Banks, online lenders, NBFCs, and peer-to-peer lending offer hassle-free business loan within a few days. The approval period of the loan application can be three days or even less. A small business owner can avail a loan ranging from Rs. 1 lakh to Rs. 5 lakhs.
Small business owners can avail the credit facility through instant business loan Apps to save time and effort. It becomes easier to avail a business loan instantly at competitive business loan rates with an online app. The App allows applying for business loans from the comfort of the house.
Let’s take a look at the top online business loan Apps available in the market.
Rupeelend
Rupeelend is a short-term credit provider that offers loans to business entities. The online platform is a money lending app that works towards meeting the urgent needs of the entrepreneurs.
Key Features of the App
- Business owners can avail business loans up to Rs. 1 lakh.
- The borrower can apply for the loan within 3 minutes.
- The documentation process is not very difficult and doesn’t require the borrower to come for any meeting.
- If the borrower has repaid the first loan, he can immediately apply for another loan.
- All individuals who are Indian citizens can apply for a business loan up to Rs. 1 lakh from Rupeelend. The applicant needs to be at least 18 years of age and salaried, business professional, or self-employed. The borrower should be earning enough money to be able to repay the loan on time.
QuickCredit
QuickCredit is an online lending platform that offers instant loans for various purposes, such as marriages, credit card payments, medical expenses, and advance salary needs. QuickCredit’s verification process is hassle-free, and it offers its services in all major Indian cities.
The key features of the platform are as follows:
- It offers an amount ranging from Rs. 1,000 to Rs. 50,000.
- It offers a hassle-free application process, i.e. paperless one-step registration.
- The applicants can get loans quickly with the app-based lending platform.
- The applicants can also save money on interest rates and charges- the quicker they pay, the lesser they are charged.
- The online lender offers unsecured loans.
- The repayments of the loans can be made within a month or 30 days.
- The processing fee is just Rs. 100, Rs. 300, and Rs. 500 based on the borrower’s membership.
Eligibility Criteria
One of the best business loan Apps, it provides its services in Delhi, Pune, Bengaluru, Chennai, and Hyderabad. The applicants first have to register on the platform to become eligible. QuickCredit will next validate the personal, professional, and social credibility of the applicant before loan approval. The applicants should be Indian residents above the age of 21 and self-employed or salaried.
ZipLoan
ZipLoan is one of the best business loan Apps in today’s time. ZipLoan is an RBI registered NBFC that offers business loans ranging from Rs. 1,00,000 to Rs. 5,00,000. The NBFC offers unsecured business loans, i.e. the applicant can avail a business loan without hypothecating asset or security.
It has an instant loan App that allows the applicants to apply for a business loan with just a click. The following are the features of the instant business App:
- The money lending App can be easily downloaded from the Google Play Store.
- It is user-friendly and helps the applicant to apply for a loan for business from the comfort of the house or office.
- The applicant can apply for a loan online and also upload the soft copies of the documents online.
- Through the App, the applicants can pay EMIs, see the EMI schedule, and also download the EMI statements.
- The instant loan App also reminds the applicants about the upcoming EMI.
CASHe
CASHe is a digital lending platform that operates via an online Application. It offers personal loans for various financial needs, but to salaried individuals only. The applicant has to provide documents such as salary slips, PAN card, address proof, etc. while applying for a personal loan.
The applicant can check his eligibility using a quick loan eligibility calculator. CASHe offers loans ranging from Rs. 5,000 to Rs, 2,00,000 for a tenure ranging from 15 days to 6 months. The applicant can choose to make bank transfers or deposit cheques every month for repayment.
Capital First Limited
Capital First offers an instant loan App in India, which is a one-stop solution to meet various business financial requirements. If the applicant is an existing customer, he can easily access his account details- statement details and service requests. Besides, he can also check the outstanding balance details and their payment schedule.
All the instant loan Apps help the small business owner to apply for a business loan without visiting the lender’s office.