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Sources of Emergency Funding for Small Businesses Available If You have been Denied a Government Loan

By Finserv MARKETS - May 22,2020
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Sources of Emergency Funding for Small Businesses

The startup segment in India has witnessed a tremendous growth in recent years. With the increasing number of small businesses, the government has taken various initiatives to ensure that startups across the country continue to operate without any hindrance. A major obstacle faced by most startups is the unavailability of sufficient funds for their growth and expansion. To deal with this, the Government has launched several schemes such as Pradhan Mantri Mudra Yojana (PMMY), Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS), etc. to offer financial aid to small and medium scale enterprises. However, these schemes have their own set of eligibility criteria. In case, you do not meet the eligibility criteria for availing a government loan, you can always rely on other sources of emergency funding for your small business. This will help you get access to the much-required funds, and you will be able to carry out your business operation with ease. Let us have a look at some of the other sources of emergency funding for small businesses that you can rely on, in case you’ve been denied a government loan.

Crowdfunding

It is one of the most popular ways of availing funds for small businesses. With the help of crowdfunding websites, you can find potential investors for your business.

Personal Loans for Business

With the help of leading financial institutions, you can easily avail a personal loan online. Since personal loans are multipurpose loans, the loan amount can be used for various business purposes as well. Right from upgrading the business infrastructure to hiring staff and promotional activities, the personal loan amount can prove to be extremely helpful for your small business. You can easily avail a Bajaj Finserv Personal Loan at Finserv MARKETS from the comfort of your home through a convenient online application process. You can get a personal loan amount up to Rs. 25 Lakhs. The repayment tenure ranges from 12-60 months. Make sure that you check your personal loan eligibility criteria online before applying for the same. This will help you get an estimate of the loan amount you are eligible for.

Microloans

These are short-term loans provided by Non-Banking Financial Companies (NBFCs) and micro-financiers. These loans are offered to small businesses that have a low fund requirement. One of the major advantages of availing microloans is that they come at attractive interest rates.

Small Business Loans

Small business loans are a popular financing option for startups. The eligibility criteria for small business loans may differ from one financial institution to another. You must settle for a lender with simple eligibility criteria and easy application process.  Most financial institutions check your personal credit score, annual income, profitability and age of your business before approving the small business loan. You can easily avail a small business loan at Finserv MARKETS. You can apply for a loan amount up to Rs. 30 Lakhs. The entire process of availing a small business loan is online. All you have to do is visit the official website, fill in the application form, upload the documents, and specify the loan details. Following this, your loan will be approved by the lender and you’ll receive the loan amount shortly. You can also use an online EMI calculator to get an estimate of your monthly installments. This will allow you to repay the loan amount easily without any inconvenience.

Let us have a look at the eligibility criteria and the documents required to avail a small business loan at Finserv MARKETS.

Eligibility Criteria

  • You must be an Indian citizen
  • You must be a self-employed individual
  • You must be between 26 and 66 years of age
  • You must have business vintage of at least 3 years

Documents Required

  • Identity proof : (Passport/Id card/voter card/driving license/Aadhar Card)
  • Residence proof : (Passport/voter card/driving license/Aadhar Card/Ration Card).
  • PAN card
  • Salary slip of the last three months for salaried employees
  • Bank statements of the last six months for salaried employees
  • Self-employed applicants must submit the ITR for the last three years.

Bajaj Finserv Business loan at Finserv MARKETS comes with attractive interest rate and other features such as instant approval and disbursal of loan, prepayment facility, less processing charges and complete transparency. This has made business loans at Finserv MARKETS one of the most preferred ways of financing for entrepreneurs across the country.

Now that you have a fair understanding of various emergency funding options available for your business, ensure that you make optimum use of it for the growth and expansion of your business.

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“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522