Business Loan By Neo Growth
Key features For Business Loan By Neo Growth
Partnership Model: All businesses invariably go through an uneven sales cycle with high and low points; with peaks coming during festivals and weekends. With other institutions the merchant has to pay a fixed EMI irrespective of the volume of business in a month. There is no such obligation in NeoCash.
Daily repayment against card settlement: The repayment is automatic and flexible so that the merchant doesn't need to pay a fixed EMI. NeoGrowth has built tie-ups with banks for the purpose of daily repayment from the card settlement amount. When a business case is taken up, NeoGrowth apportions a share of the card sales for itself. See the adjoining graph for how NeoCash repayment works vis-à-vis other financing options.
Flexible repayment tenure: Based on merchant's average card sales in the past, NeoGrowth forecasts a projected timeline for repayment of the lump sum amount. However, there are no penal charges even if the tenure extends beyond the estimation.
Hassle free loan disbursement: The merchant would rarely need to visit NeoGrowth office. NeoGrowth's sales team comes at the merchant's assistance at all steps.
Easy and simple paper work: NeoGrowth believes in minimum documentation only to oversee the current state of business. Hence, it will minimise the effort of merchant in accumulating lot of papers./p>
Pre-closure facility: Merchant has the option of pre-closure at any stage without any penal charges.
The company is having a valid Certificate of Registration dated September 12, 2014 issued by the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934. However the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinion expressed by the company and for repayment of deposits / discharge of liabilities by the company.
NeoGrowth Credit Pvt Ltd. is a non-deposit taking and non-systematically important non-banking financial company registered with RBI.
The Indian consumer's spending method and style has undergone a vast change in the last 3-5 years as they rely more and more on plastic money. This transformation was largely made possible by the previous company of NeoGrowth's founders, called Venture Infotek (VI was sold to AtoS in mid-2010). VI was largely instrumental in bringing Point-of-Sale machine to every merchant in collaboration with several banks.
NeoGrowth has found a niche in the lending business targeting small and medium sized retailers. Our product is entirely different from a typical bank loan. Essentially we have bypassed the lengthy procedures of underwriting and cumbersome paperwork, done away with the burden of a fixed EMI system and most importantly, removed the necessity of the merchant to visit the financer's location at every stage. Time is money for today's business and there in comes our unique product that makes better sense for today's business environment.
Customers are fast becoming habitual of swiping their debit or credit cards to the malls or shopping complex in their neighbourhood. Hence the modern merchant has a tangible asset on his hands, his future card sales. If a substantial portion of your sales happens on the POS machine, NeoGrowth can provide business financing. Today's merchant needs someone to finance him at the pace of his business and the convenience of not having to move away from his outlet. Venture Infotek brought a paradigm change in the payments industry and again with a futuristic vision, NeoGrowth is here to change the face of a business loan in the Indian context.
Get totally unsecured loan of 20 times of your net profit with the help of our team of Chartered Accountants.
Only requirement: 3 years ITR and turnover of 1 cr+. No collateral required.
Repayment Period: 1-5 years
Interested? Call us at +91-9911050333 or fill the form on the right
What is Business Loan?
Business loans, as the name suggests, are specifically intended for business purposes. Be it a startup or an established business, business loans offer a financial solution to problems faced by the firm and fills the cash flow gap. Be it for meeting day-to-day expenses, expansion of infrastructure or even product development, business loans play a huge role in setting the financial foundation strong for a business.
Characteristic of Business Loan
- Businesses with bad credit can also apply but will have to provide proof that repayments can be done without delay.
- Application fees are either non-applicable or minimal
- The payment schedules are extendable with a nominal extra interest rate being applied
- Extended lines of credit made available
Eligibility Criteria for Business Loan
- Minimum 25 years of age and maximum 65
- The business should have been in profit for atleast 3 years
- A minimum turnover of 40 Lakhs for proprietorship, partnership firm and Pvt Ltd companies.
- Income Tax return should be a minimum of 3 Lakhs
- Net worth should be positive.
Who all can avail business loans?
- Self Employed Individuals/Professionals
- Sole Proprietorship Firms
- Partnership Firms
- Private Limited Companies
What documents are needed when applying for a business loan?
- Identity Proof
- Address Proof
- Bank Statement for past 6 months
- 3 years Income Tax Return with Balance Sheet, P&L and Audit Report
What are the tenure options available?
A minimum of 1 year to a maximum of 5 years.
Can I make part-prepayment?
Yes. Part pre-payment can be done with a minimum amount of Rs.50,000/- after 6 months from the date of disbursement of the loan. This can be made only once in a financial year.
Can I pre-pay my whole loan?
Yes. That is also possible, but after repaying a minimum of 6 EMIs. Pre-payment of loans will be charged as per the bank’s discretion.
How can I repay the loan?
The loan can be repaid through post-dated cheques or Electronic Clearing System.