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What is NeoGrowth?

NeoGrowth is a revolutionary digital lending platform that assists businesses with all their financial requirements. NeoGrowth aims to get rid of the outdated system of lending and offers innovative product experiences. NeoGrowth promises hassle-free and personalised loan services, application and products.

NeoGrowth was created to cater to the SMEs who could not avail a business loan from conventional vendors and banks due to a lot of reasons. NeoGrowth recognised the need for a lender that would work as per the needs of these SME's and decide their eligibility according to new and improved underwriting standards. NeoGrowth promises to supplement the dreams of small businesses and startups by providing them with the funds they would need for their business purposes. To support this vision, NeoGrowth determines eligibility by analysing fundamental business numbers.

What are instant online loans?

Loans are taken in case of urgent finance requirement. That is why it is imperative that the loans be sanctioned as soon as possible so that the borrower can utilise them on time. However, with banks and NBFCs, it is possible that the application process may take a very long time to analyse your requirements, creditworthiness and provide approval. Moreover, banks place a have focus on documentation and other paperwork that can be an added hassle.

In todays digital age, going to the bank and standing in-line doesn?t make much sense. Instant online loans were devised to combat this issue. Instant online loans are revolutionary products that can help you with all your loan requirements by utilising the best of technology. Instant online loans make loan applications simple and hassle-free. Through Instant online loans, you can apply for the loan at any time from any place through the comfort of your own home. The entire process is paperless and the documents need to just be uploaded to the website. The approval is quick and easy as well.

Another downside to applying for the loans with banks and NBFC's is that they have a very strict eligibility criterion when it comes to income, credit score, employment type etc. This means that a certain section of society is unable to avail their services. Instant online loan services also tackle this issue as they have partnered with multiple banks, NBFC's and other lenders so that it is easy for the borrower to avail the loan based on different types of creditworthiness.

NeoGrowth is one such Instant Online Loan service that provides you will all the above-mentioned features. NeoGrowth specifically caters to small businesses or SMEs that require urgent funds for running the business and are finding it difficult to avail the funds from any other source.

Benefits of taking a loan from NeoGrowth

NeoGrowth is a revolutionary digital lending platform that has greatly simplified loan application processes. NeoGrowth primarily caters to small businesses and SMEs. NeoGrowth helps the SME's to fulfil their dreams by providing them with sufficient funds for their business purposes. Below are the benefits of applying for a business loan from NeoGrowth./p>

Can provide loans for candidates with low credit score :

Having an inadequate or low credit score is one of the major reasons for loan rejections by banks and NBFCs. Naturally, such applicants find it very difficult to avail the loans in spite of being creditworthy. NeoGrowth recognises the need for such applicants and hence makes it possible for applicants with a low credit score to avail the services. They do this by partnering with many banks, NBFCs, private lenders etc.

Quick processing and approval

NeoGrowth is an Instant Online Loan service provider. The goal of NeoGrowth is to reduce all the hassles and paperwork related to loan application and processes. NeoGrowth achieves this by simplifying the loan application process through online application forms, online documentation upload and approval and online sanction of loan. Even Cash advances can be approved through online applications.

Collateral free loans

To provide these business loans, NeoGrowth partners with a wide variety of banks, private lenders, NBFC's etc. Because of this, they are able to provide a large amount of loan with no need for collateral. This makes it easier for applicants who do not own any property or asset for security.

Many types of loan provided with a wide range of features:

NeoGrowth caters to small businesses and SMEs and hence, provides a variety of business loan products. Products are available for wholesalers, retailers, vendors and other kinds of businesses. The loans can be customised as per the requirement of the applicants.

Doorstep Service :

NeoGrowth provides doorstep assistance for documentation and other purposes. Once you fill-up the online application and click on apply, the representatives will visit you and guide you through the next steps of the application. This means that you won?t have to struggle to reach the bank and stand in line to verify your documents. The entire application is done through the comfort of your own home.

Types and Features of Loans from NeoGrowth

NeoGrowth offers many different types of business loan products suited to wholesalers, retailers, vendors etc. The features of all these products also differ widely and can be customised according to the needs of the lender. Below are the types of business loans provided by NeoGrowth.

NeoCash

Neo Cash is a business loan product that is offered specifically to retailers. Neo Cash comes under the Supply chain finance bracket. The product is available for both online and offline retailers for any of their business requirement. These are quick short term loans for SMEs.

Below are the features of NeoCash Loan.

Loan ProductNeoCash
PurposeThe loan is provided for retailers who wish to avail new age loan products for their business needs. The applicant should have a point of sales machine
QuantumThe amount of loan that can be availed is between 1 lakh to 75 lakh.
Minimum Business experienceThe SME should have minimum business experience of 2 years to be eligible for NeoCash
Loan TenureThis is a Short term loan and the max tenure for repayment is 36 months.
Monthly Card salesThe SME should have a minimum average monthly sales of INR 1 lakh.
Extra benefitsNeoGrowth provides its customers with a revolving credit limit to existing customers.

Neo Cash Express

Neo Cash Express is a quick standard fixed-term loan products for MSME's. As you can understand from the name, the loan product is designed for quick and small MSME requirements. This is also a short term loan.

The following are the features of Neocash Express loan.

Loan ProductNeo Cash Express
PurposeStandard fixed-term loan for small and quick funding requirements by MSME's. Can be used for any business purpose.
QuantumThe amount of loan that can be availed is between 3  lakhs to 8 lakhs.
Minimum Business experienceThe MSME should have a minimum business experience of 2 years to be eligible for Neo Cash Express.
Loan TenureThis is a Short term loan and the max tenure for repayment is 500 days.
Monthly Card salesThere is no such requirement for Neocash Express.
Extra benefitsNeo Cash Express provides the borrowers with the facility for low daily repayments.

Purchase Finance

Purchase finance is a business loan product catering specifically to wholesalers, traders, manufacturers or service providers who take in raw materials/goods from large corporates or companies(companies with a turnaround higher than INR 250 car). Below are the features of the Purchase Finance Business loan product. The sanction for this type of loan can be easily provided based on your business details with the company.

Below are the features of Product Finance loan

Loan ProductPurchase Finance
PurposeAvailable for wholesalers, traders or service providers who need to purchase raw materials for large companies.
QuantumThe amount of loan that can be availed is between 5  lakhs to 75 lakhs.
Minimum Business experienceThe MSME should have minimum business experience of 3 years to be eligible for Purchase Finance
Loan TenureThis is a Short term loan and the max tenure for repayment is 36 months.
Monthly Card salesThe business should have a minimum monthly average sales of INR 3 lakh to be eligible for Purchase Finance product
Extra benefitsPurchase Finance enables the applicants to choose for a PayLater Open option. Through this, the entire loan amount can be divided into a term loan part and a limit.

Vendor Finance

This Business loan product caters specifically to manufacturers and service providers who act as the suppliers to large corporates or companies(companies with an annual turnover higher than INR 250 Cr). The loan is provided for any expense they might incur while supplying the companies with their products.  

Below are the features of Vendor Finance business loan

Loan ProductVendor Finance
PurposeAvailable for manufacturers and service providers who act as the supplier for large corporates.
QuantumThe amount of loan that can be availed is between 10  lakhs to 75 lakhs.
Minimum Business experienceThe business should have a minimum business experience of 3 years to be eligible for Vendor Finance
Loan TenureThis is a Short term loan and the max tenure for repayment is 36 months.
Monthly Card salesThe business should have a minimum monthly average sales of INR 5 lakh to be eligible for Purchase Finance product
Extra benefitsNeoGrowth provides easy loan sanction facility to applicants based on their business details with the corporates.

How to apply for a business loan through NeoGrowth?

NeoGrowth has greatly simplified the business loan application process through its online portals.

  • To apply for the business loan, all you need to do is visit the NeoGrowth website, search for the relevant business loan product and click on Apply.
  • Once you click on Apply, you will be taken to a page where you will have to enter some details.
  • The page asks for your Personal details such as name, phone, email id, address etc.
  • Once you have finished that, you will have to enter your business details such as your business experience, your annual turnover etc.
  • After that, you might have to enter your loan requirement details.
  • Once you fill and submit the form, NeoGrowth representatives will contact you for the next steps.
  • The documents can be verified through online uploads or through doorstep service. NeoGrowth representatives can visit you to verify the documents for the application.

Documents required For NeoGrowth Business Loan

NeoGrowth enables fast application and approval process for Business Loans by complete online applications. The documents can be uploaded to the website or you can opt for doorstep service for document verification. Below are the documents required for availing a business loan through NeoGrowth.

  • KYC documents of the applicant such as Aadhar Card/PAN Card/Passport/Voter's ID etc
  • VAT certificate of the business
  • Business PAN Card
  • Address proof for business
  • Last 6 months of Business Bank statement
  • Business Turnover Sheets

Eligibility for NeoGrowth Business Loan

The eligibility for NeoGrowth Business loans can depend upon the type of loan you wish to avail. However, there is a certain level of eligibility required before the company will consider your loan application. Below are the general eligibility criteria for any business loan from NeoGrowth.

  • The loan is only applicable to SMEs, MSMEs or businesses. Personal loans are not provided by NeoGrowth.
  • The business should have a minimum experience of 2 years.
  • The business should have a minimum average monthly card sale as required for each type of loan.
  • The business should have a working point of sale machine through which they do regular business/sales.

Who are the lending partners for NeoGrowth?

As mentioned above, Neogrowth has revolutionised the lending process by partnering with multiple vendors to offer their business loan products. Because of this feature, NeoGrowth is able to cater to a wide variety of eligibility and requirements of the consumers. Below are the lending partners that NeoGrowth has signed up with to provide the business loan to its consumers.

  • Banks
  • NBFCs
  • P2P Lenders
  • Direct Lenders
  • Private Finance Companies

Things you can use the instant online loan for

Instant Online loans can be used for a variety of purposes. Many vendors provide different kind of Instant Online loans specifically for various purposes. Below are some of the purposes of Instant Online loans.

  • Purchasing raw material from other companies
  • Any kind of business requirement.
  • Supplying companies with your products/services.
  • For planning a wedding
  • For a domestic/International vacation
  • For medical emergencies
  • For renovation and repair of your house, purchase of land etc.
  • For debt consolidation
  • As salary advance
  • For higher education purposes.
  • For day to day business needs.

Things you cannot use the instant online loan for

Although Instant Online loans are available for a variety of purposes, there are some restrictions on their usage. Below are the things that you cannot use the Instant online loan for.

  • Shopping
  • Dining out
  • For liquor
  • For buying gadgets, gifts, etc.
  • Only for survival requirements,
  • Impulsive spending.

How to repay the instant online loan?

There are many ways for you to repay the Instant online loan availed through NeoGrowth. Please find them below. 

  • NACH: The NACH(National Automated Clearinghouse) is the most widely used method of repayment for Instant Online loans. Through NACH, the EMI amount will be automatically deducted from the specified account monthly as per the date specified.
  • POS Machine: The amount of EMI is deducted automatically by NeoGrowth.
  • NEFT/RTGS/IMPS: This method can be used to transfer the repayment amount through any of the bank transfer services to NeoGrowth designated Account number.
  • BillDesk Gateway: You can pay the repayment amount manually by logging in to the NeoGrowth website and selecting the bill pay option.

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Neogrowth Personal Loans FAQs

What is the process for application once I apply for the NeoGrowth business loan?

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One you apply for the business loan by filling up the application on the company's website, the NeoGrowth executives will visit you to take further details and guide you through the next steps. Then, they will verify your documents and provide you with the approval. The loan amount will then be disbursed into your account within 24-48 hours.

Can I apply for the NeoGrowth business loan if I don?t have a Point of Sale/Card machine?

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Yes, it is possible to apply for the NeoGrowth business loan even if you don?t have a Point of Sale machine. Once you apply and send NeoGrowth all your details, we will evaluate your business and determine if it can still be eligible for the business loan. If it is, you can follow the rest of the steps to get the loan amount in your account.

Is it possible to foreclose the loan availed through NeoGrowth?

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Yes, NeoGrowth allows pre-payment of the business loan in full at any point after availing the loan amount. To do this, you will have to contact the NeoGrowth representatives and inform them so they can manage the rest of the details. You will also have to pay an agreed pre-closure amount when you do the pre-payment.

What is the maximum amount of loan that can be availed from NeoGrowth?

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NeoGrowth provides a variety of loan products for different vendors and businesses. Naturally, the loan amount also has a wide range. The loan amount that can be availed starts from 3 lakhs and can be as high as 75 lakhs.

What is the maximum tenure availed for NeoGrowth business loans?

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NeoGrowth provides business loans for SMEs and other such businesses which cannot avail the funds through traditional lenders. NeoGrowth provides quick and short term business loans for such SMEs. The maximum tenure for NeoGrowth business loan is 36 months.

Who can avail business loan from NeoGrowth?

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NeoGrowth provides business loan products. Naturally, you need to be a business owner to avail the loan. The loan is targeted mainly at SME's and small businesses who have a point of sale machine and have a certain minimum monthly average card sales as requested for the type of loan.

What are Instant Online loans?

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Instant Online Loans are products aimed at individuals/businesses/traders etc who want to avail quick funding. The loans also aim to cater to small businesses or low income /low-credit score group of society, who have been unable to provide the loans from traditional lenders. Instant Online loans specialise in quick and hassle-free application and documentation process, with a guarantee of funds into your account within 24-48 hours.

Can I apply for a NeoGrowth Business loan if I have a low credit score?

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Yes, it is possible to apply for a NeoGrowth business loan with a low credit score. NeoGrowth partners up with a lot of vendors, banks and NBFC's to provide the business loans for different kinds of consumers. NeoGrowth uses different ways of finding out the creditworthiness of the business and relies on business experience and business numbers. For this reason, a low credit score will not be much of a factor for availing the business loans.

What is the NeoCash Business loan by NeoGrowth?

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The NeoCash business loan is a loan aimed towards SME's who wish to avail a new age loan product for any of their business needs. Through NeoCash, you can avail up to 75 lakhs of the loan amount for any purpose related to your business. The loan tenure can be up to 36 months. To be eligible for this loan, your business should have a minimum experience of 2 years and should have a minimum average monthly turnover of INR 1 lakh.

How can I repay the business loan availed through NeoGrowth?

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There are many ways you can use to repay the business loan availed through NeoGrowth. Please find them below:

  • NACH: Through an NACH mandate, the repayment amount is automatically deducted from your bank account.
  • POS: The payment is automatically deducted by NeoGrowth through POS machines.
  • BillDesk Gateway: You can go to NeoGrowth's website and pay the amount through their billing gateway.
  • NEFT/RTGS/IMPS: You can use any of these transfer methods to transfer the repayment amount to the NeoGrowth connected account.