Sufficient capital is necessary for the proper functioning of any business. However, various small business entrepreneurs find it difficult to obtain loans. Although there are various MSME financing programs and platforms for micro, small and medium-sized enterprises, not all entrepreneurs are able to obtain low-interest, collateral-free loans.
With the rise of fintech platforms, obtaining business loans for SMEs is no longer a problem. These platforms help you choose a loan by comparing and selecting the best loan according to your needs.
SMBStory brings together five such platforms that could help you get short-term loans for your business.
Myloancare.co.uk: MyLoanCare.in is an online marketplace for providing financial services and products at competitive rates across demographics in India. Powered by technology, the digital platform connects borrowers with the right lenders to ensure they get the right loan, matching their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high net worth individuals and SMEs.
Users can choose from a wide range of financial products such as home loans, personal loans, gold loans, housing loans, business loans and credit cards, as well as a property loan. It also allows for comparison of gold loan products from major banks and NBFCs, making it a pioneer of the popular concept of digitally sourcing gold loans in India.
silver faucet: MoneyTap introduced the concept of a line of credit (personal line of credit for consumers) for the first time in India when it was launched in September 2016. A “line of credit” requires the bank to issue a limit of up to at Rs 5 Lakh, without any collateral or charge interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs 3,000 or up to Rs 5 lakh and repay it in the form of EMI from two months to three years. Interest is only paid on the amount borrowed and rates can be as low as 1.08% per month. The limit is also automatically recharged as soon as EMIs are redeemed.
Any employee can use this free Android app and, in minutes, using a patent-pending chatbot interface, provide all the information typically required by banks. The app securely connects to banking systems to give them not only instant approval, but also a credit limit, based on individual credit history.
Qbera: Qbera is an online lending platform offering fast, frictionless and fair personal loans to professionals. Launched in January 2017 by Aditya Kumar, the company is headquartered and operates from Bengaluru, providing lending services through an end-to-end digital platform, enabling transfer of funds to the borrower within 24 hours of receipt of the online application.
With its lead smelter-based online platform, a state-of-the-art fintech lending solution, Qbera was launched with the main objective of meeting the growing market need for fast and convenient provision of personal finance services. One of the company’s main areas of focus is providing loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers constitute a large segment of the population and include people whose income is less than Rs 6 lakh per year, employees working for unlisted companies and people new to credit in addition to those living in poorer communities. PG or studios.
Incredible funding: Incred uses technology and data science to make lending fast, simple and hassle-free. Incred believes that traditional lending methods can exclude those who need it most due to outdated, rigid and often inefficient processes. At Incred, they have simplified the lending process with a focus on meeting the unique needs and circumstances of our borrowers, providing clients with a truly superior borrowing experience.
loan box: Lendbox is an NBFC-licensed peer-to-peer lending platform in India. Lendbox provides a conducive environment for borrowers and investors. Unlike banks and financial institutions, Lendbox lowers interest rates for borrowers and increases returns for investors by eliminating mediators such as commercial banks, depository institutions, etc.
Lendbox aims to revolutionize the personal loan market in India by creating a one stop shop for all borrowers with varied profiles and needs who can access both retail and institutional investors with varying risk appetites.