The Indian landscape for start-ups has been beaming with many businesses turning into a unicorn in the first few years of their inception. An ease of loan provided through business loan apps has created a stable financial base for businesses with unique ideas and promising futures.
Embarking your journey as an entrepreneur is filled with exciting opportunities to mark your name apart. It is important to get rid of challenges that stem from a lack of capital. This is where a business loan plays a vital role. Read on to find out how business loan apps can support your business in the early stages by offering online business loans.
Business Loan Applications- Empowering Startups for a Decade
Business loan applications pave the way for you to channel your creativity to your full potential by offering a simple loan application process and quick approvals. Take a look at the roles that business apps play in moulding your startup for success:
- Instant Loan Approval
Business loan applications have streamlined the process of loan application, document verifications and disbursements. Using a loan app, you can apply for a loan online and get it approved instantly if you match the eligibility criteria. This has proved beneficial to meet any emergency financial assistance, as well.
- Flexible Loan Tenure
A business loan app is meant to aid you financially without putting you under extreme burden. A reliable loan application like Lendingkart offers loans that curtail your needs by providing flexible loan tenure. You are at liberty to choose the repayment method and tenure that keeps you off the burden.
- Transparent Process
Contrary to popular belief, applying for a loan via loan apps does not mean that you will end up paying numerous processing and hidden charges. Choose a credible business loan app that keeps all the charges upfront. Additionally, these apps also provide you with a clear breakdown of the principal amount, interest rate and total repayment amount for the tenure you pick.
- Privacy and Security
Business loan applications are built with strong encryption and strict data protocols that ensure keep your personal information private at all times. Loan apps are constantly coming up with the latest tools to restrict any form of data breach, so you can apply for a loan without any risk.
- Enhance Control
Since a loan application is available at the touch of your finger, you get to exercise better control and track of your loan including the tenure, monthly interest, due date and outstanding debt balance. Apps also allow you to set notification alerts for due dates to ensure that you do not end up paying a penalty for late payment.
How Do You Apply for a Business Loan via Apps?
Let’s explore how you can apply for a startup business loan using a business loan app with these simple steps:
- Eligibility Criteria
Check the eligibility criteria from the official website of the lender.
- Required Documents
Keep all the relevant documents handy like business documents of ownership and audit book of the last financial year, govt-approved identity card etc.
- EMI Calculator
You can use an EMI calculator feature on the app to easily check the EMI by feeding in three details- principal amount, tenure and the interest rate.
- Application Form
Fill in the application form to apply for business loan. The form features personal details, loan amount and required documents, followed by a step to complete your KYC. Now, wait for the lender to verify your documents. Once verified, your loan gets approved for instant disbursement.
The Bottom Line
A business loan app is designed to streamline the entire process and empower your startup for a successful journey. Features like an EMI calculator, loan breakdown, competitive interest rates, transparency and more are all added to serve your benefit. The startup culture in India has witnessed a boom in the last decade and these loan applications have played a significant role.
At LendingKart, business loans are provided to MSEMs and more with quick approval and minimal interest rates to fund the growth of entrepreneurs with a vision.