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Types of Business Loan
Shriram Finance provides a wide range of business loans to facilitate you in fulfilling all your business needs. There are various types of business loans available and are as shown below.
Working Capital Loan
To help business owners pay for their immediate operational needs like purchasing inventory, hiring and training new employees, buying equipment or supplies, paying taxes, managing payroll and taking care of other short-term operational expenses.
Trade Finance
Offered to support the trading activities and related expenses of customers including a wide range of financial products, such as letters of credit, invoice factoring and export credit insurance.
Supply Chain Finance
Offers flexible payment alternatives to buyers and suppliers at lower financing rates to ensure smooth functioning of a business.
Startup Business Loan
Offered to assist you in raising capital and developing your existing business. A startup loan can be used to cover start-up costs such as purchasing resources and equipment, marketing expenses, or developing new products.
MSME Loan
Offered to help medium and small-scale entrepreneurs meet a wide range of business expenditures.
GST Business Loan
Offered to business owners based on their GST returns, and the loan amount is determined appropriately.
Shop Loan
Offered to businesses specifically for the purpose of purchasing inventory, equipment, or other business-related items.
Business Loan Against Gold
A type of secured loan that allows business owners to use their gold jewellery or ornaments as collateral to obtain funds for business needs.
Loan Without Financial
Provided to borrowers without the need for extensive financial documentation, such as income tax returns, bank statements, and audited financial statements.
Business Loan for Women
A loan specifically designed to provide financial support to women entrepreneurs who are looking to start a new business venture or expand an existing one.
FAQs
What is the minimum turnover required for a business loan?
Shriram Finance offers business loans with a minimum turnover of 20 lakhs. Other factors like your age and business experience will also be considered.
Who is eligible for a startup business loan?
To qualify for Shriram Finance Startup Business Loan, aspiring entrepreneurs or startup founders need to meet specific eligibility criteria which include:
Business Vintage: Applicants are required to have a minimum business vintage of 3 years.
Age: The applicant’s age should fall within the range of 21 to 70 (at loan maturity) years.
Meeting these eligibility requirements is necessary to be considered for a startup business loan from Shriram Finance.
What are the advantages of a GST Business Loan?
Some of the advantages of GST business loans are:
- MSMEs can secure funding without collateral with GST business loans based on their GST returns.
- As the loan amount is based on GST returns, the approval process is quicker.
How much business loan can women get?
Shriram Finance provides business loan to women entrepreneurs starting from ₹1 Lakh.
How is working capital loan interest calculated?
Shriram Finance provides working capital loans at an interest rate starting at 10%*p.a. The interest rates offered by Shriram Finance are customized based on the individual's eligibility and application.
The most common method for calculating interest on a working capital loan is the Simple Interest method. With the Simple Interest method, the interest is calculated based on the principal loan amount and the interest rate for a specific period.
The formula to calculate Simple Interest is:
Interest = (Principal Loan Amount) x (Interest Rate) x (Time in years)
Easy & Quick Disbursals on Business Loan