Being one of the biggest cities in Andhra Pradesh, Vijayawada is a city with a flourishing economy and robust industrial development. Sectors of tourism, transportation, agriculture, and software are widespread in the city, with around 70% of the city's population participating in tertiary activities.
Vijayawada is an exceptionally favorable place for business, owing to the area's dependency on trade and commerce. For entrepreneurs, it is one of the best places to be. The city facilitates immense growth and development for business owners, and the presence of reputable financial institutions makes it easy for organizations to receive a business loan in Vijayawada.
How can a business loan benefit your business?
Business loans help in financing a business. Depending upon an organization's requirements, owners may use the loan for creating a working capital, purchasing machinery, facilitating expansion, and so on. Some common benefits of business loans are:
Exportation – Exportation is an excellent way for businesses to earn global recognition and gain good returns. However, the process of exporting requires adequate funds. This is where loans come into play. By taking a business loan in Vijayawada, organizations can receive the funds they need to partake in exportation activities.
Building credit – Building a good credit score is a priority for every business. By establishing an impressive credit score, organizations can improve their reliability and enhance their chances of receiving future loans. By availing unsecured business loans in Vijayawada, a firm can raise its credit score.
Purchasing inventory – To ensure smooth running, an organization requires sufficient inventory. This is especially true in the cases of seasonal businesses such as umbrella retailers or winter wear vendors who make sales seasonally. To build ample stock in advance, organizations can utilize the funds received through unsecured business loans in Vijayawada to purchase inventory.
Ensuring cash flow – A strong cash flow is necessary for businesses to perform their day-to-day operations. However, many a time, firms face cash flow shortages or inconsistent revenues which jeopardize their future. By receiving loans from small business loan providers in Vijayawada, firms can be prepared for such contingencies.
Reasons to avail business loans from HFS
Hiranandani Financial Services is an NBFC created with the objective to support small businesses across India. By providing financial assistance, we aim to assist entrepreneurs in achieving their goals.
- We are amongst the most reputable small business loan providers in Vijayawada, thanks to our doorstep service and proficient personnel
- Our approval rate and processing time are completely unmatched
- HFS allows organizations to choose between a secured or an unsecured business loan - We do not demand lengthy documentation and provide fast loans through a few simple steps
- HFS provisions flexible tenures and allows a business loan interest rate that is highly feasible
Who can apply for business loans at HFS?
To avail a loan from HFS, individuals and organizations need to meet the following business loan eligibility criteria:
- Applicants must be over 21 years of age
- Self-employed individuals, professionals, and businesses must be in business for a minimum of 3 years
- The minimum annual income of individuals or businesses should be 24 Lacs p.a. - In the case of private limited companies and partnership firms, the organization must have had a profit-making streak for the past 2 years
Documents required for availing a business loan from HFS
If you are considering applying for a business loan online at HFS, make sure to have the following documents in hand:
- Proof of identity
- Proof of Address
- Last 6 to 12 months’ bank records
- Computation of income and latest ITR
- Proof of Business Continuity
- Copy of Partnership Deed/MOA/AOA
- Copy of property documents in the case of secured loans