Applying for business funding is a big step for most small business owners. Since we’re currently experiencing a health crisis, most of us prefer to minimize our exposure to large crowds of strangers, but that may happen when you go to a bank or an NBFC to enquire about a loan right now. So, your safest alternative is applying for a business loan online.
Applying for an online business loan with CreditEnable is quick and simple, and there are no hidden payments involved. We partner with over 25 leading banks and NBFCs in India to get our SME customers the right business loan for their financing needs for free! Read on to learn why an online business loan is right for you!
1. When you get an online business loan, you don’t need to shop around to find out what your loan options are.
Traditionally, when you needed a business loan, you would go from one lender to the next, comparing their loan offerings and what business loan terms and conditions work for you. This is a stressful activity that would keep you away from work, and with the overwhelming amount of information you need to find and compare, you may even miss or mix up some key information, which could be critical for your business.
When you get an online loan from CreditEnable, we eliminate the need for you to compare lenders and products. Based on the information you provide us, our advanced lender matching algorithm will search through over 100 specialized SME loan products that our 25+ lenders offer and find you the right match for your business needs quickly.
2. Applying for an online business loan gives you more time to focus on your business
As an entrepreneur, there are at least a hundred other things that require your attention at work. If you’re like our founder, you like to be involved in all aspects of your business to ensure high-quality customer service to all your customers. So, when a computer algorithm can find you the perfect business loan product in minutes, you can better utilize your time and energy to prioritize other tasks.
3. An online business loan is more secure
When you apply for an online business loan, you’ll have to submit all your supporting loan documents digitally as well. Each lender and loan product may have a slightly different list of documents required, but in general, most business loans require your Adhaar and PAN, bank statements, GSTR forms, business registration documents, a business plan, business financials, any relevant licences, etc. If you were to submit these in person, you run the risk of this information falling into the wrong hands.
Since banks and NBFCs are regulated by the RBI and the Government of India, they need to follow strict guidelines on customer data protection and privacy. So, when you submit your documents online, they’re not stored on one employee’s computer. They are stored in a highly encrypted cloud that is very difficult for hackers to break into. So, applying for an online loan business and sharing your documents online ensures that someone who does not have the authorisation to access your information will not get it.
When you apply for a business loan with CreditEnable, even though we aren’t a bank or an NBFC, we have authorisation from our lenders to collect customer information and documentation. Your data security is our highest priority, which is why we strictly follow all data protection guidelines set by the Indian government, and we also adhere to the GDPR guidelines of the European Union, which are the gold standard in data security.
4. An online business loan reduces the risk of typographical/human errors on your loan application
When you apply for a business loan in person (using a physical form that you fill out by hand), the lender will still have to digitize the data you have shared with them to process and store. This transfer of information could create some typographical or human errors. These errors, no matter how big or small they may be, could have a drastic impact on your business loan prospects. They may also cause unnecessary delays in your application approval if the information needs to be corrected.
To avoid such errors, it is always better to fill the digital form yourself so that you can check and double-check all the information before hitting submit.
5. An online business loan may get approved and disbursed faster
Since all your loan requirement information gets to the lender digitally and instantly, and they get soft copies of all of your supporting documents, they can review and assess your loan application faster. This means they can approve your loan request faster, get the negotiations done with you quicker, and you can have the money in your bank account in record time!
Some CreditEnable customers have gotten Unsecured Business Loans in just 2-3 days using our technology platform, and others have gotten Secured Business Loans within 7 days of submitting their complete application package!
6. An online business loan reduces your risks of exposure during the pandemic
We’re still in the middle of a pandemic, and though we’re not in lockdown anymore, we want to avoid unnecessary exposure for our customers. When you apply for a business loan offline, you go from one lender to another, interacting with many people, touching door handles and surfaces, and possibly using public transport. At CreditEnable, we want you to avoid all that and make your process of getting a business loan as safe and hassle-free as possible.
You can use CreditEnable’s technology platform to apply for an online business loan from anywhere! Whether you’re at home, your office, taking a short, well-deserved break in the hills, we got you! All you need is your phone, laptop, or tablet, a reliable internet connection, and digital copies of your documents!
If you want to know what else you can do to prepare for a business loan before you apply, read this post.
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