Getting a business loan for MSME (Micro, Small, and Medium Enterprises) has been challenging. FlexiLoans has made things easier for MSMEs to get a loan in Ahmedabad by providing collateral-free and safe loans. Apply for a business loan online with a click at FlexiLoans.
Business in Ahmedabad
Ahmedabad has emerged as an important economic and industrial hub in India, with giants from numerous industries situating their centers here. It is the fifth richest city in India and has become an excellent location for MSMEs to set up and improve their business. With the growing economy and significant opportunities, small business ideas in Ahmedabad can turn into good businesses. However, this can happen with adequate cash flow and a proper business plan. Hence, the need for business loans. FLexiLoans provides good services relating to business loan in Ahmedabad.
What is a business loan?
A business loan is a loan specifically intended for business purposes. A short-term loan provides money used for a business’s regular and operational costs and can help stay afloat when profits are low. Also, a new business idea can take its form thanks to business loans.
Most Micro, Small, and Medium Enterprises (MSMEs) usually require financial assistance when they are growing. For example, the money may be needed to purchase essential equipment, upgrade infrastructure, or meet operating expenses. This financial assistance may take the form of loans from banks, individual lenders, or NBFCs.
Business loans in India
Getting a business loan in India is not an easy task for MSMEs. They face many challenges like
- The Documentation – the first challenge is the documentation. It requires collecting several documents and compiling them to apply for a business loan. This takes a reasonable amount of time. Sometimes obtaining, verifying, and sanctioning these documents may also delay further. It can be a hassle.
- Security- even though the RBI and the Ministry of MSME have schemes to give financial support to these enterprises, they require security or collateral, which has been challenging to obtain for small businesses.
- Safety – when a business owner cannot get the documents or collateral, he, in turn, moves to an independent loan lender who can trick the owner into a scam. Hence, safety is another challenge that an MSME can face.
- Interest Rates- at a point when a small business wants to grow, paying a hefty interest rate might not be a good idea. Banks’ business loan interest rate is an extra burden for the MSME that is already facing cash flow problems.
These challenges could be overcome with the help of NBFCs. NBFC is Non-Banking Financial Companies that provide financial services like a bank but is not a bank. Therefore, SMEs could quickly meet their minimum requirement for business loans. All NBFCs are different in their terms and conditions. FlexiLoans is one of the NBFC that is favorable over other NBFCs.
Why Choose FlexiLoans for Taking Business Loan in India?
FlexiLoans is an online NBFC that provides online business loans to all SMEs and MSMEs in India at a click. If you look for a loan agency in Ahmedabad, Flexiloans gives online business loans at reasonable terms. They are the leaders in using technology and risk models that focus on alternate methods for scoring customers. They solve MSMEs problems in accessing quick, flexible, and adequate loans for business growth.
Flexi loans is a finance company in Ahmedabad favorable for loans for MSME’s because it is
- Collateral free- business loans without collateral. No security is needed for you to get loans from FlexiLoans in Ahmedabad.
- Fast- the application process is easy, and minimum documentation is needed, cutting down all the hassle of compiling the documents.
- Safe and secure- they follow the RBI mandated policies to safeguard and store the data.
- Transparent- the charges are mentioned upfront, and there are no hidden costs. The interest rates charged to small business loans in Ahmedabad are the best and most affordable in the market. The interest rate in Ahmedabad is as low as 1% per month. However, it may vary depending on other factors like loan amount and tenure.
Documents required to get a business loan in Ahmedabad
- Personal KYC – Pan Card
- Residential address proof- Rent Agreement, Aadhaar card, Voter’s Id, Ration card, Driving license, or Passport.
- Banking- current account statements of the last six months
- Business KYC- Shops and Establishment Certificate, GST Registration Certificate, or Business pan card.
- Financial documents only for loans >20 lakhs- 2 years Audited financials, ITR for last two years, six months GST returns.
Business loan eligibility in Ahmedabad
The primary criteria to apply for a business loan in Ahmedabad is that you should be 21 years of age, the business should be at least a year in business, and the monthly turnover should be at least two lakhs.
Simple Application process
FlexiLoans has a simple process to apply for loans. Just fill the form that hardly takes 10 minutes. Then, upload the required documents depending on your application. Your documents will then be checked, and the application evaluated to get the credit analysis. Finally, if approved, your loan will be disbursed and debited to your account.