This is how you can get a business loan in Bangalore in 24 Hours

Financial assistance acts as the perfect catalyst of growth for micro-small-and-medium enterprises (MSMEs). Acquiring the required funds at the right time can help small business owners meet their short-term obligations, expedite renovations, invest in equipment upgrades, manage inventories, and more.

Regarded as the startup capital of India, Bangalore has one of the finest entrepreneurial ecosystems in the country. It offers businesses an ideal financial environment and healthy networking opportunities to commence and grow their operations. The growing MSME sector in Bangalore has opened up a plethora of opportunities for entrepreneurs. However, a lot of small business owners still find it hard to thrive in this environment due to a lack of capital.

Image Source: Shutterstock

A business loan in Bangalore can enable MSMEs to make the most of the highly lucrative environment. In this article, we look at how you can get a business loan in Bangalore in just 24 hours, the benefits of a quick disbursement, and the role of digital lenders in facilitating.

Quick MSME Loans: The Benefits

Here is a detailed look at the benefits of acquiring a quick MSME business loan in Bangalore:

  • Inventory: A quick business loan in Bangalore can help you buy inventory without waiting for cash flow. This can eliminate the possibility of running out of stock or failing to meet customer service targets.
  • Collateral free: Digital lenders like Kinara Capital disburse loans that allow you to get the necessary capital without pledging any assets (personal or business) as collateral.
  • Digital process: Leading FinTech companies have a 100% digital process from eligibility checks to loan approval. This is one of the major reasons why these loans are so quick to reach your bank account.
  • Interest rates: Some leading Fintech companies like Kinara Capital provide business loans at a reducing rate of interest. This enhances the flexibility of repayment for entrepreneurs as the EMI reduces after every instalment.
  • Documentations: Non-banking Financial Companies (NBFCs) are flexible when it comes to documentation. Some of the reputed companies allow the substitution of certain documents with others if they are unavailable and focus on disbursing the loan within the promised timeframe.
  • Variety: You can get your hands on different types of loans depending on the purpose. Some NBFCs allow borrowers to choose from options like loans for working capital, asset purchase, as well as special loans for women entrepreneurs.

With a contribution of over 40% in exports and manufacturing output, MSMEs have become an integral part of the country’s economy. The sector is also opening up significant employment opportunities for both local and migrant workers. However, even with such a significant impact, MSMEs identify access to capital as one of the primary constraints impeding their growth.

The Role of Digital Lenders

With digitization gaining momentum, digital lending has transformed the entire financial landscape. FinTech companies are leveraging data and other advanced technologies like artificial intelligence and machine learning to refine their operations and expedite the lending process.

The enhanced reach and quality of service have enabled FinTech to contribute towards driving financial inclusion for last-mile lenders, who earlier struggled to access formal credit. The advent of NBFCs like Kinara Capital has made it exceptionally easy for small business entrepreneurs to acquire a business loan in Bangalore.

All you need to do is visit their website or download the smartphone application and take a 1-minute eligibility test. Once that is done, you can complete the application online, or request for a loan officer to connect with you to take you further with the process in your preferred language.

This is what you need to ensure before going ahead with the eligibility check:

  • Vintage of business: more than 2 years
  • Business turnover: above 50,000
  • Location: Within the serviceable sectors and pin codes
  • PAN Card for the main applicant
  • Udhyam Registration

RBI registered and reputed financial institutions like Kinara Capital will allow you to complete all necessary verifications online and, if everything checks out, the loan can be disbursed in 24 hours.

So, don’t waste time in lengthy loan processes. Apply for a digital loan and let your enterprise reap the benefits of Bangalore’s conducive business environment!

Comments are closed.