Best Instant Loans Apps To Get A Business Loan

Internet finance has opened many doors for traditional business. Due to it, taking an instant business loan has become so easy, one can do it while sitting in the home. Whether you need the loan to expand the current business or to run day-to-day operations, it is available. 

The bigger question is which loan apps should you choose. And, in this post, we will look at the problem. We have chosen two lenders to help you. They are Fullerton India business loan and Rupeelend business loan. 

After checking them out one by one, then you get to decide which one is catered for your needs.

Fullerton India Business loan

Fullerton India offers a business loan to cover a wide range of capital needs. If you have small or medium enterprises, It could be one of the best ways to get instant capital. 

• Fullerton India offers a loan amount of up to Rs 50 lakh. 

• The business loan interest rate starts at 17% per annum, going up to 21% P.A

• The loan term is from 1 year to 5 years. 

• The processing fee is up to 6.50% of the loan amount. 

• The penal interest is 2% per month. 

• The foreclosure charge is allowed after the 6th EMIs. 

• It does not require collateral to apply. 

Fee & charges

• The swap charge is Rs 500 per instance. 

• The cheque dishonored charge is Rs 300 per instance. 

• The cash collection charge is Rs 300 per instance. 

• The loan cancellation charge is Rs 1000. 

Types of Fullerton India business loan

• Business loan for self-employed

• Business loan for women

• Business loan for doctors

• Business loan for Manufactures

• Business loan for Chartered Accountants 

Fullerton India business loan eligibility criteria

• The applicant's age should be a minimum of 27 years and a maximum of 65 years by the loan maturity time. 

• Private ltd co., proprietors, and partnership firms are eligible to apply. 

• The minimum turnover should be a minimum of Rs 10 lakh. 

• The business should be stable for at least three years. A total of 5 years of experience is required. 

• The business should be profitable for at least two years. 

• The minimum CIBIL score required is 700. 

Required documents for Fullerton India personal loan

• The application form

• Recent photographs

• Proof of identity – Aadhar card, PAN card, Passport, Driving license, Voter ID card

• Proof of address – Ration card, Electricity bill, Rental agreement

• Proof of business existence

• Bank statement

• Balance sheet 

• ITRs 

• Profit and loss statement

Why choose Fullerton India business loan

There are several reasons to choose the Fullerton India business loan given below. 

• The loan amount is offered without any collateral. 

• The business loan interest rate is competitive and affordable. 

• It requires minimal documentation to apply.

• There is insurance cover for the loan. 

How to apply for a Fullerton India business loan? 

• Download the Fullerton app from the Google play store. 

• Register on the app, choose a business loan

• Enter the loan amount and loan tenure. 

• Submit it. 

• A  bank representative will get in touch with you. 

• Once the verification process is done, the loan amount is disbursed. 

Fullerton India Business loan is an easy way to get capital. You also get to choose a unique loan type depending upon the need. Now, let’s move on to the following lender. 

Lendingkart Business loan

Lendingkart business loan is primarily focused on helping MSMEs and SMEs. The application is processed hassled free, without any hidden charges. 

• Lendingkart offers a loan amount from Rs 50,000 to Rs 1crore. 

• The business loan interest rate starts at 15% per annum, going up to 27% P.A

• The processing charge is up to 2% of the loan amount. 

• The loan tenure is from 

• The loan period is up to 3 years. 

• The penal interest is 2% per month. 

• The prepayment charge is NIL. 

The eligibility criteria for Lendingkart business loan

• The borrowers should be minimum of 21 years and a maximum of 65 years old.

• The business should be up and running for a minimum of 3 years. 

• The turnover  should be from minimum Rs 10 lakh to 2crores P.A

• The borrower should have a minimum of two years of work experience. 

• The borrower should have a good CIBIL score. 

The required documents for the Lendingkart business loan

• The application form

• Identity proof

• Address proof

• Financials documents

• Bank statement

• Proof of business ownership 

• Form 16

• Vat or Service tax returns

• Partnership deed copy

• Firm registration proof

How to apply for a Lendingkart business loan? 

Download the Lendingkart business loan app from the Google play store to apply. 

Conclusion

Suppose you are looking for a longer loan tenure. In that case, Fullerton India business loan is perfect for you, and again, for a specific capital need, Fullerton Is good. However, for a large amount, Lendingkart is the ideal choice.  So, analyze what you need, then choose one of these lenders.

About This Author

Apoorv Chaudhary https://www.afinoz.com/ Strong marketing professional with a focus on Finance. Joined: November 17th, 2020