Best Business Loans in India for Young Entrepreneurs

If you are a young entrepreneur trying to expand your business operations but are clueless about the funding, obtaining an instant Business Loan can be a perfect solution.

The good news is that many lending institutions offer a Business Loan in India that you can use for your business. 

New-age NBFCs like Clix Capital provide instant Business Loans to those looking for funds for their business. This unsecured loan is ideal for eligible entrepreneurs because of the online process that leads to quick verification, approval, and disbursal in minutes. 

Why Should You Consider A Business Loan in India For Your Business?

Applying and qualifying for traditional loans can be difficult for small business owners. Indeed, the eligibility criteria may be stricter, and the process may take too long.

Here’s where online Business Loan applications can help. They are easier to apply for, with fast processing, paperless documentation, and flexible repayment tenure.

Benefit Of Quick Approval

Clix Capital’s Business Loans are collateral-free, so applying for one does not entail a lengthy process. They have a quick approval process with flexible repayment terms. The best part is you can apply for one online and get the loan after a little verification. 

Competitive Interest Rates

Business Loans are provided at very competitive interest rates by NBFCs like Clix Capital. You can use a Business Loan Emi Calculator to calculate the EMIs before applying for the loan.

Business Loans without Collateral

Business Loans are unsecured, so the loan amount and tenure are based on creditworthiness rather than considering your assets as collateral. Also, there are no end restrictions on using the loan amount for business-related expenses. 

Simple Eligibility Criteria

Business Loans can be availed by meeting simple eligibility criteria. You can avail of a loan when you fulfill the following eligibility criteria. 

• A CMR score of up to 6 
• CIBIL score of 700 & above
• 3 years of business vintage
• Minimum turnover of ₹1 Crore
• The age should be between 21-65 years.

How Entrepreneurs Can Use A Business Loan?

As an entrepreneur, you can use a Business Loan for the following:

1. Invest in business infrastructure construction, allowing you to grow your business in size and revenue.
2. Manage operating costs without slowing down your operations when you need money.
3. Upgrade the business equipment to meet the demand or to introduce new technology.
4. Manage inventory to keep up with demand and grow your business.
5. Increase your cash reserve and working capital.
6. Hire new employees
7. Buy raw materials to meet the high demand.
8. Expand your business to another city, launch a new product, open a new department, or enter a new market/area.

How To Apply For A Business Loan?

Follow these instructions to start the Business Loan application procedure:

• Go to the Clix Capital website using your smartphone or laptop 
• Select Business Loan on the home page 
• Click ‘Apply Now and enter your phone number 
• Submit the details along with the OTP received 
• You’ll get a call from the Clix Capital representative for proceedings      

The lending institution will verify your application through a brief in-person meeting and offer a loan as per your creditworthiness. Once approved, the loan amount is disbursed into your account.

Conclusion

If you are an entrepreneur finding it difficult to manage your business operations due to a lack of funds, you can apply for a Business Loan from Clix Capital. It is an unsecured loan that you can use to meet various needs of your business. The loan is approved and disbursed quickly once you fulfill the simple eligibility and documentation requirements.

About the Author

Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years of experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.