What Documents do I need for an Unsecured Business Loan? |
Posted: February 26, 2019 |
Short Description The unsecured business loans are based on the business transactions of small businesses by evaluating the digital trace of transactions with minimal need for documents. The small businesses need funds to grow their business and they have been facing a challenge in getting the funds to grow. Although the traditional lenders offer the business loans, they need collaterals to underwrite and evaluate the creditworthiness of a small business, which makes it virtually impossible for most businesses to get business loans as they run on leased or rented premises. This is where the digital lenders come to picture and help the small businesses with online business loans in India, these loans are completely unsecured and can be obtained on the basis of the business transactions without the need of any collaterals or guarantors. The business loan without security offered by digital lenders like Indifi are easy to apply and can be availed in a quick time. While the traditional lenders require multiple documentations, branch visits, collaterals and take a long time to process the business loans, the entire process for getting unsecured business loans with the top digital lenders like Indifi is really simple. Here’s a quick look at the documents needed for an unsecured business loan. Application Process The application process in an online business loan in India with one of the top digital lenders like Indifi is really simple. A small business just needs to fill a quick and simple online application form with the basic business details and KYC. It takes hardly a few minutes to fill this form, without the need for any documents. Evaluation The evaluation process in the unsecured business loans is based on evaluating the business transactions. Thus, the top digital lenders look for the digital trace of transactions which can be obtained by an online connection with the business partners or the online aggregators. For instance, a retail shop can be evaluated for its digital trace of transactions with the card swipe machines, the restaurants can be evaluated by their transactions with the food delivery apps, Hotels can be evaluated using their transactions with the online travel booking aggregators and so on. For other businesses who do not work with the aggregators, their digital trace of transactions can be obtained by online reading of their bank statements using advanced machine learning which is completely automated and secure and does not require any human intervention. Thus, even to evaluate the small businesses do not need to submit any documents. Decision The decision process is also automated in the online business loans in India offered by the top digital lenders like Indifi. Post the evaluation, the top digital lenders provide the best offer for the unsecured business loans. These offers are almost real-time and small business can get an instant decision on their application or just get a decision within 24 hours based on their unsecured business loan application. Hence, there are no documents required for the decision purpose with the online business loan in India. Disbursement Once the small businesses get the approval on the unsecured business loans application, they just need to send the signed agreement along with the basic business documents as per the current policies that govern the unsecured business loans in India. There is no need to visit any branch or send multiple physical documents. If an e-agreement is applicable then it makes even the agreement process document less. Hence, even for disbursement only the agreement and basic business documentations are needed for the small businesses to avail the online business loan in India. Thus the unsecured business loans offered by the top digital lenders like Indifi are virtually approved without the requirements of any physical documentation and these online business loans in India are completely based on their own business transactions and are offered by evaluating the digital trace of transactions the small businesses have with their customers or by using the online aggregators and business platforms. Indifi which is India’s leading digital lender is today empowering over 10,000 small businesses with quick availability of unsecured business loans which are based on their own business transactions and can be obtained without any collateral or unnecessary documentations like past income tax returns. Even the repayments are connected with the business to give them complete freedom to repay and grow their business using the unsecured business loans.
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