Business Loan
Q.1 Why Orrish Finance for availing the Business loan?
Our lending process usually takes 3 - 4 business days. The documentation required is less as compared to banks. The whole process depends on how fast you serve us the documents. Once it is approved, the loan amount is transferred to your bank account.
Q.2 What is the minimum profit required to avail the Business Loan?
The minimum profit must be at least 100000 per annum.
Q.3 What are the documents required for availing Business Loan?
You need to submit the copy of Aadhar card, PAN card Photo and Address Proof. Apart from these you need to provide us with your Audited financials of last 3 years, Address proof of the company’s premises (Electricity bill, lease agreement, Gst tax certificate). You need to provide us Post Dated Cheques for EMI’s Collection.
Q.4 What is Credit score and how it is linked to the Business Loan?
Credit scores or CIBIL (Credit Information Bureau Limited) score are the same thing. Credit score is a three-digit number used by the banks and NBFCs to track your repayment ability. Once you take the loan, repay it back on the time. This will improve your credit score that is we call as Creditworthiness. An in future a higher credit score will help you in availing loan of higher amount that too at lower interest rate.
Q.5 Is there any security/collateral required to obtain the Business Loan?
No, there is no need of any collateral for availing the business loan. But for high ticket loans, you may need to give some collateral.
Q.6 What are the prepayment charges?
Yes, you can repay before the due date. Prepayment charges after six months are nil
Q.7 What is the interest rate for the Business Loan?
The interest rate depends upon the loan amount and credit score, it will be between 12-30%.
Q.8 What are the repayment modes?
All the payment modes are available i.e., Bank transfer, Cash Collection, NACH, UPI, etc.
Q.9What is the tenure of Orrish Finance Business Loan?
Orrish Finance offers a flexible Business Loan with a tenure starting from 12 months to 36 months.
