6 Reasons to Apply for Micro Loans in India

Micro loan companies offer the unique facility of micro loans to small business owners. If you have the required business loan eligibility, you can get a significant amount to cover the diverse needs of your business. 

But many small business owners are unaware of the reasons apply for a micro loan can help them in so many ways. Read on and find out the reasons to apply for a loan from top micro loan companies!

Here’s why you should apply for an online micro loan in India   

  1. A large loan amount 

One of the most significant benefits of applying for a loan from micro loan companies is accumulating a considerable amount. As per your eligibility, you can get up to Rs.45 lakh from renowned micro loan companies in India. 

  • Easy balance transfer facility 

If you already have a micro loan running and pay a large interest amount, you don’t need to suffer. It is because you can always switch your micro loan from one lender to another using the balance transfer. This way, you can pay smaller EMIs and even save on interest charges. 

  • Quick approvals 

If you have the required eligibility to apply for a micro loan, then a known lender may not take much to process your application. You can get quick approval and can march ahead to get the funds in your account. 

  • Money in your bank within 24 hours 

Once approved, the sanctioned micro loan amount gets credited into your bank account within 24 hours within approval. What’s more, the documents required by micro loan companies are also collected from your doorsteps. 

  • Flexible tenor 

When it comes to the repayment of the micro loan amount, you don’t have to worry and pay a large amount. In turn, you don’t need to make it taxing your wallets. It is because you can always spread your micro loan amount over a flexible tenor. 

  • Flexi loan feature 

Many lenders offer micro loans in India with the Flexi loan feature that makes the borrowing easier for you as it lets you withdraw any amount from your limit. You can do that as many times as per your needs from your limit without hindrances. The biggest benefit of this Flexi feature is that you can always pay only the interest on the utilized amount and nothing more. The remainder of the principal amount gets adjusted after the end of the tenor. This way, you are able to save up to 45%* on your EMI repayments. 

Once you apply for a loan with leading micro loan companies, you don’t need to visit your lender to know about the progress of the loan. It is because it is possible to track your loan’s every detail online. You can do that via your lender’s customer portal for free and round the clock. 

With so much going for a micro loan, you can apply for it online and cover your financial needs with easy to meet your business loan eligibility.

To make the process simpler and less time-consuming. lenders like Bajaj Finserv offers personalised loan offers on its products such as business loan, personal loan, home loan, etc. You can simply avail of these pre-approved deals by sharing your contact details.     

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