With the rise of fintech platforms, availing business loans for SMEs is no longer an issue. These platforms help you choose a short-term loan by comparing and selecting the best as per your requirement.Palak Agarwal
An adequate amount of capital is required for the smooth running of any business. However, various small business entrepreneurs struggle to get loans. Though there are various MSME funding schemes and platforms for micro, small, and medium enterprises, not every entrepreneur is able to get low-interest, collateral-free loans.
With the rise of fintech platforms, availing business loans for SMEs is no longer an issue. These platforms help you choose a loan by comparing and selecting the best loan per your requirement.
SMBStory puts together five such platforms that could help with short-term loans for your business.
Myloancare.in: 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 suitable lenders to ensure that they get the right loan, by matching their needs and credit profiles. Borrowers range from entry-level workers and small businesses to high net-worth individuals and SME businesses.
The users can choose from wide-ranging financial products such as home loans, personal loans, gold loans, property loans, business loans, and credit cards as well as a loan against property. It also allows one to compare gold loan products of leading banks and NBFCs, making it a pioneer of the popular concept of digital sourcing of gold loans in India.
Money Tap: MoneyTap introduced the concept of a credit line (personal line of credit for consumers) for the first time in India when it launched in September 2016. A ‘credit line’ requires the bank to issue a limit of up to Rs 5 Lakh, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs 3,000 or as much as Rs 5 lakh and repay it as EMIs from two months to three years. The interest is paid only on the amount borrowed and the rates can be as low as 1.08 percent per month. The limit also gets automatically topped up as soon as EMIs are paid back.
Any salaried employee can use this free Android app and, within a few minutes, using a patent-pending chatbot interface, provide all the information typically required by banks. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history.
Qbera: Qbera is an online lending platform providing fast, frictionless, and fair personal loans to professionals. Launched in January 2017 by Aditya Kumar, the company is headquartered in and operates out of Bengaluru, providing lending services through an end-to-end digital platform, enabling the transfer of funds to the borrower within 24 hours of receiving the online application.
With its online platform based on lead foundry, a state-of-the-art fintech lending solution, Qbera was launched with the chief objective of addressing the growing need in the market for quick and convenient delivery 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 make up a large segment of the population and include individuals with incomes less than Rs 6 lakh per annum, employees working for companies unlisted with banks, and people who are new to credit in addition to those who live in PGs or bachelor accommodations.
Incred Finance: Incred uses technology and data science to make lending quick, simple, and hassle-free. Incred believes that traditional ways of lending can exclude those most in need because of outdated, rigid, and often inefficient processes. At Incred, they have simplified the lending process with a sharp focus on serving our borrowers’ unique needs and circumstances – offering customers a truly superior borrowing experience.
Lendbox: Lendbox is an RBI licensed NBFC peer-to-peer lending platform in India. Lendbox offers a conducive environment for borrowers and investors. Unlike banks and financial institutions, Lendbox cuts down the interest rates for borrowers and increases investor's yields by eliminating mediators like commercial banks, depository institutions, etc.
Lendbox aims to revolutionise the personal loans market in India by creating a one-stop shop for all borrowers with varied profiles and needs who can have access to both retail and institutional investors with varying risk appetites.