What is a lap loan?

A loan against property(LAP) is a secured loan that is sanctioned keeping an asset as mortgage with the lender. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.

What is the purpose of a small business loan?

A small business loan gives you access to capital so you can invest it into your business. The funds can be used for many different purposes including working capital or improvements including renovations, technology and staffing, business acquisitions, real estate purchases and more.

How to apply for an SME loan online?

Business owners can easily apply for SME loans online through websites such as FlexiLoans. These business loans are tailored to cater to the needs of small and medium-sized businesses. Business owners can use these loans to purchase products or sustain a stable cash balance to cover day-to-day business costs.

What are the advantages of an SME loan?

SME loans for business come to the rescue in these circumstances. These loans are excellent means for business owners who are seeking to pay off debts or prevent liquidation. It is essential to make the appropriate estimates and calculations while applying for an SME loan or using an SME loan.

Do you need collateral for an SME business loan?

This ensures that no collateral is needed. As an SME owner, you do not have to generate property documents or mortgage company facilities to obtain financing. Basic documentation and evidence of company transactions will suffice. Since SME business loans are designed primarily to assist small enterprises, their interest rates are also reasonable.

What are the minimum requirements for a small business loan?

Baseline small-business loan requirements typically include a good credit rating and an annual income of at least $20,000 (if you’re new in the business, some lenders will go as low as $10,000). However, since exact requirements vary from lender to lender, we’ve reviewed an assortment of lenders who can work around your unique needs.

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