FlexiLoans is a cutting-edge financial solution designed to address the funding needs of Micro, Small, and Medium Enterprises (MSMEs) in India. Here’s a comprehensive overview of what FlexiLoans offers and its key features:
What FlexiLoans Does
FlexiLoans provides a range of unsecured business loan products aimed at bridging the funding gap for MSMEs, particularly in Tier 2 and 3 cities. The platform leverages advanced technology and alternative data sources to offer quick, hassle-free, and flexible financing solutions.
Key Features and Functionality
Loan Amount and Tenure
- FlexiLoans offers business loans ranging from ₹50,000 to ₹1 crore, with some specialized loans extending up to ₹2.5 crores for specific needs like vendor financing.
- The repayment tenure is flexible, ranging from 12 to 36 months, allowing businesses to choose a period that aligns with their cash flow and financial planning.
Interest Rates
- The interest rates are competitive, starting at 1% per month, which helps businesses minimize their borrowing costs while investing in growth opportunities. The pricing model is transparent, ensuring no hidden fees.
Collateral-Free Loans
- One of the standout features of FlexiLoans is that all loans are unsecured, meaning no collateral is required. This is particularly beneficial for startups and small businesses that may not have significant assets to pledge.
Quick Disbursal
- FlexiLoans is known for its rapid disbursal process, with funds often available within 48 hours of approval. This quick access to capital allows businesses to seize opportunities and manage emergencies without delay.
Flexible Repayment Options
- The platform offers flexible repayment options, including monthly installments that can be tailored to fit the business’s cash flow. Borrowers can also make part-prepayments without additional fees, reducing the outstanding principal and interest.
Minimal Documentation
- The application process is streamlined with minimal documentation requirements, which include PAN Card, Aadhar Card, GST details, and bank statements for the last six months. This makes it easier and faster for MSMEs to secure funding.
Customized Loan Products
- FlexiLoans provides a variety of loan products to meet different business needs:
- Unsecured Business Loans: For general business expansion, working capital, and equipment purchases.
- Revolving Line of Credit: Borrowers only pay interest on the utilized amount, not the full approved amount.
- Merchant Cash Advance: Loans against future debit and credit card transactions.
- Vendor Financing Loans: For financing the purchases of goods and services from vendors.
Digital-First Approach
- The entire application and management process is online and paperless, allowing businesses to apply for loans from the comfort of their office or home without extensive paperwork or in-person visits.
Pan-India Presence
- FlexiLoans services are accessible to MSMEs across Tier 1, 2, and 3 cities in India, ensuring that businesses nationwide can benefit from their financial solutions.
In summary, FlexiLoans is a robust and flexible financial platform that empowers MSMEs by providing quick, unsecured, and customized loan solutions, thereby driving financial inclusion and business growth across India.