Home Finance How To Apply For A Capital Loan For Small Business Online?

How To Apply For A Capital Loan For Small Business Online?

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Gone are the days when you have to visit the bank three times a week, if not more, just to apply for a business loan. If you are a small business house and looking for a capital loan, there are a number of Non-Banking Financial Companies (NBFCs) that offer capital loans at a very affordable rate. The best part about these business loans is that they can be completely processed online – from applying to verification.

One of the major concerns faced by small and medium-scale businesses is the need to put up an asset as collateral against the business loan. Most of the banks won’t even entertain your application if you cannot afford to risk an asset of yours as collateral. This is where NBFCs act as a blessing as you are eligible to apply for a business loan even if you don’t have a collateral asset. You would find a number of NBFCs offering business loans online without collateral giving the small and medium enterprises an opportunity to get financial support and grow without much hassle. These NBFCs offer a capital loan for small business at a very affordable rate.

There are different types of capital loans offered by the NBFCs mostly ranging between an amount of Rs. 1-5 lakh. The repayment policy is also flexible and the amount can be paid back in simple EMIs between periods of 12-24 months. They also don’t charge any prepayment penalty if you are ready to pay back your amount early. The customer-friendly policies ensure that these businesses don’t have to invest so much time in getting their business loans approved. The no-collateral requirement is another big relief for the borrower.

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Steps to Avail Capital Loan for Small Businesses online

Availing a small business loan from banks has always been a complex process for the borrowers. You need to invest a lot of time and effort in order to first apply for a business loan and then the documentation part is also very complicated. But with NBFCs, you can simply apply for a business loan online and the entire verification process can be completed without the borrower meeting the lender.

The first step is that you need to do thorough research on what type of a business loan would suit you the best. Visit a number of NBFCs’ website and research about their business loan offers and make an informed decision.

  1. Visit the company’s website and apply for the capital loan by submitting the form with all the necessary information.
  2. Upload the soft copies of all the necessary documents on the website.
  3. Your business loan application and documents will be verified online by their representatives within hours of you submitting it. The credit evaluation will be done based on your documents and the credit methodology used by the respective company.
  4. The business loan amount will be disbursed and credited in your bank account within a few working days of the business loan getting approved.

Advantages of taking a capital loan from NBFCs:

  • Minimum Documentation and Eligibility Criteria: Getting a business loan approved with a Non-Banking Financial company is a lot easier as compared to the banks or any other lender. The documents and paperwork which are required are a lot less complex and won’t take much of your involvement. The business loan eligibility criteria are also very easy to fulfil.
  • Instant Cash: The cash gets disbursed within just a few days of getting your business loan approved. With other lending options, it takes a lot of time to get your cash credited in your bank account even after the loan gets approved.
  • Online Process: Another big advantage of opting for the Non-Banking Financial companies is that the borrower doesn’t even have to meet the lender in order to complete the business loan approval process.
  • No Prepayment Charges: If the business wants to pay back the loan amount before the maturity period, then the borrower doesn’t have to pay any extra charges, unlike the other banks.

The non-banking financial companies have come as a great help for the small businesses and they ensure that every small or medium-scale business gets a chance to grow their business operations without much of a hassle.

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