Every business in its life span has a loan facility and availing of a loan is a serious business. The majority of the businesses generally need financial support when they are growing horizontally or vertically. The business owner can avail of a loan in the form of an unsecured business form, machinery loan, working capital loan, or secured term loan. It is always advisable that every business owner should vouch internally for why there is a need for a loan or ultimate utilisation of loan; it helps the business in saving the interest cost. The business loan may improve the business stability, but failure to repay the loan installment on time can quickly reduce the credibility. Different businesses have different kinds of credit score requirements. A strong business credit score is essential to gain affordable credit at a competitive interest rate. A business owner should retrieve up-to-date credit scores time-to-time to ensure he/she can work towards strengthening the credit score.
The second wave of the COVID-19 pandemic has significantly affected small businesses. Many businesses had to shut down their operations, while others closed their doors temporarily without further notice. This uncertain situation has had an upsetting financial burden and hence businesses require quick financial support to navigate the storm.
In such a situation, an instant business loan can be considered a lifesaving drug for any business owner. An instant business loan is a quick, small loan that is offered within the shortest time possible with the approval procedure for the loan being a lenient one.
The key benefit of opting for an instant business loan is that the borrower gets the cash instantly to meet their contingency expenses. The eligibility criteria for the loan are also simple and hassle-free, which enable the borrowers to expect the cash at their disposal.
Every bank/NBFC has its own eligibility criteria. The online lending platforms do not have stringent eligibility criteria because they do not believe in burdening the loan applicants. Generally, a business owner is eligible to get a business loan if
By simply following three easy steps, a borrower can avail of an instant online business loan:
Fund transfer: Once the lender approves the business loan, the business loan amount is disbursed directly in the mentioned bank account (shared at the time upload document) within a few days after signing the contract.Let’s discuss the lender risk associated with extending the credit to the business. This is important information for any business borrower that will help him/her to take proactive action to avoid being declined approval from a lender.
Any lender can expect the below-mentioned credit characteristics in any borrower.
Grow your business with India’s largest small enterprise finance company—Shriram Finance business loan. Our loan processing includes instant processing, minimal documentation, a flexible repayment schedule, and quick disbursal. Our professional trained finance team helps the borrowers to find the right loan at the most affordable rates for their business as well as explains the procedure to apply for an online business loan. We also help from finding the right product to the documentation required for a loan, get all the details on what is required to apply for a small business loan.
You can also check your monthly obligations using this link: Business Loan Calculator. Whether you seek funding to get a new business off the ground or need an infusion of cash to see you through a temporary setback or when sales are low during a crisis, visit Shriram Finance business loan for loan requirements. Apply for an online business loan.