Quick and Easy Small Business Financing Options in India

Finance is the key to achieving your entrepreneurial dreams. For your business to reach a stage of adequate revenue generation and profit-making, you as an entrepreneur, should ideally plan your initial steps in the venture very cautiously. Planning the inflow and outflow of financials is one of the most important decisions at stake to achieve success and sustenance in the long run. However, many a times, you are on the lookout for external financing resources due to shortage of funds. In such a scenario, financing your business is not one of the easiest tasks to accomplish; nonetheless, you should know that it is not a far-fetched dream either. Traditional banks are the most trusted source of business financing but these are not the only avenues that take you closer to your goal. Gone are the days when you should run back and forth to banks for financing your business. Living in a digital era scaling up with new technologies and advanced implements every single day, you need to think beyond just banks!

Did you know that raising adequate finances for your business, albeit a lot more easily, is possible even without queuing all day in your bank? In such dire times of need, online business loans come to your rescue! Simply apply for a business loan online, fill up all the relevant details in the online loan application, upload the prerequisite documents, and Voila! You are done!

Let us now look at some of the most reliable financing choices available in India, followed by which we shall understand how online loans are emerging as major game-changers in the finance market.

• Debt Financing
  • Banks – Banks are considered as the primary financing option when it comes to loaning money for a business. Banks provide loans to SMEs based on their credit reports, business plans, valuation details etc. Since the entire loan approval process involves a lot of back-end checking, the loans tend to get sanctioned after a long, long time. In case you fall short in any of their eligibility checklists, your loan application may stand cancelled as well.
  • CGTMSE Loans – Under the Credit Guarantee Trust for Micro and Small Enterprises scheme launched by the Ministry of Micro, Small and Medium Enterprises, one can get a loan of up to 1 crore without any collateral. However, becoming eligible for the entire scheme is a cumbersome process.
  • External Commercial Borrowings – One can also finance his business through external commercial borrowings obtained from non-resident Indians. These finances can be procured from bank loans, buyers’/suppliers’ credit, and securitized instruments, either through an automatic route or an approval route. However, this too demands optimum levels of patience and engagement.
  • Lending Intuitions – What should you possibly do when you do not qualify for a business loan from a bank? It’s time you reach out to an NBFC and register for an online business loan. These micro finance lenders or NBFCs are best suited for people who are denied help from conventional banks. Over the time, it has emerged as an increasingly popular mode of business financing. These NBFCs are willing to provide funds to startups if the bare basic eligibility criterion is met. Newer and smaller entrepreneurs mostly benefit the most out of these lending institutions.

All things said and done, it is also important to remember that only having a sound knowledge on financing and its pros and cons is not a way out towards a possible resolution in unfavourable situations. However, online loans are! These loans are emerging as the first-hand choice of smart entrepreneurs because they are superfast, flexible and extremely customer-centric.

TAB Capital is one of the most reputed and reliable NBFCs in India, which extends quick and lucrative online loans to all its customers. Unsecured business loans, availed from TAB Capital’s digital lending platform, are designed to help small-scale businesses shoot up their business operations seamlessly. You can apply for an unsecured business loan from TAB Capital and get a maximum loan amount up to 50 Lakh in just 2 working days! Furthermore, enjoy benefits like attractive rates of interest, long repayment tenure, no collateral and zero prepayment charges with an online business loan application.

To apply for an unsecured business loan from TAB Capital, visit here.