Are you planning to start your own business? Before you do so, you need to be aware of your finance. If you are planning to get a loan in Chennai, you need to have a detailed understanding of it. The private finance company that you have chosen to avail of a loan should provide you with a better experience. Private finance in Chennai is helpful at times when you are not able to avail loan from a bank. Before you look for the best private financiers in Chennai, it is essential to find your financing needs. There are two financing options best suitable for businesses. They are debt financing and equity financing
Debt financing – debt financing is related to borrowing money. In the case of debt financing, you need not surrender your ownership, instead, you can choose timeframes to repay the loan along with the interest.
Equity financing – here, in this case, the investor or the lender gets hold of part of the business. Here the debt need not be repaid, however, the owner’s share of income will be reduced.
Best private financiers in Chennai can be identified based on the following
It is essential to make sure if the private finance in Chennai is following a value-driven approach.
Steps To Find A Best Finance Company For Your Business
It should be transparent in all its processes
Private finance should be transparent in all its activities concerning the processing of loans. The borrower is aware of what is happening till the approval of the loan.
Should provide hassle free process
The person seeking a loan should not face any difficulties in applying for a loan and availing it.
Should provide business loan at low interest rate
When compared to banks, private finances such as RG enterprises provides loan at a lower interest rate be it a secured business loan or unsecured business loan.
Disbursement of loan done in a faster way
Unlike commercial banks, loan disbursal is done faster just within 24 hours of applying.
All the dealings need to be done in an ethical way
The private finances should abide by the code of ethics in providing small business loans.
Should include flexible options for loan repayment
The lender should not force the borrower to repay the loan immediately. He/She should provide ample time to repay the loan as well as interest.
Should be flexible
The lender and borrower relationship should be more flexible.
Should be safe and efficient
The borrower should feel that the process of applying for a personal loan with private finance is safe and efficient.