Business Loan for Traders

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The economy of the world is majorly contributed by trading and related activity.  The GDP for the world and India contributed by trade in 2015 is 15% and 42% respectively. It is very important to understand the loan model while trading as it will help you meet the business need. It is needless to say that every financial organization extends its service in this area. FlexiLoans offers a business loan for traders with great beneficial features.

Cash flow and inventory are related to each other in this business and is a dynamic business. Understanding this we offer loan giving rooms to withdraw as wells as repay the money based on the business need.

Why is there a need for a business loan for traders

The need for getting a business loan has several reasons including business expansion, facility renovation, purchase of machines, or even to maintain the inventory. We will cover all your needs and offer loan accordingly.

Also, we know that traders make a bridge between the manufacturers and the customers. Therefore their need for a business loan is vital to both get the product or the service to the market and satisfy the customers.

Challenges traders face while applying for Business Loan

There are many institutions ready to offer a loan for traders including banks. Yes, it is safe to approach the bank for loans. Also, they will fix an optimum interest rate. But, there are some catchy points like they look for collateral. You need to pledge some guarantee etc. All these may be possible by small time players and hence their application gets rejected.

To fix this problem we offer collateral-free loan to all the traders with some bare minimum terms. Do not worry about others challenges too including how to repay, how much interest, etc. Just approach and we will help you.

Eligibility Criteria

Having said that, every small trader can contact us for a business loan. But, they need to maintain a decent credit history to get loans approved quickly. Following traders can apply with us.

  • You should have been in business for at least 12 months from the date of incorporation
  • Your monthly turnover should be at least ₹2,00,000
  • You should be above 21 years of age

Documentation required to apply for a loan

There is basic paperwork required to be done for anyone who aspires to apply for a loan. But, do not worry as at FlexiLoans we don’t ask you to make any paperwork but just upload them online.

  1. Personal KYC – PAN Card

  1. Residential Address Proof (Any One)
  • Rent Agreement
  • Driving License
  • Voter ID
  • Ration Card
  • Passport

  1. Last 6 months Current Account Bank Statement in Net Banking PDF format

  1. Business KYC (Any One)
  • GST Registration Certificate
  • Shops and Establishment Certificate

Know the process to apply for Business Loan

We allow you to apply for a loan using the three simple steps as described below.  Fill the form – Upload details – Get Loan Approved. Find below the detailed process for your better understanding

  • Access our the site and reach the application page. You can also click the link given at the end of this page to easily navigate to that page. Fill the form with all your details as prompted in each section.
  • Once that is done you need to append proof for the details you furnished. So keep your documents readily scanned in your PC. Upload them one after the other.
  • You can complete by clicking submit and wait not more than 2 business days to know the status of your loan application.

FlexiLoans business loan for traders – Exceptional Features

  • Go digital

You may know the process by this time now and also the eligibility. We are a non-banking financial company in short called as NBFC and we use the latest advanced technology and process your loan.

  • We offer an unsecured loan for the following traders
  1. Small and medium enterprises
  2. Private Ltd Company
  3. Limited liability partnership company
  4. Sole proprietary firm

  • Simple passing criteria

We don’t overtax you with many conditions but limit to only your operating business history in the past year. Based on your loan requirement this amount will be fixed. This is made a clause only to ascertain the seriousness of the traders.

There needs to an operating circumstance and complied to tax requirement per the Indian constitution. They need to know about their loan need and present a business plan to enable us to assess them quickly.

  • Fees

We don’t levy any hefty amount in the name of charges but just include a very nominal fee for processing the application and it is not more than 2% of the amount required as loan. The interest rate will be discussed with you personally and also we help you understand the EMI amount to be paid on a monthly basis.

  • Paperless work

We are adapting to a digital process and you need to apply and upload documents. Everything happens in one click and no paper copies are required. Complete the entire process is not more than ten minutes. You need to a high-speed uninterrupted internet connection. The form will contain blanks to be filled about your personal details like name, DOB, residence address, etc. Financial details like your present income, source of income, tax history, previous loans if any, operational cost, etc. All the proof documents can be uploaded online.

  • 48 hours process

After uploading all these documents and submitting the form wait for no more than 48 hours to get your loan approved. It is that quick process and we will reach out to you at once. After confirming the decision we will take another 48 hours maximum to disburse the loan amount to a tour bank account.

  • Collateral free

We don’t demand any security in the form of document or signature from any person. Therefore you need not worry about any collateral.

Repaying loan amount process

So far you understood about the loan, need for the loan and how to take one. Let us assume you got it and started your business. But you need to equally understand the repayment process to make sure maintain your credibility.

EMI option is always there for you to repay the sum and interest on a monthly basis. You can choose to opt for floating or fixed interest. Based on the volatility of your business we will advise you on this. It is always wise to calculate your monthly expenses and your earnings to calculate the repayment amount in installment.

Whenever you get more money than expected then you can repay some huge amount to reduce the interest burden.

We do not charge more as prepayment penalty and you can talk to us about the same at the time of getting a loan. We will brief you with a clear understanding and also use our EMI calculator to know the exact figure etc.

Even at the time of crunch in cash, you can plan to repay the amount in small and compensate instead of defaulting. Remember, defaulter will find it difficult to get a loan from any bank or NBFC in the future. The records are clearly tracked by the government system and hence try to maintain a decent track record to get loans in the future.

What next?

With these details, we welcome all traders to apply with us for a business loan and get benefitted. Click on this link and move forward.