There are many lenders in India who offer textile industry loan. And why not, the Indian textile industry is the oldest in the world. Also, Indian textiles have always fascinated the middle-eastern and western societies. According to certain reports, there are 40 million people directly associated with the textile industry whereas around 60 million people are indirectly associated with it. So, keeping these figures in mind, a number of lenders are offering business loan for the textile industry.
There are different segments on the textile industry, including sericulture, handloom, and handicraft. All these are operated at a small level and traditional tools and methods are used for manufacturing. There is a large segment as well. However, the industry is largely dependent on the smaller segments. And to help this segment, a small business loan for textile industry is offered at very competitive interest rates and minimal documentation.
Let’s take a look at some other features of the textile manufacturing loan online and offline.
Features of Textile Business Loan
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As conveyed earlier, a loan to the textile sector is offered by many loan lenders in India. The following are common features of the business loans offered to the textile industry:
- Loan ticket size of Rs. 1,00,00 to 5,00,000
- Quick turnaround time – as low as just 3 days
- Minimum documentation
- Online loan application
- Fast loan processing
- Unsecured loans- no need to hypothecate an asset
- Most competitive interest rates
- Flexible repayment tenure options- 12, 18, and 24 months
- Low processing fee
- No prepayment charges
- Top up loan
Applying for Textile Industry Loan
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If you are a textile manufacturing unit and want to avail textile financing services, you can have easy access to it. Banks and NBFCs (FinTech Companies) are the leading loan lenders for the textile industry. However, with banks being very rigid with their terms and conditions, the best option for availing a textile industry loan is an NBFC.
An NBFC business loan for the textile industry can be availed easily online. All you have to do is visit the official website of the lender since they have an online loan application. You have to fill the loan application with correct personal and business details. Once the details are filled, submit the application.
The next step is to submit the required documents as proof of the information provided. The soft copies (PDFs) of the documents can be uploaded on the website. The key point here is that not a long list of documents is required. Once the documents are submitted as well, your part in the loan process is completed.
The lender’s representative will next process the application. He will verify the information provided in the application and the documents. If required, he would also visit the business place for further verification. The representative will keep you updated about every step via an e-mail or text message. Once he approves the application, the loan amount will be disbursed into your bank account.
The ticket size and different repayment options make the textile machinery loans and other loans an ideal option for business expansion, restocking inventory, machinery purchase, and working capital management. And with knowing the process of applying for a textile industry loan, you can avail the services to benefit your small business.