Best Instant Business Loan App in India

Looking for a short term business loan but not wanting to spend time on cumbersome documentation? If you are looking for a business loan with just a click, you need not go elsewhere. Download the FlexiLoans app now.

FlexiLoans is an NBFC registered with RBI. It is the best instant business loan app in India.
It takes less than 5 minutes to apply for a loan and 48 hours for loan disbursal through the FlexiLoans app, making it a leader among money-lending apps in India.

It has served in 1000+ cities with 100+ partners and disbursed 10000+ loans.
FlexiLoans is the most preferred name for small and medium enterprises and has established itself as a successful brand in the money-lending industry.

FlexiLoans offers a wide range of business loans. Some products offered by FlexiLoans are:

Term Loan

It is a loan with a predetermined interest rate, period and repayment conditions to be met. The loan needs to be returned in regular monthly instalments.

Term Loans may be secured or unsecured and can be procured for working capital requirements, an overdraft facility, or equipment financing.

Term Loans may be short term, medium-term or long term in nature.

Eligibility Criteria for Term Loan

FlexiLoans has simplified eligibility criteria, which require minimum documents for processing term loans.
The business must be running for a minimum of 1 year, with a monthly business sales volume of INR 2,00,000.

• To apply for a term loan, you must be aged between 21 and 65.
• It is available for individuals, sole proprietors, corporations, and private companies involved in manufacturing, trading, or services.
• The applicant must have at least five years of overall experience and should have worked in the same industry for three years or more.

Tenure: The loan can be availed for up to 48 months.
Repayment Frequency: Monthly
Loan amount: Ranging from INR 50,000 to INR 1 crore.
Term Loan Interest Rates: Starting from 1% per month.
Processing Fee: 2% of the loan amount availed.

Loan Against POS

It is a cash advance loan on future credit, and debit card swipes that business owners can obtain from lenders.
The lender offers a flat payment. Automated debits subsequently make the repayment against the EDC machine from your Credit or Debit card sales.

Eligibility Criteria for Loan Against POS

• The business must be running for a minimum period of 1 year, with a monthly business sales volume of INR 1,00,000.
• To apply for card machine loans, an individual must be 21 years old and not more than 60 years old.
• A loan against POS is available to individuals, sole proprietors, corporations, LLPs, OPC, and private companies involved in manufacturing, trading, or services.
• The applicant must have at least five years of overall experience and should have worked in the same industry for three years or more.

Loan Tenure: The loan can be availed for a minimum of 3 months to a maximum of 24 months, i.e., two years.
Repayment Frequency: Daily
Loan amount: Ranging from INR 50,000 to INR 1 crore.

Line of Credit Loan

The Line of Credit Loan is an agreement where the lender offers the loan up to the borrower’s credit limit. However, the borrower can borrow any amount up to the credit limit offered by the lender. The interest will be levied on the borrowed amount, not the credit limit.

For example:- If the lender evaluates 50 lakh as a credit limit. The borrower can withdraw up to 50 lakh from the loan account, and if he chooses to withdraw only 25 lakh, the interest will be levied on 25 lakh and not on 50 lakh. Moreover, the borrower will still have the option on the next day to withdraw all 50 lakh by again withdrawing 25 lakh, and now as he has spent all his credit limit, he will be charged interest on 50 lakh.

Also, if he can choose to pre-pay a partial loan, if he pre-pays 20 lakh against his loan, he will be left with 30 lakh as the loan amount. However, his credit limit will still be 50 lakh, and interest will be charged on 30 lakh.

Eligibility Criteria for Business Line of Credit

• The business must be running for a minimum period of 1 year, with a monthly business sales volume of INR 2,00,000.
• To apply for LOC, you must be aged between 21 and 65.
• LOC is available to individual sole proprietors, corporations, and private companies involved in production, trading, or services.
• The applicant must have at least five years of overall experience and should have worked in the same industry for three years or more.

Loan Tenure: The loan can be availed for a minimum of 3 months to a maximum of 24 months, i.e., two years.
Repayment Frequency: Flexible
Loan amount: Ranging from INR 50,000 to INR 1 crore.

Vendor Financing

It is a process where a vendor lends money to a consumer to purchase goods and services offered by the vendor.
The borrower signs an agreement with the vendor and pays an initial deposit. After that, the borrower has to pay the remaining amount within a predetermined period.

Eligibility criteria for vendor financing

• The business must be running for a minimum period of 1 year.
• The suppliers of the business should be from a reputed organisation.
• The borrower must have a valid work order, purchase order or invoice with a value of at least INR 1 Lakh.

Facility Tenure: The loan can be availed for a maximum tenure of up to 12 months
Loan (Against Invoice) Tenure: The loan can be availed for 30 to 120 days as per the requirements.
Loan amount: Up to INR 2.5 crore

So whether you require a term loan, loan against POS, line of credit loan or vendor financing, FlexiLoans can be a one-stop solution for your instant business loan needs.
The procedure is pretty simple on the FlexiLoans app to avail of any type of loan listed above.

• Complete Application: It takes less than 5 minutes to complete an application on the FlexiLoans app. You need to log in to the FlexiLoans app and fill in the application form.
• Upload the required documents: Upload the PAN number, current account bank statement, Residential address proof, GST Registration or establishment certificate, etc.
• Credit analysis: The FlexiLoans team will analyse the business results and operations to calculate the eligibility loan amount and interest rates.
• Loan disbursement: Within 48 hours of agreement signing and loan approval, the funds are disbursed in the applicant’s account.

Due to its quick and transparent approach to unsecured business loan disbursement, FlexiLoans has accomplished the position of best loan app in India.
Now, if you are wondering about the documentation which needs to be completed for availing loan from FlexiLoans, it is very simple and basic, so here I am going to list down the same below:

Documents required

• PAN Card
• Residential address proof(Anyone) – Aadhaar Card, Driver’s licence, Passport, Voter ID card, Ration Card, or Rent agreement.
• Last six months’ current account bank statement.
• Business KYC (Anyone) – GST registration certificate, Shops and establishment certificate.
• Financial Documents for availing loan above INR 20 lakh – GST returns of 6 months, two years Audited financials, last two years ITR.

Advantages of Applying with FlexiLoans

• Collateral Free: You need not put any asset as a security.
• Fast Processing: Bare Minimum documentation.
• Safe and Secure: RBI-mandated security procedures make it safe and secure.
• Transparent: No hidden charges.

So, what are you thinking? Apply now for a business loan with FlexiLoans. Just a click on the best loan app in India.