Frequently Asked Questions (FAQs) on Business Loan with Jessicafincorp :
A business loan from Jessicafincorp is a financial product designed to help businesses meet their working capital needs, fund business expansion, purchase equipment, or manage operational expenses. It is typically an unsecured loan that doesn’t require collateral for certain amounts.
Eligibility criteria typically include:
- Businesses with a minimum operational history of 2 years.
- Valid business registration documents (such as GST registration, shop establishment license, etc.).
- A minimum annual turnover requirement, which varies based on the loan amount.
- A satisfactory credit score and financial track record.
Jessicafincorp offers business loans ranging from ₹1 lakh to ₹5 crores, depending on the business’s financial health, turnover, and the specific loan scheme.
The loan tenure typically ranges from 12 months to 60 months (1 to 5 years), offering flexibility for repayment according to the business’s cash flow.
Jessicafincorp offers both secured and unsecured business loans. For smaller loan amounts (up to a certain limit), no collateral is required. For larger loan amounts, collateral may be requested, such as property, equipment, or other assets.
The interest rate on business loans varies depending on several factors, including the loan amount, business financials, and credit history. Typically, rates range between 10% and 18% per annum.
The required documents usually include:
- KYC documents: Identity proof (Aadhaar, PAN) and address proof.
- Business registration documents: GST registration, trade license, etc.
- Financial documents: Bank statements, profit & loss statements, balance sheets.
- Income Tax Returns (ITR): For the last 2-3 years.
- Collateral documents (if applicable): Property documents or machinery purchase receipts.
The loan approval and disbursement process is fast. Typically, loans are approved and funds are disbursed within 3 to 5 working days, provided all required documentation is submitted.
Yes, Jessicafincorp offers the flexibility to prepay your loan. However, prepayment is subject to certain terms and conditions, including a possible prepayment penalty. It’s advisable to check these details before proceeding.
Jessicafincorp allows you to use the loan for a variety of purposes, including:
- Business expansion.
- Working capital needs.
- Purchasing inventory or raw materials.
- Buying machinery or equipment.
- Marketing and advertising expenses.
- Hiring staff or improving infrastructure.
