Funds are the basic necessity for every business organisation, be it big or a small scale one. A reliable source of funds is the lifeline of any business organisation. Without them, the day to day working, paying the salary of the employees, hiring new employees, buying new equipment, expanding the business, and many other functions will be very hard, maybe even impossible for many small-scale companies.
Banks and Non-Bank Financial Companies (NBFCs) are aware of the issue and thus provide Business Loans to entrepreneurs of such enterprises. These loans are specifically intended to be used for business purposes.
Business Loans are a great option for you to get an instant credit to run your business smoothly. However, often these loans demand collateral and a long list of documents. Many small businesses fail to fulfil these requirements. It has lead to stagnation of many small-scale businesses.
What to do in such situations?
Apply for Small Business Loans Online through ZipLoan.
What is ZipLoan?
ZipLoan is an NBFC registered by Reserve Bank of India (RBI). It was founded in 2015. Its an online lending platform whose sole service is to provide Small Business Loans in Delhi NCR, Lucknow, Jaipur, and Indore.
Its main aim is to ensure the availability of unsecured capital to small business owners in India. With their advanced platform, they have been offering loans in a fast and hassle-free manner since their inception. ZipLoan provides collateral-free Small Business Loans of an amount ranging from Rs. 1 Lakh to 5 Lakhs at affordable interest rates.
ZipLoan uses their own technology to generate a ZipScore for a loan applicant. This is what influences the interest rates which is between 12%-18% and can be repaid in 1 or 2 years. You can also get an Unsecured Business Loan from ZipLoan by agreeing to some simple terms and conditions.
The ZipLoan Instant Business Loan
As you might already know, small-scale businesses are highly dynamic in nature and opportunities appear very quickly and do not last for long. Quick action is required to capture these small windows of opportunities. Therefore, you won’t get much time to mobilise your funds and take advantage of the situation.
ZipLoan understands the urgency behind every loan application and tries to eliminate all the time spent on documentation process. Through this new Instant Business Loan scheme, ZipLoan provides an instant fund access to small-scale business owners. The minimal documentation requirement and fast loan approval enable the company to shorten the month-long loan sanction process to just a few days. By using multiple data points and not only the CIBIL score to assess the applicant, ZipLoan also helps the small businesses ignored by the banks and other financial institutions.
Who Can Apply for ZipLoan?
The eligibility criteria for a Business Loan at ZipLoan is as follows:
- 10 Lakhs of minimum annual banking credit
- The house or the business premises of the applicant must be self-owned
- The latest Income Tax Return of Rs. 2.5 Lakhs or above
- Minimum two years of experience in the current business venture
- The business place must be separate from the residential premises
How to Apply for ZipLoan?
The loan application and disbursal at ZipLoan can be completed in just following three simple steps:
- Apply for Business Loan Online: You can apply online through ZipLoans website/mobile app or online lending platforms by entering a few details like your business age, last years sales, your name, phone number and the city of residence.
- Upload the Required Documents Online: The next step is to upload the soft copies of all the following documents:
- Aadhaar card
- Bank statement for last 12 months
- IT Returns of previous 2-3 years
- PAN card
- Address proof
- Loan Approval and Disbursal: If your Business Loan request gets approved (which normally takes 3 days), the loan amount gets disbursed to your bank account directly after a contract is signed between you and company.
You can check your loan application status by signing in using your registered mobile number. This facility is provided through the ZipLoan App and company web portal.
The loan can be paid back through equated monthly instalments (EMIs) over a period of 1-2 years. These payments are accepted through Post Dated Cheques (PDC), Automated Clearing House (ACH) and also directly through IMPS/NEFT.
For PDC facility, you will have to sign a number of cheques in advance so that the company can deposit them on the given dates.
In the case of ACH, the instalments are deducted monthly from your bank account after getting an ACH form signed by you.
In either case, you have to keep sufficient fund in your account to ensure an uninterrupted repayment. In the absence of adequate account balance, the payments will bounce. ZipLoans mobile app and web portal give complete details about your EMI amounts and due dates.
Can I foreclose my ZipLoan account?
Yes, there is always a provision for foreclosure of the loan. ZipLoan charges zero penalties for early repayment of the loan.
All small-scale business faces a need for credit to step up in the business world and Business Loans are the best way of funding these needs. ZipLoan understands the hassle for small business owners to get a Business Loan. Determined to provide proper funding to such businesses at the right time, ZipLoan is indeed a fast track for small-scale business owners.