Traditional banks have been revolutionized and today’s digitized banking sector has led to an increased usage of internet banking, electronic gadgets to transact from and other forms of digital banking. The banking sector combined with banking as a services has evolved to now even change how fintechs offer lending services to smaller businesses – SMBs.
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The emergence of fintech platforms and new lending capabilities are crucial today.
Small and medium businesses play a key role in the functioning of economies, and they need proper financial support to grow their business. These fintech platforms have emerged as some of the biggest lenders to small and medium-sized enterprises:
Leading Fintech Platforms Enabling SMBs with Better Lending Facilities
The fintech industry is undergoing a constant change because of the evolving technological advances today, but the positive change that they have brought about in narrowing the gap between borrowers and lenders is remarkable and needs acknowledgement.
- Lendingkart: Lendingkart as the name suggests, is a lending platform that allows small and medium businesses to apply for business loans from anywhere in the country. In simple 4 steps, your business can get the loan it deserves for expansion. You need to check your eligibility for the loan by providing your business details like the type of business you have and what the last 12-month sale. Then you need to provide your bank details. Once you are eligible, you can submit an online application and get your application sanctioned and easily receive your loan within 3 days. The advantages of Lendingkart loans for SMBs is that you get loans without collaterals and at attractive interest rates.
- NeoGrowth: NeoGrowth is another lending platform which provides products like NeoCash Express, and quick loans to small and medium-sized enterprises through an online and very simplified procedure. The loans are for fixed tenure with low daily repayments. There is no collateral required, and once your business becomes a reliable customer with timely repayment, you get extra benefits and top facilities on your next purchase of loans. All you need is to fill an application with your business and bank details, and once it is approved, you get your business loan.
- AYE Finance: AYE Finance was established with an aim to encourage and boost the development of small and medium enterprises. For micro-businesses, the fintech company provides three easy loans – quasi mortgage loans, hypothecation loans, and add-on loan. All these loans are secured against mortgage and working assets, respectively. The requirements are also simple – applicants must have a small/micro-enterprise that has been working for at least 3 years with a running bank account. The loans are provided from manufacturing to trading and services sector.
- Indifi: Indifi has been lending easy loans to start-ups, e-commerce, restaurants, to small retail stores. There are term loans, working capital loans, equipment financing, invoice financing, bank overdraft and advances according to your business requirement. These loans will help in improving cash flows, expanding business, and accessing new technology. The loans provided by Indifi are transparent, collateral-free, have flexible repayment terms, and low interest. You just have to apply, get your documents verified online, and then receive your loan instantly.
- Capital Float: Capital Float is a very successful lender for small and medium-sized ventures through its diverse loan products, including Term Finance which are loans that are collateral-free for SMEs. Under the Term Finance facility, small and medium businesses can get access to loans of up to Rs. 50 lakhs at competitive interest rates and that too within 3 days. The process is also very simple – you need to apply online and provide digitally scanned documents that are required to complete your application. Once your application is approved, you get your loan within the span of 3 days, and you can choose your repayment method from the various options that are provided by Capital Float.
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