business loan application

Here’s Your Simplified Reading of a Business Loan Application in India

Business Loan

Are you thinking to expand your business? Or renovate your workspace? There are numerous reasons why a business owner might consider applying for a business loan. When applying for a loan in person, you may be required to schedule an appointment. As a result, you could be stuck in a queue; or you may have to travel a long distance to reach the lender’s physical location.

Today, the world is going digital, and everything from paying bills and transferring money to getting information on any specific thing can be done digitally. So, why would it be any different for taking loans?

Following the Covid-19 pandemic, lenders, too, have realized the importance of going digital. As you know, investment is essential to expanding a small business. A business loan can assist you in obtaining the funds you require. You can easily apply for a small business loan online from NBFCs like Kinara Capital, which provides loans specifically designed for small and medium-sized businesses.

Through quick lending, and using alternative models for credit risk assessment and underwriting, NBFCs like Kinara Capital have improved the lending process in the market. Moreover, all-digital processes used by such reputable NBFCs are safe and secure.

If you are still not sure, here are some reasons to apply for a business loan online:

  • In the absence of historical financial data, digital lenders like Kinara Capital now use differentiated credit underwriting models to assess a borrower’s creditworthiness. These underwriting models are based on data from a variety of sources. First, a borrower is assigned a creditworthiness rating based on this assessment. Second, they also extend risk-based pricing, in which different interest rates and loan terms are offered to different customers.
  • They also provide solutions tailored to a specific target segment, such as flexible collateral structures and customized products tailored to working capital cycles.
  • Digital lenders can now cater to new-to-credit customers who were previously unbanked or had thin credit files, bringing them into the fold of formal finance.
  • With options such as eKYC, eSign, eNACH, Udyam Registration, Netbanking, and GST digitization, digital lending is simpler than ever. Also, you no longer need to worry about digital safety as reputed NBFCs are registered under the RBI.

How to Apply for a Business Loan Online

Step 1. Fill a 1-minute online eligibility check.

Step 2. If you’re eligible, you can continue with the loan application online, or a loan officer will get in touch with you to take the process forward.

Step 3. You will need to submit personal and business documents to complete the KYC procedure. Documents such as Aadhaar, PAN (personal & business), Udyam registration, business registration proof, and a 12-month bank statement may be required.

With everything being digital, you can get your loan disbursed within 24 hours. In addition, NBFCs like Kinara Capital have a simple and transparent system in place to support you in your regional language throughout the entire application process.

How to Choose the Right Lender?

While looking for a business loan for the expansion of your business, you want to make sure that the lender you choose is trustworthy and can assist you in all your needs. Determine how flexible the lender is. Most small businesses need adaptable lending institutions that do not expect excellent credit scores, a large amount of collateral, or a long business history.

NBFCs like Kinara Capital offer collateral-free business loans with a minimal and flexible documentation process. You can also avail of their doorstep customer service to help you from the beginning till the end of the loan application. Kinara is a systemically important NBFC, a Cerise SPI4 audited company, and The Smart Campaign accredited company, indicating that Kinara is committed to MSMEs’ financial inclusion. Going for NBFCs like these will enable your business to grow without any financial hassles!

So, choose a lender wisely and make the most of your business loan!