Here are some of the most frequently asked questions.
If you can't find the answer here, feel free to contact us with your queries.
- What are some tenor options available?
- We offer short dated (30-90 days) loans to assist businesses in their short term working capital loans
- Do I have to provide any collateral, security, or guarantors?
- For working capital loans, no collateral is necessary. However, we may ask you to provide personal guarantee of the promoters along with cheques from the borrower and the guarantors.
- How do I repay the Loan?
- You can repay the loan on the expiry of your loan period through post-dated cheques or online money transfer.
- Are there any foreclosure charges?
- What sets us apart from other lending institutions is that there are no foreclosure charges or pre-payment penalty in case you wish to repay the loan before the due date. We are completely flexible and ensure that our borrowers close the loans on their own terms.
- Do you have a fixed or floating rate of interest?
- With X10’s working capital loan, the rate of interest is fixed.
- How is the interest charged on my loan?
- You need to pay interest for only the number of days for which the loan is active, not for a fixed period of time (such as 60 or 90 days).
- What is the typical interest rate that you charge?
- With Working capital loan from X10, the rate of interest is the range of 16% and above, depending upon the industry segment and the credit worthiness of the borrower.
- What is the eligibility for working capital loan?
- For working capital loan eligibility with X10 Financial Services Ltd, you must be any one of the following:
Limited or Private Limited Company, Partnership or Proprietorship Firm; conducting business for a period of at least 3 years.
- What are some documents that need to be submitted when applying for business loan?
- Documents required for business loan include:
- Application form. You can download the application form by clicking here [hyperlink].
- Income Details – IT returns, balance sheet and P/L account statement for the last 3 years with Annexure, Form 16 A
- Bank Account Statements for the last 6 months
- Business Vintage for 3 years
- Business proof: Certificate of practice
- Who am I supposed to contact if I have a problem or have any more questions?
- In case of a problem, you may contact us through email info@x10corp.com. We will be more than glad to answer any of questions that you may have regarding our services.