Venturing to start your business can be an exciting pursuit if you’re aware of this journey’s secrets. Often, growth opportunities will land in your lap, but what most start-ups require in the initial days is quick funding. If you find yourself at the crossroads of funding options to capitalise on growth opportunities and wish to know its secret, continue reading.
With the growth of India’s MSME sector, increasing credit demand has led to the emergence of several options to access them. Well, this is where your search begins, but it can be time-consuming. So, to save you the research time, let’s introduce to you a futuristic borrowing method. The digital advent of mobile apps has made borrowing business loans not only easier but a matter of a few hours.
Let’s understand further how these apps can fulfil your business credit needs.
Fuel Your Dreams: Highlights of Business Loan App Capabilities
Borrowing an online loan has several benefits for you as a business owner. Thanks to the availability of some of the best loan apps, funding is now available in a matter of hours. Here’s how a loan app can help meet your credit demands:
1. Hassle-Free Documentation and Quick Verification
Applying for a loan often involves KYC submission and verification, which may require lender visits. Business loan apps simplify this by enabling online document submission and offering quick verification. They save time, making the loan application process significantly easier. This service is one of the crucial ones in the industry, especially for freshly set up businesses. Moreover, these apps offer faster processing and disbursal times compared to traditional loans.
2. Customisable Loan Amount and Flexible Tenure
If you download a reliable NBFC business loan app, you don’t have to worry about fixed terms and conditions because it will be from a reliable and renowned NBFC. Their understanding of the urgency of funds helps you meet short-term financial requirements.
3. Secured User Interface
Business loan apps use strong privacy and security measures, which protect your personal and financial information. These include encryption, secure data storage, and strict data protection rules to keep your data safe from unauthorised access and misuse. Apps are secured with personal mobile number details and OTP verification to keep all the details safe, secure, and inaccessible to third parties.
4. Plan EMI Instalments and Track Repayment
Business owners are busy bees and you may need reminders and trackers for your loan payments. One of the best business loan apps offers timely in-app reminders and trackers for the same. The app’s features are very user-friendly. People who have started new businesses or own a small business find it very user-friendly.
5. 24/7 Accessibility and Support
Unlike traditional financial institutions with limited operating hours, loan apps are accessible 24/7. This allows entrepreneurs to apply for a loan, track their application status, or get customer support at any time, regardless of location. This flexibility is vital for busy business owners who need to manage their finances around their hectic schedules.
6. Improved Credit Score Management
Some of the best business loan apps offer features that can assist with credit score management. This might include tools for monitoring your credit score, receiving alerts for changes, or even tips on improving your creditworthiness. By building a good credit history through responsible borrowing and repayment habits facilitated by the app, you can borrow at better loan terms and lower interest rates in the future.
7. Eligibility Pre-Check
The uncertainty of loan approval can become a hurdle for you. Opting for one of the best business loan apps may get you access to an eligibility pre-check feature. This allows you to enter some basic information about your business and receive an initial assessment of your likelihood of loan approval. While not a guaranteed outcome, this pre-check can be a valuable tool for saving time by helping you focus on apps where you have a higher chance of success.
Securing Business Loans From the Best App
Loan apps boost businesses and drive financial growth by providing easy borrowing solutions. They present a convenient and user-friendly solution to grow a business and reach new success heights. If you’re a part of this market and are looking for a reliable NBFC app, try Tata Capital’s app.
They have one of the best business loan apps with an intuitive interface to effectively address your funding requirements. Present among many others, it has gained immense traction because of its data security and easy-to-navigate features. From the rate of interest calculator to submitting loan applications, it helps with everything. Download Tata Capital’s app on your smartphone to explore loan options today.