Just as difficult as it sounds a loan can be sanctioned by a bank, NBFC or an online P2P lending platform. P2P lending platforms are basically NBFCs as watched by RBI and the statutory bodies. The online lending platforms are the building blocks between investors and borrowers.
Many online lending platforms entail a small charge and lend a personal loan on the existing business of the individual. However Home Credit India leading NBFC’s offers Instant Personal Loan upto 2 lakhs Online.
Avail Home Credit Instant Loan Online with No guarantor required
Documents Required for Business Loan
To apply for an instant business loan, the following documents are required:
- Passport size Photograph
- ID Proof
- Place of residence Proof
- Bank & Financial Statements
- P/L Statements
- IT Returns
- Other relevant documents of your Business
Steps to Apply Easy for a Business loan
Start with a borrower account by filing the online registration form. Just upload all necessary scanned documents. All the submitted documents should be self-attested as a mandate.
The application will be reviewed by the P2P platform, and attached a risk category and interest rate.
After the review, the loan application will be floated online and investors can penetrate the market with requisite funds.
Once the funds are approved, physical verification takes place. A copy of the same is shared with the with the investors.
The funds will finally be credited at the earliest possible.
Advantages of taking a Personal loan
- No prepayment charges
- Online process for smooth and vivid customer experience
- Quick approval and credit
How to make an Intelligent Choice?
As a borrower, you have many long term and short term options for business loans, whether you talk about Banks and NBFCs.
The unfortunate part is that banks have extremely tight regulations and process becomes time taking. Hence, business loans from NBFCs are considered faster for loan approval and disbursal. These tech-driven NBFCs have faster approval and modern techniques for POS loans and accurate invoicing. The capital needs of a business can be way too difficult if valuable assets are out at stake.
Large NBFCs provide Point of Sale finance to business houses and channelizes it through EDC terminals. These POS short term loans can have a tenure of around 12 months. The eligibility criteria must match requirements of the technology based loan. The norms fully depend on the concerned lending institution. Lenders also give preference to businesses with high profits and better infrastructure.
Try Discounting Unpaid Invoices
It is very easy to get a business loan based on the current business set-up. If at all, you use discounted bills, then it will get easier to get a loan for your business setting. These unpaid bills pose to be befitting collateral for a big personal loan.
