Many loan lenders offer different loan schemes for SMEs in India. SMEs and MSMEs are an important pillar of the country’s economy. They contribute a good percentage to the GDP of the country. And also generate employment opportunities for the citizens of the country. However, lack of funds is one of the prime difficulties they face. So, to run their business efficiently, they often require additional funds.
But the scenario has recently changed. Banks and new lenders (Online Lending Companies and NBFCs) are offering loan schemes to the SMEs and MSMEs in India. They are working towards helping the SMEs get easy and faster access to funding for their business in both rural and urban areas. Many government loan schemes are also offered to them.
Table of Contents
Online Transactions
also read: how to apply for entrepreneur loan online?
Indian government promotes online transactions over hard cash. So, they have also designed various schemes that help the MSMEs in a way that they support online transactions. These schemes include MUDRA loan, MSME loan in 59 minutes, and CGTMSE. Additionally, the new age lenders also offer online loan application for a business loan. They allow the SME owner to fill the loan application online and also upload the documents online (soft copies). Through all these ways, online transactions are being encouraged.
Business Growth
also read: 5 ways to do cost-cutting without affecting small business growth
With the online loan schemes, the SME owner is not required to visit the loan lender in person. He can apply for a loan online by visiting the lender’s website. He can visit the lender’s website and fill the online SME loan application. Additionally, he can also upload business loan documents online. This saves time as there is no need to personally visit the lender’s office. Thus, the SME owner can focus on business growth.
Digital Lending
also read: the complete guide to digital payments in india
Online loan schemes have also encouraged digital lending. Fintech companies such as NBFCs offer online business loans that they approve and disburse in as less as just 72 hours. These online lenders have made the entire loan availing process much simplified and the SMEs can have access to funds absolutely easy and in a timely manner.
Also, there are many online Applications that help SMEs to grow their business online. They can register their business for free on the App and directly sell and purchase online. One such App is Connect App by ZipLoan. Through the e-marketplace, you can create a business profile, list your products/services, find business, discover new business opportunities, and build connections.
Want to read the latest posts on social media? Then follow us on Facebook, Twitter, and LinkedIn!
