Start-ups, entrepreneurship, setting up a venture are some of the buzzwords in the current day with more and more individuals going the start-up route. While great ideas and execution are needed for seeing success in any business, the need for funds cannot be ignored. Securing funds for starting or scaling a business is one of the biggest obstacles that a businessman faces.
Business loans can be availed from online sources or offline sources like banks and other financial institutions. Let us do a comparison of various factors involved in availing loans from both the sources:
| Business Loans Offline Sources(Banks and Financial Institutions) | Loans for Business from Online Sources | |
| Type of business that can avail a loan | Established businesses only | All kinds of business |
| Tenure of the Loan | Can be Short or Long depending upon the type of loan | Shorter tenure |
| Rate of Interest | Depends on the Credit Score and other factors | Competitive Interest rate not directly dependent on bureau credit score |
| Need for Collateral | Mostly required | Not required |
| Documentation Requirements | Extensive documentation like audited books of accounts, tax returns, and registration, etc | Easy documentation |
| Time Required for Processing | 15-20 days or even longer | Instant availability of loans for business |
Availing business loans from banks or other traditional sources can be a tiresome and lengthy experience as seen from the points in the table. Moreover, not all businesses can meet the stringent criteria to be eligible for a business loan. Trying to avail of a business loan without collateral can be extremely difficult for a small and relatively new business.
Considering all these points, a loan from Money View comes across as the ideal option for a loan for business. Read on !!
No fixed End-use Commitment:
While a business loan like equipment financing or invoice financing can be used only for the purpose for which the loan is availed, an instant personal loan from Money View can be used for any area of improving your business.
Relaxed Payback Tenure:
Your business may require time to grow and establish yourself. Therefore make the best use of the flexibility and choose a tenure of anywhere within 60 months to repay your loan comfortably.
No Collateral Loans:
A business loan from a bank or a financial institution is hard to come without collateral. So if you are looking for a loan for business without security, Money View instant loans should be your first choice as all our loans come without a need for security.
Fits in Your Business’s Budget:
Loans for business are perceived to be riskier by the lenders, hence the rate of interest charged is higher than personal loans. But with Money View, you get a loan with a low-interest rate that starts from 1.33% per month.
Admissible Even for Low Credit Score:
Availing a business loan requires you to submit details of the financial position of your business. In addition, a high personal credit score is also required to ensure a loan approval. Money View asks for a minimum CIBIL Score of 650 or an Experian Score of 750 to be eligible to apply for our instant online loans.
Minimum Documentation:
We keep our documentation needs to the minimum, unlike a business loan that requires a ton of documents.
Paperless Process:
We allow you to apply for a loan over our app or website. The entire process from checking loan eligibility to document submission to approval and disbursement, everything happens online which saves you time from making multiple rounds to the bank.
Instant Disbursal of Loan:
When running a business, the need for cash could come up anytime. So there is no time for waiting for a business loan approval and disbursement which could take as long as 15-20 days. Check eligibility for our loans in a matter of 2 minutes and get your loan disbursed within 2 business hours of loan approval.
The eligibility criteria for our loans are extremely transparent and clear, thereby ensuring that our loans are accessible to as many individuals. The basic eligibility criteria are as follows
* Please go through the detailed monthly income criteria with respect to your credit score and area of residence
Business loan interest rates and other charges like processing and prepayment fees/charges play a great role in the overall cost of the loan. For a business, each and every cost matters
Did you know all the interest that you pay on a loan availed for business can be charged off as a business expense?
So in addition to all the benefits of availing an instant and a low-cost business loan from Money View you could also make use of tax benefits.
So the next time you are in need of funds for your business, think of a Money View loan. You could download our app or contact us at Phone: 080 4569 2002 or Email: loans@moneyview.in
Will I need to submit financial documents of my business to avail of a business loan?
Generally, when you apply for a business loan from a bank or a financial institution, you would require to submit documents to prove the good financial standing of your business. However, for a Money View loan, that can be used for your business, you would just need documents to prove your identity, address and your income.
I have a couple of ideas for a start-up? Am I eligible to get a loan from Money View?
Yes, as long as you meet the eligibility criteria and your loan gets approved by our system, you can avail of a loan for your start-up from Money View.
I am yet to apply for GST registration for my venture? Many banks have refused a loan due to that. Can I apply for a Money View loan for my business?
Our eligibility criteria are very clear and transparent and so is our need for documentation. GST registration proof of your business is not one of the documents required for processing of your business
What is the processing time taken for Money View loans for business?
Our loans are extremely quick and efficient. Our eligibility check takes just 2 mins and your loan is disbursed to your account in a matter of 2 business hours after the approval of your loan
What much collateral will I need to provide for availing a loan for my business from MoneyView?
Money View loans that could be used for businesses do not need any collateral of any sort. So it becomes very easy for you to avail of a loan for your business without worrying about arranging for collateral.
Will the loan for business be based on my personal credit score?
Personal credit score plays a huge role in getting approval on a business loan, especially when the business is upcoming and small. To be able to avail loans from Money View, all you require is a CIBIL score of 650 or an Experian Score of 750, as we use our alternative model of credit assessment to ascertain your creditworthiness.
