Unsecured Business Loan For MSME In Godrej Capital
Godrej Capital has recently launched unsecured business loans that are tailored particularly for MSMEs. Understanding the related challenges confronted by these businesses at times, Godrej Capital aims to provide attainable financial choices that address their requirements for managing cash flow. How? Simply by providing inventive as well as flexible repayment options. Even, the loan also offers numerous benefits such as a fully digitalized process, instant sanction and disbursal, extended tenure, and the program of industry-first reward for timely repayments.
MSMEs play an imperative role in India’s economic growth, fostering job creation, and driving innovation. But these businesses, at times, want help with flexible financing solutions. Issues like an absence of collateral as well as fluctuating business cycles can hinder their development and expansion plans. But the good news is that Godrej Capital is tackling the problem by offering flexible lending alternatives to MSMEs.
Listed below are a few benefits of unsecured business loans for MSMEs! Let’s get started with it! Happy Reading!
Minimum Qualifying Conditions
There are a few basic conditions that the lender expects the borrower to fulfil. When it’s about business loans, all these conditions are quite strict starting from complete business records to solid financials.
But, in the case of unsecured business loans, all these conditions are more flexible. You will be requested to give your business documents, bank account statement, and PAN card details only.
No Collateral
This is the major benefit of using unsecured loans for MSMEs; how? As the borrower, there’s no need to give any kind of security to a lender as collateral so as to mitigate the credit risk. Hence, this benefit makes unsecured loans perfect for startups as well as MSMEs.
Quick Application
Unlike traditional loans, there’s no need to visit the office of the lender physically in order to apply for an unsecured business loan. Since the complete application procedure is online and it enables one to apply for the loan in the solace of their own surroundings.
The application to apply for the loan is concise and the required documents can be conveniently submitted online by simply uploading them on a lender’s site or application.
Faster Disbursement
Not only the application of a loan and complete processing is fast, but the loan disbursement is faster too. The lender will simply transfer the amount of the loan to the account of borrower’s bank once it gets approved. These unsecured loan’s rate of interest is quite higher; however, they are the ideal financing alternative in case of emergencies.
Credit Rating
In any business loan, the first criterion is to check the borrowing repayment history of the company along with the credit rating. Since banks don’t entertain borrowers who have substandard credit scores. However, this doesn’t apply to unsecured loans since companies are eligible for such loans even if their credit scores are low.
In short, lenders put more emphasis on the profitability of the borrowing company than their complete credit history.
Wrapping Up
Concluding this guide with the hope that it has helped you in knowing about the launch of an unsecured business loan for MSME in Godrej Capital. They serve as the complete solution to fulfil all the financial requirements of startups, and small as well as mid-sized companies.
