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Small and Medium-Sized Enterprise (SMEs) and Micro, Small and Medium Enterprise (MSMEs) are the driving force of the country’s economy. Not only they contribute a good percentage to the Gross Domestic Product (GDP) but also generate many employment opportunities for the people of the country. As a matter of fact, SMEs require additional finances to run their business operations efficiently. Most companies in India face failure due to lack of access to these additional funds.
The scenario has changed in recent times. This is mainly because most banking institutes and new lenders in the market (like the online lending companies and NBFCs) are offering different online loan schemes for SMEs across the country.
Their primary purpose is to help SMEs get easy and quick access to funds for their business operations (both in rural as well as urban regions). In fact, they are also given access to many government-sanctioned small business loans.
Online Transactions
Ever since the introduction of internet banking, the Indian Government has been promoting online transactions over hard cash. Thus, they have developed different online schemes to help the SMEs in a way that it also supports online transactions.
Moreover, new lenders are offering business loans for SMEs with easy online application processes. Here, the SMEs owners have to simply fill in the loan application form online and upload the requested documents (scanned copies).
By these means, the significance of online transaction is highly promoted.
Business Growth
Since the loan application process is done online, SMEs no longer have to visit the lenders in person. They can simply apply and get their small business loan online approval within minutes. Moreover, the documents requested during the loan application process can be scanned and uploaded on the lender’s website. This saves a lot of time and effort as SME owners do not have to personally visit your lender’s office. Hence, they can focus more on other queries and business growth.
Digital Lending
Online schemes for SMEs have given rise to digital lending. Because of this, the SMEs have easy and fast access to additional funds whenever they want. In fact, there are many NBFCs in India that offer online business loans to SMEs in need. The loan amount is credited in the bank account quickly.
These online lenders have made the whole loan availing process simpler and faster for SMEs. Hence, SMEs and MSMEs now have access to funds whenever they require and in an organized manner.
Apart from this, the Indian government is constantly putting efforts to make the SMEs and MSMEs financially sustainable. Helping these small businesses survive in the competitive business world will only boost the country’s economy.
The Bottom Line
Availing small business loan has never been simpler and quicker before. This could be your golden opportunity to financially sustain your business and make profits
With Bajaj Finserv Business Loan available on Finserv MARKETS, you can get access to funds within 24 hours of their loan approval. You can also benefit from features like instant loan approval, minimal documentation, and bespoke business loans that suit your needs.
So, why look elsewhere? Apply for Bajaj Finserv Business Loan on Finserv MARKETS, today!
Read more on MSME Databank
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