For any business to maintain a successful and steady stream of income, it is essential to have regular funding during a business cycle. Financial institutions offer stress-free loans within a few days of applying for the funds.
This money can be used to keep your business running. Non-Banking Finance Companies — NBFCs — offer business owners the option of availing a credit facility so that they can avail loans at competitive interest rates. These loans can be availed through the financial institution’s business loan app.
What is the process for applying for an Instant Loan?
The process for applying for a business loan is a simple and streamlined one. Most apps offer you a loan with minimum documentation or hassle. Loans up to an amount of Rs 20 lakh can be availed within 24 hours if you follow these steps:
1. Fill out the application for the business loan to apply:
This step involves providing the lender with details such as your name, address etc. The NBFC will take other important information such as your business’ GST number, PAN number and bank account details during the later stages of the application filling process on the online loan app.
2. Submit All the Relevant Documents:
Most lenders require minimal documentation during the application process. The documents that you will have to keep handy are a recent passport-size photo, KYC documents, any proof of business existence and relevant financial documents — in case your business has a turnover of greater than Rs 1 Cr.
3. Receive your money within 48 hours:
Instant loan apps are generally speedy to disburse the loan amount to the applicant.
What are the five best Apps for a business loan?
1. Bajaj Finserv:
In case you are looking for funds to finance expenses such as new machinery for your business, then you can approach an NBFC such as Bajaj Finserv. The Bajaj Finserv Experia App is the best solution for all loan or investment services provided by Bajaj Finserv. You can use this business loan app to apply for amounts of up to Rs.25 lakh from Bajaj Finserv and get instant approval with minimal documentation. Bajaj allows its users to borrow large amounts without pledging any collateral and ensures that they get their loans disbursed in just 24 hours.
The online loan app also offers customers a chance to take an instant personal loan. This is available for salaried professionals at attractive interest rates.
Quick Credit is a lending platform that offers sums ranging from Rs 1,000 to Rs 50,000 on its online business loan app. These amounts are perfect for businesses where a quick turnover of inventory is required. Repayment of the loan amount is made within 30 days. Because of the nature of the loan, interest rates charged are very competitive.
All of the loans offered on this app are unsecured, and the processing fee varies between Rs 100 and Rs 500 depending on the borrower’s membership.
3. Capital First Limited:
Capital First’s online business loan app is a one-stop solution for your business’ financial requirements. They offer loans ranging from Rs 3 lakhs to Rs 75 lakhs depending on the borrower’s requirement. If the applicant is an existing customer, he can easily access his account details- statement details and service requests.
RupeeLend is a platform that was designed to meet the urgent capital needs of business owners specifically. Rupeelend is part of RupeeLend Group, a digital finance company providing short term credit to consumers and businesses. They offer customers instant loans where the money is provided within minutes. The loan amounts offered range from Rs 10,000 to Rs 1,00,000, and the loan duration ranges from 61 to 90 days.
ZipLoan is an RBI registered NBFC that offers business loans ranging from Rs. 1,00,000 to Rs. 5,00,000. Like other lenders, they offer customers unsecured loans. This business loan app is simple to use and gives customers the loan amounts within 72 hours.
When it comes to availing Credit, there is no shortage of options available to customers online. After doing thorough research, you will be able to find an app that will provide your business with the funds required to keep it running smoothly.