Best SME Business loans for Commercial purposes
May 19, 2021
Are you looking for a loan for your SME, but have no security as collateral to raise a loan? Exhausted from facing multiple rejections from traditional banking institutions? Don’t worry, the solution to all your problems is right here, FlexiLoans, “an online lending platform”, offers SME business Loans and helps small business owners to get funds customised to their needs. And guess what? These loans are absolutely collateral free, so, no need to provide any security.
Currently, over 80% of proposals for SME business loans are rejected by banks/other institutional channels owing to insufficient financial history or collaterals. FlexiLoans facilitates SME business loans with its technology-powered online marketplace to meet the financial requirements of SMEs which do not have credit history & hence cannot avail of loans from traditional banking channels. Located in Mumbai, FlexiLoans provides collateral-free business loans across India through its online presence.
In general, SME business loans for commercial purposes are provided to small business owners, women entrepreneurs, and start-up owners for a short tenure. The eligibility requirements of these loans are minimum because of the unsecured nature of these loans.
Why SME business loans for commercial purpose are favourable when compared to normal business loans:
While doing business in India, multiple factors are required to be considered, like dynamic seasonal demands, changing buyers’ behaviour, changing market conditions, etc. These changes necessitate the need for surplus funds.
Online accessibility of SME business loans can work wonders for SMEs. Minimal documentation, no requirement of security, and hassle-free procedures makes loan processing quick and easy.
2. Intact Control:
Small business owners often seek aid from venture capitalists, who in turn gain ownership control over the organisation. This results in a loss of control of original owners over the company. SME loans are wonderful sources of funds for business owners looking to avoid the liquidation of company control.
3. Swift Execution of business plans:
With the fast processing of loans, you can execute your business plans fast. Utilising collateral-free unsecured MSME business loans, the business owners can fulfill their financial needs and commitments efficiently, and within a specific duration
FlexiLoans, “an RBI registered NBFC”, was started with an endeavour to solve the problems that small businesses face. It has a vision to provide “Financial Access at a Click” to facilitate financial aid to small businesses.
Why choose FlexiLoans for SME business loans for commercial purpose:
Transparent: FlexiLoans offers loans at transparent finance charges and mentions all the charges upfront before disbursement.
Safe and secure: FlexiLoans follows the RBI-mandated policy to safeguard and secure your data.
Fast process: At FlexiLoans, Quick credit assessment ensures fast disbursal of the loan at best rates and flexible terms, thus providing financial access at a click!
Collateral free: No worries for arranging the security, as FlexiLoans provides collateral-free loans.
At FlexiLoans, just follow a simple, 4 step to get a hassle-free loan with minimum documentation:
Step 1 – Complete Application: Apply for a business loan from anywhere in India just by answering some questions on the website or app. Short application with details to assess the eligibility for the business
|Basic Eligibility Criteria|
|Minimum Business Vintage||1 year|
|Minimum monthly turnover||₹2,00,000/-|
|Minimum age of the applicant||21 Years|
Step 2 – Upload Documents: Minimum requirement of only 4 documents, to calculate eligibility of the applicant. The documents can be easily uploaded online:
|Basic Eligibility Criteria|
|Personal KYC||PAN Card|
|Residential Address Proof (Anyone)||Rent agreement / Driving license / Voter’s ID / Ration card / Aadhaar Card / Passport|
|Banking||Last 6 months current account bank statement|
|Business KYC (Anyone)||GST registration certificate / Shops and establishment certificate|
|Financial documents (Only for loans greater than Rs. 20 Lakhs)||– 2 years Audited financials|
– Last 2 years Income Tax Return
– GST Returns of 6 months
Step 3 – Credit Analysis: A review of business performance is conducted to determine the amount the applicant can access, and also to compute the applicable interest rate. The loan officers of FlexiLoans provide the best possible guidance and assistance to help applicants in making the best decision.
Step 4 – Loan Disbursement: After getting the application form duly filled along with the necessary documents, the loan is usually sanctioned within 2 working days.
The amount will be disbursed into the applicant’s account directly, and experts at FlexiLoans help the applicants understand the repayment-related details. FlexiLoans ensure their availability for the convenience of the applicants whenever they need assistance.
Products offered by FlexiLoans:
FlexiLoans offers the following products facilitating loans starting from ₹50,000 up to ₹2.5 Crore, with the tenure of loans varying from 3 months to 24 months:
a) Term loan
b) Loan against POS
c) Line of Credit
d) Vendor Financing
Moreover, FlexiLoans provides loans with such low interest rates, starting from 1% per month, depending on the applicant’s profile.
With its reach across India, FlexiLoans has disbursed 10000+ loans benefitting small business owners in Expanding their business, servicing regular working capital needs, managing seasonal working capital requirements, managing short-term cash flow gaps, and much more.
Empowering its vision, FlexiLoans utilises its technology platform and online marketplace strives to deliver innovative solutions to borrowers & investors.
FlexiLoans technology provides a better experience, offering borrowers a convenient, simple & fast online application that improves the often time-consuming & exasperating loan application process.
So many benefits just at one stop. So, what are you waiting for? Apply online at FlexiLoans today!