Can I apply for a business loan through a mobile app?

Yes, today it is possible to apply for a business loan through mobile application in India. Most banks and NBFCs now have their own apps that facilitate everything from identifying eligibility, uploading documents as well as tracking your application. The application process is designed to be easy and fast - just a few taps, and you can submit the entire application process!

You can apply by filling out basic details to identify eligibility. You are then generally able to upload your documents using your mobile device by scanning them or uploading them directly from your phone. Most apps will let you to complete e-KYC from the app itself so you do not even need to visit a branch or courier paperwork. This is helpful if you are in urgent need of cash or would like to compare business loans from different lenders.

Using a mobile application for a business loan saves you a lot of time and effort. You can try and manage the business loan application from anywhere, including from home, your shop or when you are on the go. You will also receive notifications / updates about your application status via your phone.

When using an app make sure you are using the official app of a trusted lender and keep your personal and business information secure. If you are not sure then check app ratings or seek reviews/recommendations from other business owners.