Every year, business magazine, Forbes releases a list of the top billionaires / millionaires / success stories. These entrepreneurs have made it big on their own terms, as the stories tell us. And whoever they are and whatever they have done, there is a lesson to learn from these successful individuals.
One thing you can always learn, as an entrepreneur, is that success is an amalgamation of many factors, including product, technology, processes, systems, finances, manpower, location or even just a name.
One of the most important factors that can help a business succeed is sourcing of timely funds. If you have enough money at the right time you can help your business grow. While, some entrepreneurs may do not face this problem, others are not so lucky.
However, there are always ways and means to source it. NBFCs like Tata Capital have been disbursing and extending business loans to entrepreneurs so that they do not face a cash crunch in the time of need and in turn allowed them to reach new heights.
Here are a few stories we would like to share with you where Tata Capital business loans were used for financial assistance.
Auto ancillary unit in Hosur, Tamil Nadu
At the age of 35, Mahesh, an engineer, runs an auto ancillary unit in Hosur, Tamil Nadu. He has successfully steered his unit in the last six years, finally clocking a turnover of Rs 2 crore per annum recording a growth rate of 15% year-on-year.
He knew that these numbers would grow only with the impending growth of the auto industry. All he needed was Rs 40 lakhs to add the additional capacity and he could meet the increasing market demand. However, he evaluated his requirement of funds and found that he could pump in Rs 10 lakh from his own resources and would need to borrow an additional Rs 30 lakh.
His next option was to take a business loan and found out that Tata Capital was the best option for his needs.
He went through the Tata Capital Tata Capital website to understand the modalities of applying for the loan. All the information was available on the website including the business loan eligibility. He also used the online business loan EMI calculator to see how much EMI he would need to pay along with the interest to understand his loan repayment outflow.
Mahesh opted for the step up flexi EMI plan for Business Loan as he felt that he could afford a lower EMI as he wanted to acclimatize with the new machines. He submitted his application online along with the required documents and obtained his loan within 15 days. He has placed his order on the new machines and he is expecting delivery within a month.
A boutique in Mumbai, Maharashtra
Simona is a 30-year old designer owning a boutique selling clothes for the middle-class clientele in the central suburbs of Mumbai. Over the last 10 years, she has substantially grown her business and earned a good reputation. Her plan is now to expand to other areas, for which she needed an additional investment of Rs 45 lakhs to cover expenses towards rent deposit, interior decoration, signboards and sales counters.
She explored the Tata Capital website and found enough information to examine the pros and cons of availing the business loan. She used the business loan EMI calculator to decide on the fixed EMI plan for repayment. Her boutique as a business met all the eligibility conditions as well.
Armed with the supporting documents including a high credit score she applied for the business loan and after two discussions with the Tata Capital team she received approval for the loan and she has drawn the first tranche of Rs 15 lakh to begin the process of opening her second boutique.
A school supplier in Noida, Uttar Pradesh
Inzamam, a 45-year old trader, has built a very profitable business for school supplies, including stitching of school uniforms. He has built his own supply chain right from sourcing the material to getting it stitched from his own set of tailors. Over the years he has also been prompt with his payments to them.
This has been only possible as he had received his initial funding from Tata Capital in the form of a working capital loan. Right at the start, he sought help from a Tata Capital representative who put him on to the company’s website.
He found that his trading business qualified to meet all the eligibility conditions.eligibility conditions. He collected all the documents and applied for the business loan. He obtained the approval for the maximum limit which was Rs 50 lakh.
The path to success is weaved with hard work. And if somewhere along the way, if you need help, financial or otherwise, there are always means and ways to get it. Thee three businesspersons knew exactly when to ask for that help. If you, too, need financial assistance, NBFCs like Tata Capital are here to help.
To know more about a loan for business with Tata Capital you can visit their website.
08 January 2020
5 mins read
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