You’ve been slowly and steadily working on your start-up, and are now considering getting out of the beginner zone to make it big. Does this mean spending a large chunk of your savings or small business loan on implementing your ideas? Not at all. Even with a limited budget and small changes, it is possible for SME India to create a big impact. And there are many financers willing to back you up.
Here’s something about small loans that you might not know.
#1 SMEcorner offers unsecured business loans
Have you heard of SMEcorner? It is a boutique financial firm that looks at the needs of entrepreneurs, just like you, who are looking to go from small to big. The financer has a range of unsecured business loans that you can rely on to finance your plans. An unsecured loan carries greater risk for the lender and only smaller amounts are loaned out, which makes it perfect for you.How small, you might wonder.
#2 Loans can be availed for amounts between INR 2 lakh to INR 30 lakh
Borrowers who have budgets as low as INR 2 lakhs, which are usually not cleared by traditional lending institutes, are welcomed at SMECorner. Depending on your risk assessment, and your need, this amount can be stretched up to INR 30 lakhs. While most of the paperwork is simple, there are a few conditions that you need to fulfil. You should have been in business for at least 3 years and have a minimum 25 lakhs turnover when you apply for the loan. Other requirements include having filed your IT returns, a good CIBIL score and being in the possession of at least one self-owned or parental property.
#3 The loans are collateral free
Did you know that unsecured loans are collateral free loans? What this means is that you don’t need to pledge assets or offer a guarantor against your loan amount. The financial risk is borne by the lender, which is why also the loan amount is smaller, reducing the gamble for the lending agency. Do keep in mind, however, that collateral free loans attract higher interest rates than secured loans. Thus, in the unfortunate event that you are unable to repay the amount at the agreed upon time, your personal or business assets are not at risk. But you can choose comfortable repayment options.
#4 The loans offer easy repayment policies
SMECorner offers you flexible loan repayment options. You can choose a tenure that suits your business growth model. Some entrepreneurs prefer a fixed sum every month, while some would like to start to see gains on their investment before making a lump sum payment. Either way, the people at SMECorner understand how start-ups work and are accommodating of different repayment options.
#5 Loans can be availed through a completely online procedure
Getting an unsecured loan is astonishingly easy. The entire process, from start to end, from application to approval, is conducted online. This efficient process is quick and hassle-free. Decisions are taken quickly and you will know your loan eligibility immediately. Many entrepreneurs prefer getting loans from boutique financial companies like SME Corner because of the speed with which the loan is disbursed, often within 3 working days. Here are some ways you can use a limited budget to make a greater impact on your business.