YOUR GROWTH MOTIVATES US – STORY #1
Feb 03, 2018
At FlexiLoans, we believe in putting the needs of our customers first and providing them with solutions for their specific financial requirements. In this upcoming series, we share the success stories of customers and their experiences with us. These stories are a set of testimonials of business owners who have registered immense growth with the help of business loans from FlexiLoans.
Hello, I am a 41-year-old businessman Ratan Shah based in Ahmedabad. I own electronic goods stores, one each at C.G. Road and Vastrapur areas. I am also a registered seller at Amazon because I had heard a lot about online sales and how it can help me grow my business outside the geographical boundaries. While my offline stores and Amazon seller account provided a turnover of Rs20 lakhs, it was not as per my expectations. After excluding all costs related to operations, staff salaries, Amazon platform commission, and shipping costs, the profit margins weren’t high.
I realized the need to expand my business to increase my turnover. I planned to open three more new stores in Ahmedabad and advertise my online business as well. But, expansion and marketing needed capital of Rs50 lakhs. Now, where do I bring it from? A fellow businessman informed me that banks provide business loans. So, I knocked the doors of several banks only to be left disappointed. Some of them rejected my application saying that they do not provide capital assistance to small businessmen like me. Other banks made me go through the tedious paperwork and wait for several weeks. When they accepted my application, I was very hopeful, but my happiness was short-lived. The banks were charging a very high-interest rate and even asked for collateral which was beyond my financial standing. The local private lenders were ready to help, but they too charged an exorbitant interest rate.
I was in a dilemma as I didn’t know what to do and where to go. I had completely given up the expansion plans when I came to know about the online financing platform FlexiLoans from a friend. I was skeptical as I had never heard about online capital. After doing some research, I found FlexiLoans a very authentic lender. I learned that I did not have to place any collateral in lieu of taking a loan. What is more, the entire paperwork was online, and they sanctioned the loan up to Rs1 crore within 48 hours!
I applied for a loan of Rs50 lakhs online from FlexiLoans, and they sanctioned it in less than a week without asking for collateral or making me go through any hassles. FlexiLoans came to my rescue when all other credit channels were out of my financial reach. Today, I have successfully opened new stores and also allocated a significant marketing budget to my online business as I had planned. My turnover has almost doubled within a year of availing the loan.
I would like to advise people to never give up on their dreams and approach FlexiLoans for fast, easy and secure loans without any collateral in India. If I could do this, so can you!
If you too are an online seller, shopkeeper or an SME owner, you can get inspired by this story and grow your business enormously. Over a period, we’ll bring such stories for you that show, how opting for a business loan can help you and your business grow. Stay tuned for more such stories.