How can your business recover from the impact of COVID 19? Why should you get a business loan?

Impact of COVID 19

COVID 19 has abruptly taken the lives and livelihood of millions. The impact of this virus on the Indian economy has been colossal. India’s growth plummeted to 3.1% in the first quarter of the fiscal year 2020. Almost 14 crore people lost their jobs as a result of the lockdown, and many more saw their income drop drastically.

Globally, the pandemic has disrupted supply chains and manufacturing sectors of various industries. The Oil & Gas and the Airlines industry faced exponential losses during this period. The shutdown of public places and malls have also affected the retail industry. This virus outbreak caused a sense of unpredictability and doom of fear amongst millions. With lockdown and restrictions in place, the tourism and hospitality industry took a major toll. Several restaurants and Hotels have shut down their businesses and gone completely bankrupt due to this catastrophe. Aviation companies amongst all the other sectors would essentially take a longer time to recover from this economic impact.

Telecommunication, Educational Institutions and other Service based Industries are one of the top segments of the economy that have been significantly impacted.

Many businesses and business owners faced substantial financial crises. An aggregate of 53% of businesses in the country were deeply affected.

Businesses and Enterprises are grappling to understand and navigate through this calamity. Financial Institutions, Government funding and Banks are helping these companies walk into the Post COVID Era confidently.

Financial Aid for your business

Business loans, MSME loans and SME loans offered by various financial institutions and banks have helped businesses recover and bounce back. A business loan provides the support and comfort for expanding funding, boosting production or sales, operation or even financial recovery of an enterprise.

Mindfin ensures an easy and hassle free process to avail business loans for long term planning or support during unforeseen crises like the pandemic.

With competitive interest rates and complete transparency you can get Business loans with no security through Mindfin. This loan is applicable for businesses that wish to expand, buy machinery and even boost manufacturing.

Suitable Business Loans

Depending on your eligibility criteria and your credentials, you can select the type of Business loan that is most suitable to your financial needs. Based on the loan you decide, the tenure could extend from 3-5 years. One of the popular business loans facilitated by Mindfin is the Flexi loan Facility.

With Flexi loan Facility, you can withdraw the loan amount based on a pre-decided tenor. In this model, you have the flexibility to pay only the interest component while the principal amount can be paid at the end of the Tenor. The features of this loan is that you can withdraw whenever you require. You can prepay EMI’s as per your convenience and when it is convenient with no additional costs.

Who can benefit from this loan?

Chartered Accountant,Company Secretary, Allopathic Doctors and anyone who comes under the umbrella of Self Employed Professionals (SEP) can benefit from this Business Loan. Self Employed Non Professionals(SENP) such as Traders and Manufactures, retailers, Proprietors and Service Providers are also eligible for this financial service. Limited Liability Partnership, Private Limited, Partnerships and other variety of entities are beneficiaries for the Business Loan.

Proof of Qualification, Certificate of Business existence and other relevant financial documents is required to apply for this loan.

Why choose Mindfin for your Business Loan requirements?

Mindfin understands your needs and provides you with the best suitable financial package that fulfills all your requirements. You can receive hassle-free banking processes and additional features while applying for Business Loans with Mindfin.

Some of the features are
● Transparent processing
● No Security required
● Attractive Interests Rate
● Loan upto limit of 50 Lakh
● Credit without giving up on your assets and books