A steady cash flow is essential for managing a business. While a company can typically manage its day-to-day expenses with the support of its capital and cash flows, there are instances when it may require outside assistance to fulfill its financial needs. This is particularly valid if the financial necessity is unexpected. Some unforeseen expenses may include:
- Business equipment that needs to be fixed or replaced immediately
- Immediate payment of a client’s outstanding debt
- Pursuing a business activity that requires immediate attention
Your business might need immediate access to external funding in these instances or other such situations. An instant business loan can be useful here, providing the needed funds quickly to handle an urgent requirement.
Earlier, with dependence on conventional financial institutions, the processing and approval of Business Loans took longer. Also, most of the time, business owners had to provide collateral security to get a Business Loan. With new-age lending institutions, the Business Loan processing time has been reduced to just a few days. Entrepreneurs can also apply for Business Loans online.
Also, they offer higher loan amounts at competitive interest rates and flexible repayment tenure. However, it’s necessary to have a credit score of 700 or more to qualify for a quick Business Loan. You can use a business loan calculator to calculate your estimated EMIs before applying.
Features and Benefits of a Business Loan
- Large Loan Amounts
Based on your specific requirement and eligibility, you can get an unsecured Business Loan of up to ₹ 50 lakhs.
- Collateral-Free Loan
Unsecured Business Loans are collateral-free and hence require no security or guarantor to get approval.
- Flexible Repayment
Business Loans from lending institutions provide you with a flexible repayment tenure of 12 to 36 months.
- Minimal Documentation
Minimal paperwork is required for Business Loans, which makes it simple for SMEs to apply.
How to Apply for Quick Business Loans Online?
Even though instant Business Loans need a minimal amount of paperwork, you will still need to provide a few documents, such as:
- Address proof (Aadhaar Card, Passport, Voter ID, Driving License, Utility Bills)
- Identity proof (Aadhaar Card, PAN Card, Government ID)
- Financial documents (PAN Card of Firm, Company or Applicant, GSTIN, 6-month bank statement, copy of the most recent ITR form along with computation of income, audited balance sheet and profit & loss account for the previous two years, Proof of continuity of business of 3 years)
- Proof of ownership
- Current additional financial obligations
The Process for Business Loan Application:
- Go to the lending institution’s website using your smartphone or laptop
- Select Unsecured Business Loan on the home page.
- Enter your phone number and click ‘Apply Now.’
- You will get an OTP, and you can complete the form.
Submit the form. You’ll get a call from the lending institution’s representative to take the process forward. Once approved, you’ll get the approved amount disbursed to your account instantly.
To Conclude
With unsecured Business Loans from top lending institutions like Clix Capital, you can strengthen your business operations and take them to newer heights. To ensure a hassle-free and quick loan experience, consider applying online.
Author Bio
Amaira Sharma
Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.