When it comes to running a business, a consistent cash flow is paramount. While most of the time, a business can rely on its capital, and cash flows to manage day-to-day expenses, sometimes it may need outside help to meet its financial obligations. This is especially true when the financial need was unforeseen. For instance, for overheads such as:
In such cases or similar situations you may want access to outside funds on an urgent basis. Herein, instant Cash Loans can help. These are the only available Quick Business Loans which transfer the requisite funds within a short period of time.
Traditionally Business Loans used to take substantial time to get processed and approved. Moreover, banks and NBFCs require you to pledge some collateral in exchange for the Business Loan, making it almost redundant for urgent cash needs.
However, be warned; more often than not Business Loan Interest Rates are higher for instant loans as compare to a secured Business Loans. For, lender bears a high-risk proposition in the instant loans. Besides, having a high credit score, preferably above 700 is almost always a must, in order to get approved for a Quick Business Loan.
While most instant loans require minimal documentation, you will still be required to furnish a few Business Loan Documents including but not limited to –
Now that you know the intricacies of an instant loan, if you still wish to procure a Business Loan that helps you avail cash at the earliest possible, we have consolidated a list of 5 of the most prominent instant Business Loans available for SME owners in India.
Let’s take a close look at each one of them:
FlexiLoans offers credit to business owners who are looking forward to meeting obligations such as business expansion, servicing regular or seasonal working capital needs, or managing short term cash flow gaps, amongst other reasons.
To avail FlexiLoans Instant Business Loan, all you need to do is fill an online application form, upload the requisite documents and submit the same. That being done, the lender will evaluate the documents, check your creditworthiness on the basis of your Credit Score and past earnings, and process the loan. This modern-day lender takes no more than 2 business days to process a loan application.
With FlexiLoans, you can expect to get a loan ranging from Rs. 15,000 to Rs. 1 Crore, depending on your requirement, and your ability to repay the loan for a period of 1 to 12 months. The lender levies an interest rate starting from 1% per month. The rates may vary as per your credit profile.
Bajaj Finserv has emerged to be one of the most trusted lenders in the nation when it comes to quick, collateral-free loans. Hence, you can conveniently rely on this NBFC for an instant Business Loan requirement.
With Bajaj Finserv, you can expect to get a loan of up to Rs. 30 Lakh. Similar to other loans on this list, you will simply need to fill an online form and upload the requisite documents. If you fulfil the eligibility criteria, your loan will be approved within no time. In fact, the required loan amount will reflect in your account within a span of 24 hours.
One feature that distinguishes Bajaj Finserv Instant Business Loan from others is the fact that once you have a loan limit approved on the basis of your credit profile you can conveniently withdraw any amount within the loan limit, as and when required.
Yet another quick Business Loan provider in the market is ZipLoan, which offers instant loans to small business owners. The lender offers collateral-free loans to businesses which enjoy a turnover of Rs. 10 lakh or more. For smaller businesses, the lender may require collateral.
One of the most attractive aspects of ZipLoan is that it needs minimal documentation, and doesn’t require your business balance sheet to process or approve the loan application.
With ZipLoan, you can expect to get a loan amount ranging from Rs. 1 Lakh to 5 Lakh, depending on your creditworthiness, for a period of 12 to 24 months. The lender levies a flat interest rate ranging from 1% to 1.5% per month. The lender doesn’t charge any prepayment penalty; hence, if you want you can conveniently repay the loan earlier than the stipulated tenure.
The only limitation of ZipLoan is the fact that it may take up to 3 business days for the loan to be disbursed.
When it comes to getting a loan at the earliest possible, you can easily rely on RupeeLend. The lender promises to process the loan application, and verify the documentation within 2 hours from receiving the application. Moreover, once approved, the loan is disbursed into your account within 6 hours.
While the loan processing and disbursal are exceedingly quick, RupeeLend has two major limitations. First being, it offers a loan amount of just Rs. 1 lakh to a first-time borrower. Secondly, the lender is currently only operational in the Tier 1 cities of Delhi, NCR, Bangalore, Mumbai, Navi Mumbai, Hyderabad and Chennai.
The interest rate levied by RupeeLend is 1% per day, and the repayment tenure is usually restricted to 30 days.
Contrary to Rupee Lend, LendingKart offers exceptionally high loan amounts starting from Rs. 50,000 up to Rs. 2 Crores, depending on your need and creditworthiness. Thanks to the 100% online loan application process, the lender is able to facilitate the same-day loan approvals, making it quick and efficient for instant cash loan requirements.
LendingKart offers collateral-free loans at customised interest rates as suggested by their proprietary big data and machine learning tools. The procured loan amount can be repaid over a tenure of 1 to 36 months. While the lender does not levy any hidden charges, it does warrant a processing fee of 1-2%, depending on the loan amount.
These are some of the most trustworthy, quick Business Loans available in India. You can consider as per your needs.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.