The number of new businesses in India has grow drastically in the last decade, thanks to the Central Government’s push with dedicated schemes like Start-up India. This has led to many new enterprises, which has also somewhere led to an increase in demand for necessary funding to peddle these ventures further towards growth. In view of this, several financial institutions have introduced dedicated financing options. Another aspect that needed attention was the time taken for the availability of financing. Lenders extending online business loans has typically mitigated the risks associated with late financing often leading to missed opportunities.
A digital business loan comes with several perks along with easy and quick availability. It is best to be aware about the associated benefits before availing the financing for an improved borrowing decision. Let’s find out in detail the top features that you can avail with this business loan along with a process to apply for it so you approach the borrowing process better.
Top Features to Look For in an Online Business Loan
1. Financing up to Rs.25 Lakh
As an enterprise may need financing of high value, online business loans seek to fulfil this requirement conveniently irrespective of the business expenditure such funding is needed for. With suitable lending institutions, a financing value up to Rs.25 Lakh is available as business loan for easy fulfilment of the venture’s funding needs.
You must meet the eligibility requirements set by the lender to be avail such financing value. It is thus advisable that you first check your eligibility for the advance with the help of an eligibility calculator and EMI calculator and apply for a loan amount accordingly. The chances of your business loan approval also depend on your previous repayment records and the lender you have applied to. Some financial institutions are more forthcoming when it is about providing unsecured business loan for new businesses than others.
2. Loan approval within a few minutes
The business loan availability has been facilitated through the online process with a primary aim to make these loans accessible. As quick financing is the core of easy accessibility, an online business loan is most certainly easy to approve fast than other loan types. If all the eligibility requirements are in place, it shouldn’t take more than a few minutes to receive approval for your applied loan amount.
3. Funding without collateral
Another critical feature that has made these loans for new businesses quite popular is that these are unsecured advances. It means that you do not need to provide any asset as collateral to avail funding. It is only needed that you meet all eligibility criteria set by your lender to avail funding. While these requirements are simple, you would need to be thorough with fulfilling all of these as the entire risk profile that the lender would assess shall be based on the related aspects only.
4. Extended and flexible tenure for repayment
Repayment flexibility is often one of the top lookouts for new businesses seeking financing as the revenue flow is limited and tightly allocated to the cost and profit. Start-ups thus often prefer loans and advances that come with long and flexible tenures. Thankfully with some lenders, you can get an extended tenure of up to 5 years for repayment of your online business loan with decent flexibility. You can also look out for prepayment options and the costs associated thereto for easy repayment of your business loan.
5. Disbursal under 24 to 48 hours
Along with quick approval, these loans also have fast disbursals, with the approved financing sent to your business account within the next 24 to 48 hours. Such quick availability allows the new business to meet its urgent funding needs conveniently.
You can easily apply for your online business loan at the official website of your selected lender once you have checked your eligibility and document requirements. Visit the website and navigate to the application form hosted online. Fill it up with the required details and submit along with necessary documents. Make sure to keep the information accurate for a smooth processing of your loan application.