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A secured business loan in India is a type of financing where a business borrows money from a financial institution or lender by pledging collateral as security against the loan.

Secured Business Loan

Collateral could be in the form of assets such as property, equipment, inventory, or accounts receivable. If the business fails to repay the loan according to the agreed terms, the lender has the right to seize the collateral to recoup their losses.

Secured loans typically offer lower interest rates compared to unsecured loans because they pose less risk to the lender due to the presence of collateral.

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Secured Business Loan-

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Following are the procedure steps:

1. Assessing Loan Requirements:

Determine the amount of funding required for your business and the purpose of the loan, whether it's for expansion, working capital, purchasing equipment, or other needs.

2. Collateral Evaluation:

Identify assets that can be offered as collateral for the loan. This could include property, equipment, inventory, or accounts receivable. The value of the collateral will play a crucial role in determining the loan amount and interest rates.

3. Research Lenders:

Research various financial institutions, banks, non-banking financial companies (NBFCs), or online lenders that offer secured business loans. Compare interest rates, loan terms, eligibility criteria, and processing fees.

4. Loan Application:

Fill out the loan application form provided by the chosen lender. Provide necessary documents such as business financial statements, income tax returns, bank statements, proof of ownership of collateral, business plan, and any other documents required by the lender.

5. Collateral Valuation:

The lender will assess the value of the collateral offered by the borrower to determine its adequacy to secure the loan. This may involve appraisal by a certified valuer.

6. Loan Approval:

Once the lender verifies the application and collateral, they will assess the creditworthiness of the business and its owners. This may include checking credit scores, business history, and repayment capacity. If satisfied, the lender will approve the loan.

7. Loan Agreement and Disbursement:

Review and sign the loan agreement, which outlines the terms and conditions of the loan, including interest rates, repayment schedule, fees, and penalties. Upon signing, the loan amount will be disbursed to the business account.

8. Loan Repayment:

Repay the loan according to the agreed schedule, which may include monthly, quarterly, or annual installments. Ensure timely payments to avoid default and potential loss of collateral.

9. Regular Communication with Lender:

Maintain open communication with the lender throughout the loan tenure. Inform them of any changes in the business that may affect repayment capacity or collateral.

10. Loan Closure:

Once the loan is fully repaid, obtain a loan closure certificate from the lender, and ensure the release of any liens on the collateral.

Why choose Livanity for Secured Business Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Secured Business Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Secured Business Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Secured Business Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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