business loan, you will need to show that your business is a good risk. This implies having sufficient experience and a good credit score. No requirement of collateral if you are taking up this loan from a digital lender like Indifi. You will need to convince your lender that you are ready to make a successful business. Lenders need to know precisely how you can plan for spending money they loan to you. Ensure to end up with the loan which you can afford to pay back, or investment partners with whom you want to work.
You can opt from the following three options for re-paying your loan
There are fixed frequency (agreed at the time of loan booking) on which Indifi will initiate a repayment request against your account. However, you can pay any additional amount that you would against your loan by using the Virtual Account method or Phone Pe / Paytm app.
By paying additional amount, you will achieve following benefits –
If you are using E-Collect as repayment mode, Indifi collects the EMI amount in tranches. If for some reason, complete EMI is not collected, the same is collected using your NACH/ Cheque. The final amount is sent to you post the last day of the previous month along with the entire month’s collection details.
No. NACH is presented to your registered bank account automatically against any amount not paid during e-collect. You can not push NACH to a late date or cancel it.
If funds received in your E-Collect account were not sufficient to clear your complete EMI and Overdue (if any), NACH will be presented
NACH amount is identified using outstanding on the last working day of previous month. In case you are making a payment between 1st to 5th of the month, NACH will be presented basis the last month’s outstanding
As per the RBI notification, Riviera had provided its customers an option of availing moratorium on EMIs of their loan.
Customers who chose a moratorium, interest in their loan account continued to accrue on the EMIs for which moratorium is provided at the same rate as contracted for the loan and such interest is to be collected by extending the original tenor of their loan. There is no change in terms and conditions of the loan with Riviera Investors Pvt. Ltd
On acceptance of moratorium, no cheque bounce charges or overdue charges are levied to loan account for such EMIs covered under Moratorium
For loans which are covered under deduction at source and E-Collect mechanism, the lender reserved the right to continue with such deductions during the moratorium period.
Amount collected before 5th Aug will be considered as part payment and amount collected post 5th Aug will be adjusted against Sep'20 EMI.
RBI has provided a framework to lending institutions for implementation of resolution plans for addressing the economic fallout due to the COVID-19 pandemic which has led to significant financial stress for customers. Basis the framework and regulatory guidelines, Riviera has framed its policy for the restructuring of the loan/s of entities that have been impacted due to the COVID-19 pandemic. It may be noted that Riviera retains the discretion to take decisions for approving restructuring, in line with its policy and RBI guidelines basis case and product specific aspects.
The balance tenure of the loan can be extended by a further period to a maximum of 36 months to ease your monthly EMI repayment burden.
The unpaid EMIs along with the accrued interest have been added to balance outstanding. Hence the additional amount is the accrued interest on the unpaid EMI which you have to pay at the end of the loan tenor
As per Company's Moratorium policy, all eligible customers with unpaid instalments during the moratorium period have been automatically granted moratorium for the eligible period
It will adversely impact on your CIBIL as basis the RBI guidelines lenders are required to submit loan performance to bureau agencies on monthly basis. We would request you to clear your EMI and dues on time to remain current or it will directly impact your ability to take future loans.