What is a Short Term Instant Business Loan?
As the name is evident, this short term instant business loan is meant for short period of time. It is purely for business purposes. The approval process is quick & simple. Hence popular and in huge demand. Small & middle size business fund requirements are easily met through this. Here our Loan experts at Loan Guru has compiled a detail synopsis on this. You will find very interesting to read them.
What are the key features of Short Term Instant Business Loan?
- Loan application process is simple and fast
- Less documentation is done
- No wastage of time, Loan is disbursed within 2-7 days in most of the cases
- Instant money disbursal
- No collateral is required
- Customized loan as per your business requirement
- Easy repayment in 3 months to 36 months
- Good option for emergency fund requirement
- Less interest payable compared to long term business loan
- Manage you business loan account online from anywhere anytime
What are the eligibility conditions:
The eligibility conditions vary lender to lender however there are some conditions:
- Higher CIBIL Score (Min 700)
- Business must be running for last 3 years
- IT return filed for at least 1 year
- CA audited & certified balance sheet of the business organisation
- Age of applicant between 22 years to 55 years (Various with lenders)
How & Where to apply?
This is a million dollar question! Now you know about it and feel that you are eligible to get a Short Term Instant Business Loan, You would like to apply for this. There are few public sectors banks, NBFCs and private lenders who deal with type of loan.
NBFCs like Bajaj Finserv Capital First are the major players. To apply you need to visit the websites of these NBFCs and apply online. Before you proceed for online application, keep the documents ready with you.
- Passport size photograph
- KYC documents (PAN, Aadhar etc)
- Business Proof- Certificate of Incorporation / Registration
- Relevant financial audited and certified documents
- Bank account statement of last 1 year
You may call on their customer care toll free numbers. There representative shall call/visit your place and provide doorstep services.
It hardly takes 3-4 working days in the approval of loan application if all documents are in place. You may even get it done 2-3 days if you already have a loan running with lender.
Further, Short term instant business loan is very helpful for emergency fund requirement like if you have to purchase additional raw material for urgent order of goods, need to replace a costly equipment or machine for rapid production of goods etc. It is for short duration i.e. 3 months to 36 months so you may go for closure at an early stage.
Loan Guru Loan Experts shall continue posting updated details on short term instant business loan. Keep visiting our website cum blog and stay updated.