India has experienced good economic momentum for some time now. But the demonetisation of last year has left many a business in a crunch situation. Also, demonetisation has weakened consumer spending, thus affecting revenues of SMEs. But the effect of demonetisation is expected to be short lived. So, if you are looking for an alternative way to raise working capital or wish to invest in an expansion, now is the time. You can fuel your business by applying for a business loan. There are many advantages of getting one and nowadays you can apply for a business loan online in India.
Working Capital Advantage
Businesses need working capital for day-to-day operating expenses. A healthy working capital reserve gives your business an edge over competition. You can now apply for a working capital loan for streamlining your operations. But sometimes when you need a quick working capital loan, your bank may not be the best option. The reason being the processing time taken by banks – both public and private. However, getting a business loan from a non-banking financial company (NBFC) is entirely different. NBFCs like Lendingkart Finance are known for processing business loans within 3 days. Furthermore, the loan terms are very flexible and have generous pre-payment terms.
Secured Business Loans
If you wish to invest in expansion by buying new equipment or opening a new shop front, get a secured business loan. Secured business loans are ideal for capital investment as they have longer repayment cycles. You also get lower EMIs and interest rates than you normally would with a working capital loan. Secured business loans can get you ahead of competition in a significant way. You can also on-board your business on an online platform and boost your revenues in a major way.
What you need to apply for a business loan online?
Lendingkart asks for the bare minimum documentation for approving loans. You need a good credit score, your VAT/GST and company accounts statement. Just visit the Lendingkart website and register for a free account. You can now also download the Lendingkart app for your Android or iOS device and sign-up from there.
Follow the step-by-step prompts on the website or on the app and you are good to go. Once your approval comes and a loan limit is offered, you can choose to accept the offer and get the loan funds credited to your account within 3 days.