Small Business Loan

FAQ’s about Small Business Loans

In today’s day and age everything can be done online – from booking a ticket to buying groceries. Thanks to fintech start-ups, you can even borrow a business loan online and ditch those long queues at the bank.

Meet FlexiLoans – Your one stop solution to all your business problems. We provide customized business loans at a click to small and medium enterprises.

So, what is a small business loan?

The loans given to small and medium businesses for various purposes such as meeting working capital needs, infrastructural requirements, expansion and upgradation, are known as small business loans.

These loans are meant for small businesses who can’t afford or might be illegible for a traditional business loan. Since, they’re less restrictive and require minimum paperwork small businesses can benefit from these loans.  

Why apply for a small business loan at FlexiLoans?

• Disbursal within 48 hours
• Simple documentation
• Quick and seamless processing
• Transparent process – no hidden charges/fee
• Funding up to 1 crore rupees
• Fully online process – extremely safe & secure
• Collateral free

48 hours. Yes, that’s all it will take for you to get a loan from us! At the same time, a bank loan for a small business might take 7 days or more. 

After the Nirav Modi PNB scam, banks started turning down SME borrowers. As per statistics for the period between February and March 2018, lending to small businesses fell by 0.2%.  Ironically the overall lending in the economy grew by 5.9%!  In such dire situations small businesses need to widen their horizon to look for other funding options. For instance in the U.K. this trend is catching on – small businesses in the U.K. are looking towards online platforms to meet their funding needs instead of borrowing from the bank. As per a report bank lending to small businesses fell flat in 2017 but at the same time asset finance and P2P lending increased.

What’s the eligibility criteria for small business loans in India?

The eligibility criteria may vary in different banks and financial institutions. Although, the eligibility criteria at FlexiLoans is fairly simple –

• Business must at least have 6 months history
• The annual business turnover must be at least Rs.12 Lakhs
• The minimum net profit must Rs. 3 lakhs

What is the documentation required to apply for a small business loan?

Other than quick disbursal the documentation required for small business loans at FlexiLoans is simple and minimal. All you’ll need is –

• All bank statements for the last 12months
• KYC Documents for yourself and your organization
• Shop Establishment Certificate

How to apply for a small business loan?

The process is seamless and completely online.

• Fill an online form – This step will take less than 15 minutes
• Upload the documents required online – Within 24 hours FlexiLoans will generate a credit score to you.
• Get Approval – If you’re eligible, you’ll get an update within 48 hours.

What are the benefits of such a loan to your business?

Depending on your business, loans can be used for various purposes. Such as –

1. To increase your business’ cash flow
2. To expand your business
3. To purchase new equipment
4. To hire more staff
5. To purchase raw material
6. To stock up inventory
7. To meet seasonal orders
8. To scale up operations

At FlexiLoans we even over customized solutions to some of the above problems, take a look at the other products available –

1. Working Capital Loans: These loans will help you expand your inventory to service demands during the festive season. They will also help you expand to a new online platform or can be used for general business expansion.
2. Vendor financing: These loans will give you liquidity against invoices so you can run your business as usual.
3. Merchant Advance: Against your card swipe history we provide short-term loans to fund your working capital needs
4. Line of credit: These are for seasonal businesses to meet their irregular business funding