An entrepreneur may need money at any point during the lifespan of their business. However, raising funding is one of the most challenging problems an entrepreneur may face when launching a new firm.
Many entrepreneurs source funds through small business loans rather than giving up stock or ownership in their company. Entrepreneurs can start with a small business loan while still owning their firm.
The right business loan may help you get the funding you need to start a new firm, grow an existing one, obtain working capital, or cover other essential business expenses.
While large-scale businesses or entrepreneurs may not need a business loan, it’s the small businesses that require business loans most of the time.
Nowadays, business owners use online business loans to finance expenses, purchase equipment, and handle other operational requirements. Traditional lenders and credit unions sometimes have more cumbersome application processes, while many online lenders have less stringent lending rules based on atypical indicators.
With digitisation, it has become easier for financial institutions to reach out to young enterprises and entrepreneurs with their loan offers. This has made it easier for entrepreneurs to apply for business loans online and get instant approvals.
So, you must be wondering where you will get these online loans for your business, which financial institutions are reliable and have a smoother application to approval process.
Here are the top six business loan online platforms trusted by startups and young entrepreneurs for their business loan needs.
Small Business Loan Online Platforms in India
1. Clix Capital
Clix Capital Services Private Limited is a leading financial institution in India offering various types of loans. It enables individuals, partnership firms, businesses, and other corporate organisations to apply for personal, business, and other loans online.
The company provides distinct digital lending solutions powered by technology and deep analytics. It is one of the most preferred lenders, well-known for offering business loans, MSME loans, healthcare loans, and mortgage finance to borrowers in the MSME and consumer segments.
The USP of Clix Capital is offering loans online with minimum documentation, lower interest rate and easy repayment terms.
2. Lendingkart
Lendingkart is one of the best online platforms offering specialised business loans to small and medium-sized businesses in India. Their loans are free of the red tape that occasionally accompany bank loans, and the application, approval, and disbursement processes are relatively simple. They have developed a quick and effective digital interface that lowers the human touch and accelerates the entire process of obtaining a business loan. Lendingkart business loans enable entrepreneurs to support their businesses in need.
3. Capital Float
Capital Float is among the top online marketplaces that offer working capital financing to Indian SMEs. It provides flexible and short-term loans. These can be utilised to buy goods, fulfil new orders, or improve cash cycles. Capital Float is India’s first digital lending company. It uses technology and big data analytics to provide new loan solutions to businesses and individuals around the country. It has been able to offer finance solutions to broad segments of the economy that have previously been underserved by giant financial institutions, thanks to its exclusive digital loan underwriting and origination skills. It has formed collaborations to fund SMEs in e-commerce, manufacturing supply chains, retail, travel and hospitality, and digital remittances.
4. Innoviti
Innoviti is a collaborative commerce platform that transforms basic financial transactions into powerful buying tools using data analytics. It delivers these buying aids via specially created software for each category that runs on payment terminals at merchant checkout. The network connects merchants, banks, and product brands, allowing them to collaborate and develop new and innovative buying solutions for the general public. These tools are given via software that runs on payment terminals, mobile applications, and websites. They assist each firm in becoming a better-managed business by bringing in more consumers, sales, and profits than would otherwise be feasible.
5. Rubique
Rubique is a marketplace-based loan platform that caters to the requirements of both individuals and small and medium-sized businesses. It is a fintech firm that creates an online matching platform for loans, insurance, and credit cards. Its platform streamlines loan processing workflow and allows financial institutions to deliver personal loans, auto loans, credit cards, business loans, commercial vehicle loans, and more using innovative technologies, such as matching algorithms, data analytics, and APIs.
6. Faircent
Faircent is the first Reserve Bank of India-approved peer-to-peer lending platform in India. It is the first peer-to-peer (P2P) lending platform to acquire a Certificate of Registration (CoR). It is acquired as an NBFC-P2P from the Reserve Bank of India. They have created a virtual marketplace where borrowers and lenders engage directly without going through traditional financial intermediaries like banks, which have grown into behemoths in today’s world, dictating all terms and conditions for borrowers and lenders. Small companies or startups benefit significantly from alternative lending options.