The Two Lenders To Get A Business Loan

Posted by Apoorv Chaudhary on December 29th, 2020

The Business Loan is getting a lot of traction today due to its easy way of getting it. Due to the internet reach, the loan is available from a small city to a metro city. However, the problem arises when we do not know which business loan lenders to choose from. 

Sure, business loans are easy to get, but choosing a lender is a tough choice. So, today we wanted to present two lenders who are quite popular as business loan lenders. We will share every detail you needed to know to make a conscious decision. Those lenders are Ziploan unsecured loans and Indifi loans. 

Ziploan Unsecured loan

The Ziploan Unsecured Business Loan is an NBFC set up in 2015 to obtain a business loan quickly. The loan is mainly to small and medium businesses. A borrower does not need to offer collateral to get the loan. 

• Ziploan offers business loans from Rs 1 lakh to Rs 7.5 lakhs. 

• The rate of interest is from 1% to 1.5% monthly on a flat rate basis. 

• The processing fee is up 3% of the loan amount. 

• The loan tenure is from 1 year to 2 years. 

Features of Ziploan unsecured business loan

• The loan is available for multiple types of business. 

• It requires minimal documents to apply for the loan. 

• The disbursement timeline is very fast. 

• There are no pre-payment charges. 

• Ziploan has its own credit system to assess borrowers. It is called Zipscore. 

• The repayment tenure is quite flexible. 

• There Is no need for collateral. 

Why you should take a business loan? 

• To expand the current business. 

• To meet with the gaps in the cash flow. 

• To manage the inventory. 

• To buy the latest business equipment. 

The eligibility criteria for Ziploan business loan

• The applicant's age should be between 23 years to 60 years. 

• The borrower must have a minimum CIBIL score of 650. 

• The last year's ITR should be more than Rs 1.5 lacs. 

• The borrower should own the business premise or the house. 

• The business should be up and running for a minimum of 2 years. 

• The minimum turnover of the business should be at least Rs 10 lacs.

The required documents for Ziploan instant loan

• The PAN Card

• Identity proof 

• ITR for the last 2-3 years

• Bank statement for the last 1 year

• Business proof 

• Address proof 

How to apply for a Ziploan business loan? 

First, download the Ziploan app from the Google play store. Then register on the app. Follow the steps to apply finally. In case you needed help, contact them at customer.care@ziploan.com. Now, let's check out the next lender, Indifi, business loan. 

Indifi Business loan

Indifi business loan aims to offer assistance to small and medium businesses whether you want to buy new business equipment, business property, or business expansion. 

• Indifi offers business loans from Rs 1 lakh to Rs 50 lakhs. 

• The rate of interest is 24% P.A onwards. 

• The processing fee is 2% to 3% of the loan amount. 

• The loan tenure is from 1 year to 5 years. 

• The lowest EMI is Rs 2,877 per lakh. 

• There is no pre-payment charge. 

• The early foreclosure charge is 4%. 

What types of Indifi offer business loans? 

• The term loans

• The credit lines

• The short term loans

• The invoice discounting

• The merchant cash advance   

The eligibility criteria for an Indifi business loan? 

• The applicant's age should be a minimum of 23 years to apply. 

• The business should be up and running for a minimum 1 year. 

• The applicant should own the business premises or the house or have a valid rental agreement. 

• A CIBIL score of 750 would be good. 

Why should you take an Indifi business loan? 

• To improve the cash – flow of the business. 

• To expand the business, remodel the office, or to hire more employees. 

• To upgrade with the latest technology. 

• To purchase specific equipment based on a business requirement. 

• To fund the upcoming project. 

The required documents for the Indifi business loan? 

• The application form

• The passport size form

• The identity proof ( Aadhar card, PAN card, Voter ID card) 

• The address proof ( Electricity bill, utility bill, telephone bill, water bill) 

• Bank statement for the last 6 months

• ITR details

• Proof of residence or business

How to apply for an Indifi Business loan? 

You have to visit the Indifi official website to apply for the loan. Visit there, create an account, and then fill out the business application. 

The bottom line

Both Ziploan unsecured business loan and Indifi are good lenders. The decision is up to you. Check out the details for both, and then apply for the business loan.