Getting a loan for your small or medium business enterprise can be a task in itself. The reason – most banks and financial institutes are quite rigid in their procedures and require a credit score. Two things can happen here,
- As an entrepreneur you may have the requisite credit score but not the time the bank takes to process your SMB loan request (usually 2 weeks or more), or
- You may have the time to wait for a loan disbursement but not the requisite credit score.
In a third and not the most unlikely of scenarios, you may not have both of the above requirements for getting a working capital loan for small business. Now, the process of acquiring a good credit score requires a long association with the bank, healthy balance sheets and a number of other documents. Pending any one of these documents your loan request can be denied – incidentally, to acquire credibility you need credit and to acquire credit your need credibility. So, how do you overcome your funds shortage?
Apply for a loan from an NBFC
Non banking financial companies are RBI approved lenders who use technology as a tool to assess your SME’s credit worthiness. NBFCs in the market use different techniques for this assessment and have different turnaround times – Lendingkart Finance has one of the fastest loan approval and disbursement processes in the country today. You only need a few documents in digital format (scanned copies) and a free account for applying.
Here is how to get an SME loan in 4 simple steps,
- Check Eligibility – Visit www.lendingkart.com and click on the “Check Eligibility” button link. You will be redirected to a form. Fill in your details as per the form fields, accept the terms and conditions and check your business’s eligibility to get a small business loan. You will be instantly notified of your eligibility status.
- Apply Online – Once your eligibility is confirmed, just create a free Lendingkart account and fill in the application form. Also, upload your documents for further evaluation here.
- Get a Sanctioned Loan Amount – Lendingkart will offer you a sanctioned amount for your SME loan, along with interest rate and re-payment options.
- Receive Funds – Accept the sanctioned loan terms for your business and Lendingkart will disburse funds within 3 days of your acceptance of their loan terms. Now you can go on expanding your business as you envisaged.
If you are looking for short term credit up to 1 crore, Lendingkart loans can be a better option than bank loans. You get fast approvals and disbursals, flexible repayment options and waiver of processing fees when you re-apply. Lendingkart has disbursed more than 11,000 SME loans across 650 cities in India. Apply for yours now.