MICRO SMALL AND MEDIUM ENTERPRISES (MSMES)
Applying for a loan at a physical location, means that you are approaching just one lender. When you apply for a loan in person, you may need to book an appointment. You could be waiting in a queue. You may have to travel for a while, to reach the lender’s physical premises.
Remember that business loans can be used for setting up new enterprise or stepping up (expansion, diversification, modernization, technology upgradation).
These can be for the following:
(1) Acquisition of factory, land and construction of building spaces,
(2) Purchase of Plant and Machinery including lab equipment, testing equipment, furniture, electric fittings, etc
(3) Meeting working capital requirements, like raw materials, stock-in-progress, finished goods, etc
(4) Trade Finance (Bill discounting) – for paying the creditors, while awaiting payment from debtors
(5) Launch of new product range, expansion of business, warehousing need, credit for marketing and advertising purpose
(6) Additional monitory assistance for any eligible purpose.
It’s good that you have made up mind for applying business loan online. You will have choices of wider range of lenders (Banks / NBFCs / SFBs/ FinTechs) who can access your application and according to your geographic location, the nearest lender may approach you or a fintech from another city may also touch base you.
This means, you can apply online 24/7. You can apply even in your spare time at leisure. If you have your budget / documents / information ready, you will find the application forms are easy to fill in.