MSME Loan Features & Benefits
ZipLoan, one of the best MSME loan providers in Mumbai, is an RBI registered NBFC and offers SME loans ranging from Rs 1 to 7.5 lakhs. The following are the features of the business loan offered by the NBFC:
- Loan up to Rs. 7.5 Lakhs: We offer MSME loans ranging from Rs. 1 Lakh to Rs. 7.5 Lakh to the eligible MSME business owners. The wider loan window offered by us helps the business owners get access to funds to meet all their various business requirements, such as business expansion and growth.
- Online Processing: We have an online business loan application process for applicants to apply for a loan through mobile or laptop/PC. So, there is no need for you to visit us in person.
- Faster Processing: We have a fast process wherein we process the application and disburse the loan amount in just three days*. lThe online loan application saves time as there is no time between your filling the loan application and us processing it. Besides, we try and inform the borrower about his eligibility on the same day he applies for the loan.
- Flexible Repayment: We offer flexible repayment offers to our borrowers. You can choose between 12 months, 18 months, and 24 months, and 36 months as per your business financials.
- No Hidden Costs: We don’t have any hidden charges or costs. We levy a one-time processing fee. No prepayment penalty after the payment of 6 EMIs
MSME Loan Interest Rates
Let’s now take a look at the factors that affect MSME loan interest rates of all the business loan companies in Mumbai:
- Business Existence: The longer the business is in operations, the better it is. The minimum business vintage required is two years. With two or more years of business vintage, you are able to provide ITR, bank statement, and other documents to prove the financial stability of your business.
- Yearly Turnover: The yearly turnover depicts whether the business is making profits or incurring losses. In short, it plays a key factor in determining the eligibility of your business. Many times business turnover fluctuates. However, it is imperative to maintain consistency in it.
- Credit Score: It helps in determining your and your business’ creditworthiness numerically, based on the credit history. In case, if you have availed of loans in the past and have paid all EMIs on time, it will impact your score positively. However, if you have defaulted on the EMIs, your score will be impacted negatively.
- Business Nature: There are several sectors that the loan lenders term as risky. Hence, they don’t lend to them. Therefore, business nature and sector also play a major role in interest rate, as if the borrower operates in risky nature, the interest rates would be high.
Why avail MSME Loan in Mumbai?
We are one of the best NBFCs in Mumbai for business loans as we offer types of MSME loans. The following are the benefits of our business loans:
- Types of Unsecured MSME Loans: you have several options to choose between when availing of business loans. You can avail of a machinery loan, term loan, working capital loan, and capital loan.
- Simple Process: We have a fast and simple application process. You can fill the loan application in as little as just 10 minutes. Just check your eligibility criteria on our eligibility calculator and fill the loan application. Besides, we require minimal documentation for the processing of the application. And you can submit the documents online – upload their soft copies (pictures or PDFs).
- Fast Disbursement Process: Our disbursement process is fast. We approve the loan application the same day and disburse the loan amount in just three days*. We are a technology-enabled lending platform, which is the main reason we accelerate the lending process. Our MSME loan product further quickens the lending process.
- Shorter Repayment Tenure: Our loan repayment tenure is short, ranging from 12 months to 24 months, and 36 months. You can choose one that suits your pocket. This helps you get access to the necessary funds without indulging in long-term liability. In addition, the short debts also help you in keeping your cash flow positive.