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FlexiLoans is a leading online lending platform that provides instant funds to small businesses for their various needs like working capital needs, growth and expansion of the business, etc. The company is a registered Non Banking Financial Company (NBFC) that provides customers with instant loans with flexible repayment tenures. FlexiLoans is currently operational in over 1000 cities and provides many products like term loans for small businesses, line of credit, loan against POS, vendor financing and other value added services. The details of the term loan for the small businesses are mentioned below.
The eligibility for the tem loans of FlexiLoans is kept very simple and basic. This is to ensure that the loans can be disbursed to a maximum number of applicants so they can get the benefit of immediate financial assistance for their business needs. The details of the eligibility criteria of FlexiLoans for its Term Loans are mentioned below.
Age of the business
FlexiLoans provides loans to existing businesses for their multiple needs like growth, expansion, working capital, etc. While determining the eligibility of the business, one of the prime factors to be considered is the age of the business. FlexiLoans provides Term Loans to small businesses that have been in existence for a minimum period of 1 year.
Another eligibility requirement for FlexiLoans term business loans is the turnover of the business organization or the monthly business sales. FlexiLoans requires the businesses to have a minimum turnover or monthly business sales of Rs. 2,00,000
The small businesses meeting the criteria of the company can easily apply for its term loans and can avail the benefit of instant financial aid in the form of loan at affordable rates for a reasonable tenure.
The documentation process of FlexiLoans is simple and hassle free to ensure that the customers business loans for their entities. The details of the documents required by FlexiLoans are mentioned below.
Identity proof of the owner (Partner, etc.)
Applicants need to provide the PAN card of the owner or the partner or the promoter of the entity as the case may be. PAN card is a mandatory requirement and cannot be ignored.
Address proof of the owner (Partner, etc.)
Address proof of the applicant is also another mandatory requirement for which the applicant can provide either of the following documents.
Bank Statement of the business showing the transactions for the past 6 months of the current account of the business have to be submitted as part of the documentation.
The business documents of the entity are the documents relating to the ownership proof of the owner and the documents showing the registration of the business with various Acts in place. Following documents have to be submitted along with the ownership proof as part of business documents.
Financial Documents of the business
The financial documents of the business to be provided as part of the documentation are
The above documents have to be submitted digitally. Customers can get information regarding the format for the same through the customer care of FlexiLoans.
The application process for the term loans of FlexiLoans is entirely digital. It ensures that the customers can apply for the loan from anywhere and at any time convenient to them. The entire process being digital reduces or rather eliminates the need for the customers to visit the lender multiple times for purposes like getting the application form, submitting the same with documents and or any other query regarding the same.
The steps involved in the application process for FlexiLoans Term Loans are explained below.
The features and benefits of FlexiLoans Term Loans that make it an attractive option for the small businesses are mentioned below.
Amount of loan
The amount of loan that can be availed as business loan or term loan of FlexiLoans is a minimum of Rs. 50,000 and maximum Rs. 1,00,00,000.
The tenure for repayment of FlexiLoans is very reasonable and flexible. Customers can choose the tenure to be up to a maximum of 24 months or 2 years for the term loans offered by FlexiLoans.
Rate of interest
The rate of interest charged on the term loans of FlexiLoans is very competitive and does put any burden on the customers. FlexiLoans charges interest starting from 1% per month of the loan amount. The final rate of interest will depend on the amount of loan, tenure, credit profile of the customer, etc.
Customers do not have to provide any collateral for the term loans of FlexiLoans. The loans can be disbursed without any collateral or guarantor which in turn ensures a faster disbursal of the loans at the same time safeguarding the ownership of the business and its assets or interests.
Flexibility in repayment of loans
FlexiLoans offers flexible repayment options to the customers. Customers can repay the loan taken in weekly or monthly EMIs as per their convenience.
Fees and charges
FlexiLoans does not charge any extra or hidden costs for its loan products. The company charges nominal processing charges as well as late payment charges in case of delay or default in payment of EMIs. The details of the same can be obtained from the customer care of the company.
Grievance Redressal Mechanim
Grievance Redressal Officer: Mr. Manish Lunia
Email id: email@example.com
1. What is the quantum of loan under FlexiLoans term Loan?
The quantum of loan under FlexiLoans Term Loan is Rs. 50,000 up to Rs. 1,00,00,000.
2. What is the tenure of loans?
The tenure of the loan is up to 24 months or 2 years.
3. What is the rate of interest of FlexiLoans Term Loans?
The rate of interest starts from 1% per month of the loan amount. The final rate of interest will vary from case to case.
4. What are the modes of payments of the EMIs?
The available modes of payment of the EMIs are,
5. What are the other products of FlexiLoans?
The other products of FlexiLoans are,
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