Business Loan for Working Capital - Apply for Capital Finance in India
Businesses need money to conduct their day-to-day operations, such as procuring raw materials, paying wages to employees, clearing existing debts, etc. This money, known as working capital, enables the business to function efficiently and conduct its operations smoothly. A shortage of working capital might have detrimental effects on their productivity.
With Poonawalla Fincorp Business Loans for Working Capital, you can get access to quick funds to meet all short-term financial needs of your business. Moreover, our working capital loans are collateral-free and come with a slew of benefits such as flexible tenure, competitive interest rates, and quick approval.
Various Reasons to Take Working Capital Loan
By availing of the working capital finance from us, you can ensure seamless operations of your business. Our business loans for working capital allow you to infuse greater investment into your business and meet the enlarged financial demands during the peak season.
- Here are a few reasons why you must take a working capital loan from us:
- Meet short-term financial needs
- Pay emergency expenses
- Renovate or expand business infrastructure
- Pay for overhead costs such as rent, electricity, etc.
- Maintain a healthy cash-flow
Features and Benefits of Business Loan for Working Capital
Poonawalla Fincorp provides working capital loans for small businesses with simple eligibility criteria and minimum documentation. Our goal is to make financing easy so that every business can prosper and succeed.
- Below are some salient features and benefits of our working capital loans:
- Quick online application
- Hassle-free loan approval
- Minimum documentation
- Easy eligibility criteria
- High loan amount of up to ₹ 50 lakh
- Competitive interest rates
- Flexible repayment tenure
- Minimum processing fees
- Doorstep services
Eligibility Criteria of Working Capital Loan
Our working capital loans come with basic eligibility requirements. It allows you to get access to funds for your business even during an emergency.
- Given below is our eligibility criteria for working capital loans:
- Should be a citizen of India
- Should be between 22 to 65 years at maturity
- Should have a business vintage of a minimum of two years
- The business turnover should be above ₹ 9 lakh
Required Documents for Online Working Capital Loan
You can avail of working capital finance from us with minimum documentation.
- Below is the list of required documents for our working capital loan:
- Company PAN card or Director/Proprietor PAN card
- Proof of address (Aadhar card/Voter ID card/Passport)
- Business Address Proof (Rent Agreement/Utility Bill)
- Financial documents (Bank statements/IT Returns)
Note that the above-mentioned documents list is indicative. We may require some additional documents during loan processing.
How to apply for our Working Capital Loan?
You can apply online or offline and get access to working capital finance from the convenience of your home/office.
- Follow the five simple steps mentioned below:
- Step 1 – Visit our website or your nearest branch
- Step 2 – Check your eligibility for our Working Capital Loan
- Step 3 – Fill up the loan application form
- Step 4 – Upload or submit the required documents
- Step 5 – Get the loan amount in your bank account post verification
Frequently Asked Questions on Working Capital Loan
What is a working capital loan, and why should I take it?
A working capital loan is a special type of loan given to business owners to help them address their short-term financial requirements. It enables them to conduct their business operations seamlessly without worrying about the cash crunch.
You can take a working capital loan to meet various financial obligations of your business, such as procuring raw materials, paying wages to employees, clearing existing debts, maintaining a healthy cash flow, and paying utility bills.
Who can take a working capital loan?
All small and medium scale businesses require funding from time to time, and hence, they can take a working capital loan to meet their financial requirements. Poonawalla Fincorp provides working capital loans for new businesses in India with simple eligibility criteria and minimal documentation.
What are the interest rates applicable for working capital loans?
The interest rate for a working capital loan varies from lender to lender. Poonawalla Fincorp provides business loans for working capital at competitive interest rates starting from only 15% per annum.
Do I need to pay any additional charges for availing of a working capital loan?
No. With Poonawalla Fincorp, you don’t have to pay any additional charges for availing of a working capital loan for your business. We only charge a nominal one-time processing fee of 1 to 2 percent of the loan amount.
How can I calculate the EMIs I need to pay?
You can use our online working capital loan EMI calculator to determine your EMIs in advance. All you need to do is enter your loan amount, interest rate, and tenure in the space provided.