Which lender is the best for short-term business loans in India?

If you have a business in the MSME sector, it will sometimes happen, the business would need short term funds. May be it is because you want to buy new equipment or need the money to run the day to day operation. However, finding a lender who would offer short-term business loans in India at a fast pace would be difficult.

However, when there is a will, there is a way. Here is one lender for you, which has pioneered in offering MSME loans in the short term. Zip loan Business loan has become a prominent name in the market for providing quick business loans.

Zip loan Business loan

• Ziploan was set up in 2015 to offer Short-term business loans in India. It provides loans to small and medium enterprises. The loan is provided based on ZipScore, which is an unconventional credit rating system developed by Ziploan.

• Ziploan offers business loan from Rs 1 lakhs to 5 lakhs.

• The rate of interest is from 23% to 29% P.A

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

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

• There is no pre-closure charges.

Top features of Ziploan MSME loan

1. Ziploan offered the business loan without any requirement for collateral. It means a small business owner does not have to worry about providing something to get the quick business loan.

2. The process to apply and to get the loan is entirely online. It saves a lot of time, making the process faster and easy.

3. There are no foreclosure charges for the loan after the payment of 6 EMIs.

4. The loan is disbursed quickly, once the verification process is completed.

Why should you Ziploan?

• Ziploan offers a faster business loan disbursal.

• Ziploan does not require your company balance sheet to give the loan.

• There is complete transparency, along with no hidden charges.

• The short-term MSME loan is perfect for a quick rebound of the business.

Types of Business loans offered by Ziploan

Currently, Ziploan offers two types of business loans. They are Collateral free equipment loan and working capital loans.

The eligibility criteria for the Ziploan

1. The minimum turnover of your business should be at least Rs 10 lakh annual.

2. The minimum ITR should be at least 2.5 lakh yearly.

3. The business premise should be in your name.

4. Your business should be up and running for a minimum of 2 years.

5. Ziploan will evaluate the loan application through its own credit rating system called Zipscore.

Documents required for Ziploan

1. Identity proof ( Aadhar Card, PAN Card, Passport)

2. Address proof ( Electricity bill, utility bill, postpaid bill)

3. Bank statement for the last 12 months

4. ITR for the last 2-3 years

5. Business address proof

How to apply for Ziploan business loan at Afinoz?

• First, download the official Afinoz app from the Google play store.

• Create an account.

• Choose a business loan from the loans option.

• Fill in your personal loan professional details.

• Upload the required documents.

• Wait for verification.

• Once the verification is complete, the loan amount is transferred directly into your bank account.

How to check the status for the applied loan?

Once you have applied for the loan, you could check the status by doing the following. Open the Afinoz app, from the menu, look for the 'Track Application' option. Enter the details, and then it will show the latest business loan application status.

Bottom line

There is no doubt, Zipload offers one of the best short-term business loans in India. In case you want to contact Ziipload customer care, You could email them on Enquiry@ziploan.in. And lastly, before you sign the business loan agreement papers, do read it carefully.