Finding it challenging to get business loans to fulfil your aspirations? Looking for business finance at competitive rates? Are you tired of making lengthy applications to banks?
Financing your Business
Financing your dreams is not easy and putting plans into action takes more than just grit. At OMLP2P, business loans offer a great funding opportunity to small businesses and entrepreneurs who do not have the credit history or assets to mortgage / pledge or knowledge and time to comply with the lengthy requirements of the conventional lenders to qualify for a business loan with traditional lenders or are looking for an immediate cash injection. P2P business loans are funded by individuals and group investors through an online lending platform that matches borrowers with investors in the shortest possible time, ensuring quick disbursement of cash for immediate business needs.
OMLP2P, the leading peer to peer lending platform, facilitates unsecured business loans without any securities or collaterals in an easy and transparent manner. It's online and easier than the conventional routes of availing loan.
At OMLP2P lending platform, we believe in easy and hassle-free documentations. Unlike banks and financial institutions, we don't put heavy document requirements when you apply for business loan through us. We simply take a few documents to meet your business loan requirements when you're getting a business loan on our platform. Our wide investors base helps you get business loans at competitive low-interest rates. On our P2P borrowing platform, we offer seamless transaction experience and provide instant loan approvals. To support your requirements, we allow borrowings starting from 3 to 36 months and from Rs. 25,000 to Rs. 10,00,000/-.
Applying for a business loan on OMLP2P is quick, easy, and seamless. Apply for easy business loans - online and connect with like-minded investors for achieving your aspirations.
Benefits of Business Loan by OMLP2P
Business loans from OMLP2P enable you to redraw your business strategies for matching today’s agile work environments. Here are the benefits of taking a business loan from an NBFC-P2P like OMLP2P.
Faster processing: Faster processing means faster credit for your business, allowing you to explore new horizons and exploit opportunities as they come your way. A timely business loan can expand your marketing potential, speed up your operations, and eventually increase your profit margins.
Preserving your ownership: Since it is an unsecured business loan, you are at no risk of losing valuable assets or giving up precious company stock in lieu of investment. So, our business loan allows you to preserve your ownership while also providing you with the funds to grow your enterprise.
Streamlines your cash flow: OMLP2P business loans increase your window of opportunity by providing both capital and time for you to streamline your cash flow and get into profitable territory. These loans allow you to strike a balance between your Business fund and company capital fund by providing investment that can be repaid in instalments.
Improve your credit score: An NBFC-P2P loan from OMLP2P is the best way to improve your business credit score as we report loan accounts to all credit bureaus. Moreover, a business loan with OMLP2P is especially beneficial for companies witnessing a recent dip in credit score due to unforeseen market conditions.
Reasons to Avail a Business Loan
Below mentioned are the circumstances under which you can take a business loan in order to meet your financial requirement:
For business expansion Opting for a business loan is a great way to arrange for the funds required during the expansion of an organisation. Business expansion can include starting a new department, launch of a new product, upgrading an operation or product, venturing a new area or market, etc. Additionally, the chances of loan approval for an existing business are usually high owing to the fact that it holds a proven track record.
To purchase machinery and equipment When dealing with a high-demand product, it is essential for the business to maintain a regular supply to the market. In order to do this, the organisation might have to increase production by investing in equipment and machinery with the latest technology. Furthermore, a company might also need to buy equipment during an expansion. Business loans are a great way to meet credit needs during such a situation.
To manage cash flow within the organisation It is difficult for small companies to ensure there is a healthy amount of cash flow within the organisation. Therefore, a business might face a shortage of money to fulfil its liquidity requirements for a working capital such as utility bills, overhead salary, inventory management, rent, etc. However, this problem can be solved if a business owner opts for a loan to meet the company’s temporary financial crisis.
Require working capital for business When the cash flow is low within an organisation due to reasons such as market boom and increase in operating cycles, it is difficult to manage regular expenses such as salaries, supplies, and raw materials. In order to keep the business running and to recover from such a financial crisis, an entrepreneur might decide to avail a business loan and keep the business operational.
To repay previous debts / Consolidation of Loans It is always a smart move to repay multiple small debts using a large loan in order to avoid paying a huge amount of money as interest. A businessman can also choose to do the same by availing a business loan.
Tips for Successful Business Loan Application
Work out how much your business needs: It is necessary to assess your funding requirements and avail a loan that will help you fund your business requirements. It is best to not borrow more than what you require since the repayment may become a hassle.
Check your credit score: Your credit score indicates your creditworthiness. Individuals with a good credit score are considered less likely to default on their repayment. To increase your chances of being approved for the loan at an affordable interest rate, it is advisable to have a credit score above 750. Before applying for a business loan, make sure to check your credit score and take the necessary steps to improve your credit score, if necessary.
Understand the repayment terms: For business loans, the borrowed amount is, in most cases, repaid via Equated Monthly Instalments (EMIs). OMLP2P usually take your repayment capacity into account and decide on a loan tenure and monthly EMI that is affordable. As an applicant, you should ensure that you understand your repayment terms. Make sure to not default on EMI payments since it can cause your credit score to dip.
Check the charges: Certain charges that are levied on business loans include the interest rate, processing fee, early pre-closure fee, etc.
How to Apply for a Business Loan Online?
You can easily apply for a business loan through OMLP2P. You will only be required to provide few basic details which will help OMLP2P check your eligibility for a business loan. OMLP2P will take you through an easy to fill form wherein you will be providing the following information:
You must provide your personal information, such as your name, mobile phone number, and your email ID
Your date of birth
The city in which you reside
Basic documents such as PAN card, Aadhaar Card, etc
Business registration details such as Trade Licence, COI, GST, etc.
The bank account details associated with business
Last two financial years Income Tax Returns (ITR)
Last two financial years Profit and Loss account statement along with Balance sheet
If you have any existing loans, you will be required to mention the same