Looking to get a business loan to grow your business? You could approach banks, NBFCs, or similar institutions. While banks will usually need collateral against the loan, NBFCs and similar institutions usually offer unsecured business loans!
However, make sure you consider these points before applying for one!
1. Be Clear About Your Requirements!
Decide why you need the loan in the first place – is it to start a new business, to fund your working capital needs, to buy new stock, to pay off your suppliers, to buy new equipment or simply to get through the ‘slow phase’ in business!
If you are looking for a loan to start your business, you might need to look for alternative methods of funding – most NBFCs and similar institutions provide loans to businesses which have been active at least for a year!
2. Determine The Kind Of Loan That Is Right For You!
As mentioned above, if you are looking for funds to start a business, it would be impossible to get a loan in the first year! You may have to turn to friends, family, crowdfunding, personal loans, or look for angel investors.
3. Find The Lender That’s Best For You!
Compare different lenders, based on the minimum qualification criteria, the terms of repayment, the rate of interest, and the maximum amount that can be offered.
This could be useful if you are on the lookout for urgent funds – most NBFCs and similar institutions would disburse loans quickly if you meet the eligibility criteria and have the necessary documents!
4. Check If You Qualify!
Make sure you check the eligibility criteria, as well the documents needed to apply for a loan with a particular lender. Most lenders have an online process, wherein you can upload all the necessary documents online, and get instant disbursals!
Finally… Apply For A Loan!
Gromor offers unsecured business loans to small businesses! Just use the simple online process to apply for a loan, upload the scanned copies of the necessary documents, and if approved, get a business loan in less than 3 days!