When you are running your business venture, there are many things that you need to take care of simultaneously and as a result, end up multi-tasking most of the time. You have to take care of so many things that you are always running behind schedule. On top of that, you need to put in extra working hours and travel extensively to make sure that your business keeps on growing and your clients remain satisfied. Initially, you can take care of all the related expenses through your funds. But after a certain time, your funds are going to dry up, and you need to explore external sources of finance to keep your operations running.
There are multiple options for you to choose from, to take care of your funding requirements. But some of them involve preceding a part of your ownership in the business, which might not be desirable to you. Therefore, the best option for you is to avail a business loan in India without security from any of the multiple financial institutions operating in India. This lender offers SME finance facility for small business owners. These financial institutions offer different types of business loan in India without security to help small business owners take care of their business-related funding requirements.
About Small Business Loans & where to apply for it?
Small business loans is a term used to signify various types of loans that are offered by financial institutions in India for small business owners. These loans are unsecured and do not require any collateral to secure the loan amount. The money borrowed must be used for business-related requirements only and is repayable in EMIs as per the signed loan repayment schedule.
With the opening up of the financial services sector in India, many different types of financial institutions have come up in addition to banks. The rapid integration of technology in the financial services sector has taken the concept of customer convenience and comfort to another level. One of the most popular funding option exercised by a large number of small business owners is Online lending companies.
Online lending companies are special NBFCs who conduct their operations through inline channels only. Most of these companies operate through their mobile apps and websites. The applicant needs to fill up a basic application form and upload the scanned copies of your documents to process your application. As these companies follow a paper-less and minimal documentation methodology, it only takes a few working days to process your application.
If your annual turnover in the previous year was over Rs. 10 Lakhs, you are eligible for a business loan in India without the security of up to Rs. 5 Lakhs. This SME Loan comes with an extended repayment tenor of up to 24 months, and there is also an option to foreclose the loan account without incurring any additional charges. These companies follow a holistic credit evaluation process. Here, they conduct an independent process to ascertain your creditworthiness, in addition to CIBIL. Thereby enhancing your eligibility for a business loan. These companies follow a transparent working style and keep you informed regarding the status of your application through Email or SMS.
Benefits of Online Lending Companies
The primary reason behind the significant rise of online lending companies is the benefits that small business owners enjoy as compared to other modes of finance. Here are some of the significant advantages that you can enjoy with an online lending company:
Quick processing: As the online lending companies follow a paper-free and minimal documentation process, they only take a few working days to process your application and disburse the loan amount.
Flexibility: As the loans offered by online lending companies are unsecured, you can use the money for any business-related requirement of yours, without any need for prior approval of the lender.
Extended Repayment Tenor: Online lending companies offer you an extended repayment tenor of up to 24 months to repay the loan amount conveniently through EMIs.
Independence: Online lending companies do not interfere with your day to day working, thereby offering you complete freedom of working as per your preferences.
Convenience: There is no need to visit any office or branch for submitting your application. The online lending companies conduct all the process through their website or mobile app. You can, therefore, continue to focus on your business and stay updated with the status of your business loan application through SMS or Email.
With so many advantages to avail, you need not think twice before applying for an unsecured business loan with an online lending company for your business requirements.