Small business owners running their business in Delhi often face a shortage of funds at the time of the beginning of the festive season. There are n numbers of NBFCs operating in the market, which are ready to offer instant business loans. In this article, we will discuss the business loan in Delhi and ways of availing it.
Delhi is the national capital of India. It is one of the fastest growing cities in India, due to various reasons, ranging from connectivity and socio-economic factors to political position. Delhi also has a lucrative real estate market which attracts investors. Then there is a flourishing milk industry as well in Delhi. The other growing industries in India include day care units and grocery shops.
Many small business owners in Delhi constantly need additional monetary support to keep the business running. There has been a recent rise in bad debts, due to which banks have adopted strict rules and regulations. It has made the processing and sanctioning of business loans more rigorous and time taking process. So, NBFCs (Non-Banking Financial Corporations) turn the best option for getting a small business loan in Delhi.
Let’s take a look at the reasons why NBFCs have become so popular among MSMEs in India.
No Collateral: When small business owners approach NBFCs, they don’t ask for collateral or security to get the loan approved. This loan criterion alone has made NBFCs the best option for small business loans. In a country like India, many small businesses generally are not able to afford security/collateral deposits.
Hassle-free Process: Banks have a lengthy loan application process. They take a long time, which is not suitable for a businessman in dire need of money. The loan application process of NBFCs is found to be a saviour in many ways. The business owner can sit anywhere, anytime, and apply for a loan for business. He can also submit the documents online without visiting the lender’s office.
Customer-friendly Rules & Regulations: Many business owners tend to get a rejection from banks due to their strict and complex regulations. However, SMEs are in genuine need of money. Therefore, they end up wasting time. Nevertheless, NBFCs offer business loans at minimal documentation and have straightforward rules and regulations.
Top-up Loans: many NBFCs offer top-up loans. If may happen that a business owner may underestimate his fund requirements, and have availed a loan of less amount. In this case, he can borrow more funds on top of his outstanding loan amount from the existing lender. Noteworthy, top-up loans come with lower interest rates and processing fee.
Many lenders in Delhi offer unsecured business loans at minimal documentation and easy eligibility criteria. These lenders offer business loans at competitive interest rates and with no hidden charges. So, don’t hold back yourself, avail a business loan in Delhi, and let your business breathe.