Frequently Asked Questions
General FAQs
BizFinn is a business loan aggregator that provides working capital financing to small and medium businesses (SMBs) in India. We offer a variety of financing solutions, including short-term loans, revolving credit lines, invoice discounting, and export financing.
There are many benefits to using BizFinn for your business loan needs. Here are just a few:
- Access to a wide network of lenders: We have direct partnerships with a network of leading banks and NBFCs, giving you access to a wide range of financing options.
- Competitive interest rates: We work hard to negotiate the best possible interest rates for our clients.
- Streamlined application process: Our application process is quick and easy, and we'll work closely with you to gather the necessary documentation.
Expert guidance and support: Our team of experts is here to help you every step of the way, from finding the right loan to getting approved.
To be eligible for a BizFinn business loan, you must:
- Be a GST registered business in India
- Have a minimum annual turnover of Rs. 20 lakhs
- Have a good credit history
The interest rate on BizFinn loans depends on the type of loan, the loan amount, the repayment term, and the borrower's credit score. We typically offer competitive interest rates. For secured loans, our interest rates start from 9.5% annually. For unsecured loans, rates starts from 16% annually. These are rough estimates and your actual interest rates may depend on many factors – credit score, business financials etc
The application process for BizFinn loans is simple and straightforward. You can apply online. We will require you to provide some information about your business and your financial situation.
We typically approve loans within 48 hours*. However, the approval process may take longer depending on the complexity of your application.
Loan-Specific FAQs
Short-Term Loans
There is no maximum loan amount for a short-term loan. It depends on the borrower’s business profile . We have done short-term loans ranging from 10 lakhs to 5 Cr+
The repayment term for a short-term loan is typically 6-24 months.
Revolving Credit Lines
The maximum credit limit for a revolving credit line is ₹5Cr.
You are only charged interest on the outstanding balance of your revolving credit line.
Invoice Discounting
The discount rate for invoice discounting depends on the creditworthiness of your customers and the terms of your invoices.
The minimum invoice amount for invoice discounting is ₹1 lakh.
Export Financing
Export financing is available for a variety of export transactions, including pre-shipment financing, post-shipment financing, and export factoring. At BizFinn, we provide post-shipment financing only currently.
The requirements for export financing vary depending on the type of financing and the value of the transaction. However, you will typically need to provide documentation of your export contract, your customer's creditworthiness, and your own financial position.
Additional Information
A bank loan is a loan from a traditional bank, while an NBFC loan is a loan from a non-banking financial company (NBFC). NBFCs are typically more flexible than banks in their lending criteria, but they may also charge higher interest rates.
Creditworthiness is a measure of your ability to repay a loan. It is based on factors such as your credit score, your income, and your debt-to-income ratio.
Collateral is an asset that you pledge to the lender as security for a loan. If you default on the loan, the lender can take possession of the collateral.
A prepayment penalty is a fee that you may be charged if you repay your loan early.
Here are some testimonials from our satisfied customers
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