How FlexiLoans Has Made It Easy To Get A Business Loan
Feb 12, 2021
Small businesses often find themselves stuck in need of extra capital to meet their expenses and expand their operations. FlexiLoans understands the needs of SMEs and provides them with hassle-free loans quickly. Unlike a traditional bank, FlexiLoans is a reliable digital platform that requires a proper financial history.
The platform offers a variety of loans that range from term loans, loans against POS, and Line Of Credit. Borrowers may avail up to Rupees 1 crore through term loan with the tenure of 2 years. And the borrower can pay the loan back in easy monthly installments.
FlexiLoans aims to provide financial assistance to all small businesses and help them grow. The enhanced technology that FlexiLoans leverages to process loans makes it consumer-friendly and transparent. Since FlexiLoans is a digital platform, one doesn’t have to leave their office and check for loan status.
FlexiLoans app and website make it easier for borrowers to apply for a business loan and track application status from anywhere. Moreover, borrowers also get customized solutions for their financial needs, along with a loan that best suits them. Consumers and SMEs across India can avail of a loan from FlexiLoans.
How FlexiLoans Processes Applications
The loan application process of FlexiLoans is straightforward and can be completed very quickly. Once you submit the online form with your details and requirements, the experts of FlexiLoans start working on your application. The best part about the FlexiLoans online application process is, it takes no longer than ten minutes to fill the form.
After submitting the loan application form, you have to submit the documents that FlexiLoans will use for KYC. Upon completion of the loan’s initial steps, the experts of FlexiLoans analyze your documents and profile. Once the team finishes their analysis, they calculate the amount they can allot to a particular borrower or a business.
When the expert’s team finishes all the formalities related to sanctioning the loan, the borrower gets the money in their account. In the entire process of getting a loan from FlexiLoans, you don’t have to go anywhere. The entire process takes place on the FlexiLoans app or their website.
The necessary documents a borrower must submit to FlexiLoans for their loan include Address proof, GST Registration, and Pan card. Borrowers also need to show their bank statements for the last six months to the FlexiLoans team. Depending on the requirements, the financial experts at FlexiLoans may ask borrowers to submit additional documents.
Eligibility Criteria To Get Loan From FlexiLoans
FlexiLoans offers easy and quick loans, but they also follow well-defined eligibility criteria to process loans. If a small business applies to FlexiLoans for a loan, they must be at least one year old in the business. Any businesses without one year of track record may not qualify for the loan.
If your business is older than a year, it qualifies the first criteria. However, the business must have Rupees 2 Lakhs’ turnover to get the loan approved from FlexiLoans. If the business is older than one year but doesn’t have the required turnover, its application may be rejected.
Any borrower below the age of 21 will not qualify for the loan, and their application will stand rejected. Even business owners below the age of 21 years may not be eligible for the loan.
FlexiLoans Mobile App
Borrowers who wish to get a loan from FlexiLoans may also use their mobile app for a smoother experience. Using the app to get a loan from FlexiLoans makes it even more comfortable and much quicker. You may get the loan processed from FlexiLoans Mobile App in three steps only.
Unlike banks, FlexiLoans takes only 48 hours to process and approve the loan. To get the loan from FlexiLoans, you have to download the app on your mobile phone. Once the installation is finished, you may create your account and submit your necessary documents.
After submitting documents, borrowers can connect their bank account to the FlexiLoans app. Eligible borrowers get their loan money in their account within 48 hours of applying for the loan. Moreover, FlexiLoans mobile app users can also avail of extended credit facilities on their account.
The minimum loan amount a borrower may get from the app is Rupees 50000. The maximum amount of loan approved through the app is up to Rupees 1 crore. Moreover, the loan processing fee is only 2.5% of the loan amount.
Getting a loan approved for SMEs is a headache and could be a troubling process. However, FlexiLoans makes it easier for small businesses to get essential capital and scale their operations.
With the FlexiLoans mobile app, businesses can get loans up to Rupees 1crore without visiting any branch for approval. Moreover, the platform charges reasonable interest rates that start from as low as 1%.