Small Businesses Must Get Easy Loan AssistanceBusinesses need funds to run their operations smoothly or to undertake any expansion plans or even to recover from losses. For initial start-ups, getting the required funding is normally difficult as they are yet to be established. Traditional financial institutions are hesitant to lend small business loans to such small organizations with no credit history, as the risk of default is high. So, funding is the major challenge faced by small businesses.
With the Indian business scenario undergoing a drastic change, there are a large number of Small and Medium Enterprises (SMEs) which are getting established and benefitted from various government schemes and policies. This has led even traditional financial institutions to realize the untapped potential of such SMEs in India. The emergence of such small businesses is vital for the development of the small industrial sectors in urban and rural landscape across India, as it provides economic development through increased employment opportunities, development in the industrial belt etc. Small business loans can help them manage their business in various ways, including purchasing new equipment, managing working capital requirements, inventory management etc.
Eligibility Criteria for a Small Business Loan
The eligibility criteria for a small business loan depends on the procedures implemented across various financial institutions for such loan approval. It also depends on the type of loan required. For example, working capital loans are easily available due to their short-term nature of say three months -one year tenure. But other short-term loans could be for 1 – 3 years depending upon the purpose and the loan amount granted. Also, traditional financial institutions check out the credit history and income capacity of the borrower before granting such loans.
Unsecured small business loans on short-term basis are now available to such businesses from various online funding platforms. An unsecured loan implies a collateral free loan. Such loans help small businesses tide over their fund deficit over the course of running their businesses. For instance, working capital loans are normally unsecured loans given on short-term basis and which can be taken multiple times. Such loans help businesses tide over their day-to-day working capital requirements and mange any cash flow deficiency. Personal loans are another type of loans which can be availed by small proprietary businesses to fund their immediate business requirements.
How Does One Qualify for a Small Business Loan?
Small business borrowers, with low income and low credit score need not despair any more, as there are quite a few online platforms readily available to suit their immediate financial requirements.
One such unique user-friendly online platform is Simply Cash, powered by HeroFinCorp, wherein one can easily avail an unsecured short-term loan. Instant cash loan can be availed from Simply Cash within 24 hours, by downloading the instant personal loan app from Google Play Store. Anyone or any business with a monthly income/revenue of Rs. 15, 000 can avail an unsecured loan up to a maximum limit of 1,50,000 on the app.
Eligibility Criteria for Simply Cash Small Business Loan
At Simply Cash, the loans are available for various purposes, including personal loan for self-employed, instant cash loan, debt consolidation loan, short-term loan etc. So, you have a variety of loans to choose from to suit your business requirements. There is no requirement of physical documentation on the Simply Cash app, making it one the most user-friendly online apps where you can get loan easily in just a few clicks.
Apply for your business loan on the Simply Cash app and meet all your required business finance needs promptly.