Small businesses are often afraid to check their business loans eligibility as traditional lenders reject business loans. Digital lenders offer instant eligibility and access to short term business loans.
Many small businesses fear to check their business loan eligibility as most of the times small business get rejected for business loans. Two key factors for this rejection are the way the traditional lenders look at the evaluation of business loans. Firstly, the traditional lenders demand collaterals in the form of home or office properties to evaluate the creditworthiness of the small businesses and secondly they take a long time to process the business loans as they need branch visits, multiple documents and valuation of collaterals which takes weeks or even months to process.
While the traditional lenders did not make life easy for the small businesses the digital lenders like Indifi have made it easy for the small business to not just check their business loans eligibility but also get access to both long term and short term business loan in India using their quick and simple process of online business loans in India. Here’s a quick guide on the business loan eligibility process of the top digital lenders.
Indifi which is a leading digital lender provides the small businesses with an easy process to check their business loan eligibility with its easy process explained as below:
Indifi allows small businesses to apply for business loans with a quick and simple application process where the small businesses are needed to fill the basic business and KYC details, small businesses are not required to submit any physical documents to check their eligibility for business loans, they can also apply for business loans using the fast Indifi mobile app.
Choosing the right Product
Indifi offers customized products for small businesses based on their own business transactions. For instance, the retail shops can choose the merchant cash advance which is based on their transactions against the card swipe machines or the payment wallets. Similarly, the hotels can get hotel business loan which is based on their transactions with the travel booking aggregators. Choosing the right long term or short term business loan in India helps small businesses to not just check their business loan eligibility but also get access to quick business loans.
Getting Eligibility Decision
Small businesses can get the decision on the loan eligibility with Indifi based on their digital trace of transactions and the public data which the small businesses provide at the time of filling the quick application form. The evaluation process of Indifi is completely automated which is based upon advanced machine learning algorithms that process the digital trace of transactions and the public data to provide a real-time decision on their business loans application. As a result, the small businesses can get a decision on their business loan application within 24 hours of the application itself.
This entire process of quick and simple business loans by the leading digital lenders like Indifi helps the small businesses to plan their long term needs as well as the short term working capital requirements with the short term business loans in India, some quick short term loans offered by the leading digital lenders like Indifi are as below:
The e-commerce sellers need short term business loans in India to order the latest items which are the buzz of town and to earn better margins on these products, the e-commerce sellers need to order in bulk from the sellers who may be located in countries like Taiwan or China. The short term business loans allow instance loan eligibility check and the funds to help the e-commerce sellers earn more during the upcoming season.
Travel Business Loans
Travel agents need to check instant business loans eligibility to pay the travel aggregators or the airlines to book the travel for their clients, while the aggregators and airlines demand instant payment, the short term business loans offered by the top digital lenders like Indifi help the travel agents to get loans for as short a tenure as 7 days.
Thus, the small businesses can not just check their business loans eligibility online with the top digital lenders like Indifi, but also get access to instant business loans which are based on their business transactions and do not require any collaterals like those of the traditional lenders.