NeoGrowth Business Loan

Overview

NeoGrowth is a Non-Banking Financial Company (NBFC) that is registered with RBI. They began commercial operations in the year 2013 and created a credit product to aid Indians with business. They have partnered with over 13,000 business merchants to expand and grow their businesses. They offer technologically enabled processes and smart analytics to ensure that they provide the best services and products in the market. They have certain core values that include accountability, teamwork, empowerment, integrity, orientation towards results, innovation and customer focus.

What is a Business Loan?

A business loan is a type of loan that is applied for by individuals who aim to establish, expand or buy equipment for their businesses. Entrepreneurs who look for capital to begin their businesses also apply for business loans. There are two types of business loans:

• Secured loans:

A secured business loan is when the individual provides collateral in the form of land, machinery, a house, etc. as security for the loan amount. This has the benefit of a lower rate of interest.

• Unsecured loans:

An unsecured business loan is when the loan amount is given without any collateral. The interest rates for unsecured loans are generally higher as there is a risk factor involved for the lender.

An introduction to NeoGrowth Business Loan

NeoGrowth business loans aim to finance small business owners to help them achieve financial success in the market. Their team helps clients grow and aims to create a good social impact. They provide business loans to two distinct segments, namely, retailers with EDC/POS machines and to online sellers.

NeoGrowth Business Loan details

• Loan amount

NeoGrowth provides loan amounts that begin at just Rs.2 lakhs and up to Rs.75 lakhs for their customers.

• Tenure

NeoGrowth provides tenures that range from 6 months to 24 months based on the customer’s requirement.

• Interest rate

The interest rates for a business loan generally begin at just 13%. NeoGrowth interest rates are fixed at the sole discretion of the lender. The rates can vary based on credit scores, current performance of the business and other factors.

NeoGrowth SME Business Loans for retailers with EDC/POS - Features and benefits

• Minimal documentation

NeoGrowth believes in a simple loan process and thereby requires simple and minimal documentation from the customer, and they also offer doorstep services to collect the few documents that are required.

• Only present business performance is assessed

NeoGrowth does not check the business’ historic financials but only looks at the current business performance and stability. The business loans are sanctioned based on the present and future cash flows only and the past is not taken into account.

• Speedy disbursal and convenience

When applying for a NeoGrowth business loan, there is no requirement to visit their office. They provide doorstep service. They also have an in-house technology platform, AdvanceSuite and modern underwriting approach that ensures that the loan amount is in your bank account in just 3 working days!

Eligibility for NeoGrowth SME Business Loans for retailers with EDC/POS

• Should have sale through an EDC/POS machine
• Should have a minimum of 2 years of business experience
• Should have a minimum of 1 year with the credit card/debit card swipe machine use.
• Should have an average monthly card sale of over Rs.2 lakhs per month

Documents required for NeoGrowth SME Business Loans for retailers with EDC/POS

• VAT certificate of the business is needed
• Business PAN card is needed
• Address proof of residence and business is needed in the form of a passport/ Voter’s ID/ Rent agreement/ Aadhar card.

NeoGrowth SME Business Loans for online sellers - Features and benefits

Performance based loan approval:

NeoGrowth sanctions business loans only based on present and future cash flow and does not take into consideration past financial statements of the business. Current business stability and performance is assessed for loan approvals.

Minimal documentation:

NeoGrowth believes in a very simple loan process and thereby requires very simple and minimal documentation from the customer and they also offer doorstep services to collect the few documents that are required.

Speedy disbursal and convenience:

When applying for a NeoGrowth Business Loan, there is no requirement to visit their office. They provide doorstep service. They also have an in-house technology platform, AdvanceSuite and modern underwriting approach that ensures that the loan amount is in your bank account in just 3 working days!

Eligibility for NeoGrowth SME Business Loans for online sellers

• Should have sales of more than Rs.2 lakhs per month from online channels

Documents required for NeoGrowth SME Business Loans for online sellers

• VAT certificate of the business is needed
• Business PAN card is needed
• Address proof of residence and business is needed in the form of a passport/ Voter’s ID/ Rent agreement/ Aadhar card.
• Last 6 months of bank statement is to be submitted. It should show remittances from market places or online sources.

How to apply for a NeoGrowth Business Loan

• 1. NeoGrowth provides a 100% online loan application process. One must fill in the application form with all the details that are required online.
• NeoGrowth representatives will get in touch with you and visit you at your convenience.
• Their team will then verify the documents submitted
• The loan amount is then disbursed into one’s bank account.

NeoGrowth Business Loan – FAQs

1. What are the two types of business loans available at NeoGrowth?

There are two types of business loans at NeoGrowth – Business loans for retails with EDC/POS and business loans for online sellers.

2. How is the loan amount disbursed to the customer?

The loan amount is disbursed through NEFT/RTGS or cheque as per the customer’s need.

3. Can one pre-close a business loan at NeoGrowth?

Yes, you can opt for pre-closure of your loan at any stage without any penal charges.

4. What is the minimum and maximum loan amount one can get at NeoGrowth?

NeoGrowth provides loan amounts that being at just Rs.2 lakhs up to Rs.75 lakhs for their customers.

5. What are the tenures provided by NeoGrowth for the business loan?

NeoGrowth provides tenures that range from 6 months to 24 months based on the customer’s requirement.