Financial aid acts as a perfect growth catalyst for micro-small and medium-sized enterprises (MSMEs). Acquiring the necessary funds at the right time can help small business owners meet short-term obligations, expedite renovations, invest in equipment upgrades, manage inventory, and more.
Considered the startup capital of India, Bangalore has one of the best entrepreneurial ecosystems in the country. It provides businesses with an ideal financial environment and healthy networking opportunities to start and grow their businesses. The growing MSME sector in Bangalore has opened up a plethora of opportunities for entrepreneurs. However, many small business owners still struggle to thrive in this environment due to a lack of capital.
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A commercial loan in bangalore can enable MSMEs to make the most of this very lucrative environment. In this article, we look at how you can get a business loan in Bangalore in just 24 hours, the benefits of fast disbursement, and the role of digital lenders in facilitation.
MSME Quick Loans: The Benefits
Here is a detailed look at the benefits of getting a quick business loan for MSMEs in Bangalore:
- Inventory: A fast 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 not meeting customer service goals.
- Free warranty: Digital lenders like Kinara Capital provide loans that allow you to obtain the necessary capital without pledging any assets (personal or professional).
- digital process: Leading FinTech companies have a 100% digital process, from eligibility checks to loan approval. This is one of the main reasons why these loans are so quick to reach your bank account.
- Interest rate: Some leading Fintech companies like Kinara Capital offer business loans at a declining interest rate. This improves repayment flexibility for entrepreneurs, as the EMI decreases after each installment.
- Documents: Non-Banking Financial Companies (NBFCs) are flexible when it comes to documentation. Some of the reputable companies allow substitution of some documents with others if they are not available and focus on disbursing the loan within the promised time frame.
- Variety: You can get hold of different types of loans depending on the purpose. Some NBFCs allow borrowers to choose from options such as loans for working capital, purchase of assets, as well as special loans for women entrepreneurs.
With a further contribution 40% in exports and manufacturing, MSMEs have become an integral part of the country’s economy. The sector also opens up significant employment opportunities for local and migrant workers. However, even with such a large impact, MSMEs identify access to capital as one of the main constraints hindering their growth.
The role of digital lenders
With the rise of digitalization, digital lending has transformed the entire financial landscape. FinTech companies are leveraging data and other advanced technologies such as artificial intelligence and machine learning to refine their operations and speed up the lending process.
The improved reach and quality of service has enabled FinTechs to help drive financial inclusion for last-mile lenders, who previously struggled to access formal credit. The advent of NBFCs like Kinara Capital has made it exceptionally easy for small entrepreneurs to acquire a business loan in Bangalore.
All you have to do is visit their website or download the smartphone app and take a one-minute eligibility test. Once done, you can complete the application online or have a loan officer contact you to guide you further through the process in the language of your choice.
Here’s what you need to make sure before proceeding with the eligibility check:
- Age of the company: more than 2 years
- Turnover: over 50,000
- Location: in repairable sectors and pin codes
- PAN card for the main applicant
- Udhyam Registration
Registered and reputable RBI financial institutions like Kinara Capital will allow you to do all the necessary checks online and if everything checks out, the loan can be disbursed within 24 hours.
So, don’t waste time on lengthy loan processes. Apply for a digital loan and let your business reap the benefits of Bangalore’s conducive business environment!