The lengthiest aspect
of getting a loan from a bank or financial institution is the tedious
background check and scrutiny that most institutions require. This process is
more often quite lengthy and, which is worse, involves proving your credentials
to the said institution. Any business owner would attest to the fact that
getting a loan without having a considerable amount in your account can be
quite demeaning. A lot of financial factors are involved; including your CIBIL
score, ITR, Balance Sheet among others. The uninitiated might feel completely
overwhelmed and a lot of great business ideas succumb to the paucity of funds. Instant loans in most
cases take an inordinate amount of time and are definitely not instantaneous.
Most micro finance companies, NBFCs and banks have an elaborate process of sanctioning loans and if you are a small business owner or a potential business owner, it all begins with ITR. It is no surprise for anyone who has had the misfortune of filing their ITR that it is a winded out affair and it is almost impossible to get a loan without it. However, Aasaan Credits allows you to eschew this part of the loan process. In order to get a loan from Aasaan Credits, all you need is a certified bank account with bank statements that exhibit monetary transaction credits. In short, if you have a bank account, you are eligible for a loan with us.
MSME loans for business, as a model, are designed to help growing businesses with their finances. However, for a lot of up and coming businesses, the entire process becomes redundant because they either involve collateral or a high CIBIL score. In most cases, it is either struggling businesses or new startups that require such loans and without proper credentials, it becomes impossible for them to survive. Aasaan credits allows a minimum CIBIL score of 650 as compared to a minimum of 750 as mandated by others with a substantially minimum processing fees of 2%.
Small business loans, despite the name, require a minimum turnover of 20 lac by most banks and NBFCs which can be a ridiculously high amount for a business that has not been established. It is common knowledge that startups require time and constant effort in order to flourish and with such restrictive financial mandates, most entrepreneurs avoid taking loans and as a consequence, the business suffers. With Aasaan Credits, the only return requirement is a monthly profit of INR 20,000 which is a fairly nominal amount for a small enterprise. Unlike MSME loans, Aasaan Credits also caters to individuals, proprietors and unregistered small business owners which allows them to avoid GST and marginally enhance their profit margins.
The principle behind instant business loans is ease of access and constant availability to those in need. At Aasaan Credits, we strive to follow these principles. Accordingly, if a business can provide details of their ITR, Balance Sheet, GST details and Income Computation, they get highly reduced rates of interest. This is also a boon for business owners with good foresight, since we do not charge on foreclosures till six months, if a business can readily repay the loans within the stipulated time period; they are exempted from the interest and any extra loan closure charges.
Aasaan Credits is slowly dismantling the conventional small loan company structure by being consumer friendly and serving all consumers irrespective of their financial conditions. This is in support of the startup culture that has taken the country by storm. At Aasaan Credits, we have made the application process extremely friendly and convenient. You can apply through our website in several easy steps and get a loan; the entire process takes a couple of minutes and as we promised, is completely hassle free. You no longer have to prove your financial credentials to strangers or be harassed by bank agents and annoying calls from NBFC marketers. You get to choose your loan amount and the stipulated time period of returning it according to your convenience.
Getting a loan to pursue your entrepreneurial goals was never easier.