As Madhya Pradesh’s most populous city, Indore has also witnessed a rise in small and medium-sized businesses in the last few decades. As of today, the city is known for its smart city project and cleanliness along with one of the highest industrial growths with businesses from all major sectors having a presence here. Attributed to this, the financing needs of businesses have also been on the rise lately in Indore. Given the increasing number of lending institutions available today to choose from, finding the best finance company in Indore can be a challenge.
One must thus be aware of the aspects to look out for when selecting a suitable financial institution to avail a business loan from. Here are mentioned some specifics related to business loans that you need to check to arrive at the right finance company in Indore to borrow from.
Things to Look for in a Business Loan Provider in Indore
- Simple eligibility criteria
Accessibility can be a concern for many seeking a business loan in Indore due to the existence of many new companies vying for suitable financing against a newly established business structure. Lack of an extended business existence may turn out a hurdle with some lenders. However, with the best lending institutions in the market, it is possible to avail required funding against a handful of eligibility criteria only.
Prospective applicants need to hold an individual and business credit score of 700 or above and carry a vintage of at least 1 year for business funding approval. They need to be in the specified age range as well for the advance.
- Minimum paperwork requirements
Paperwork can also be a concern among small businesses seeking a corporate loan to fulfill their financing needs. Lending institutions have thus reduced paperwork requirements to a minimum, eliminating redundant documentation needs and asking for only the necessary ones.
For instance, along with a proof of business’s existence and financial statements, a business only needs to provide KYC documents required by the lender. Depending on one’s borrower profile, a finance company in Indore may still ask for additional documents. Make sure to check with your lender the paperwork requirements and arrange documents accordingly before applying.
- Quick loan approval
Getting access to the right lender also includes receiving faster approval of your loan than any other financial institution can provide. With some of the best lending institutions providing business loans in Indore, it is only fair to look for quick approval of your loan application if you meet all eligibility requirements. Some lenders provide approval for the advance in as low as under 5 minutes of application.
- Fast disbursal of the advance
Alongside quick approval, fast disbursal of your business loan must also be a necessary lookout. The financing needs of businesses often arise urgently, with the need for financing at short notice. A fast disbursal facility can ensure eligible businesses receive funding in time to meet the necessary expenditure requirements without any lag to keep business operations going smoothly.
- Online application process
Reputed lenders in Indore also provide digital facilities for business loan applications. You can thus access the application form online from your lender’s official website at any time and from anywhere. All you need to do is fill it with accurate personal and loan details and submit with necessary documents.
Lenders not facilitating online document collection also provide a doorstep facility for paperwork submission to ease the entire loan application process. It thus eliminates the need to visit your lender branch, simplifying loan availability.
- Collateral-free financing of high value
Although most business loans are collateral-free, you must confirm with your lender if it requires any asset mortgaging or pledging. The absence of collateral not only keeps your assets risk-free but also reduces paperwork and verification, simplifying the entire loan processing.
Alongside, these unsecured loans are of high value too, available up to a funding quantum of Rs.25 Lakh against minimum eligibility requirements. Also, the loan amount can be utilized for any suitable financing need that a business may encounter, making it doubly suitable for your corporate financing needs.
Other common aspects to look out for in your finance company in Indore include the following.
- Flexibility in repayment tenure
- Prepayment at no additional charges
- Affordable rates of interest
Once you have found the right lending institution to avail of the corporate loan from, proceed to apply with the necessary documents. Make sure to check your credit score in advance to avoid any last-minute hassles.