Srikanth worked at a big MNC in Singapore, and he recently returned to India to pursue his dreams. He always wanted to work in Food Industry, so he opened a catering business that serves food to employees of big MNCs, such as Cisco. Most MNCs pay invoices to their caterers after a period of one month, and the invoice is generated after serving food to MNC employees for a period of one month. This means that caterer has to deploy capital for the first two months, and he would get his returns only after two months. This means that if a caterer gets a new client then he needs capital to serve the customer. Despite loss of Rs. 15 lakhs that Srikanth suffered last year, we provided a loan of Rs. 3.5 L to him.
Like Srikanth, there are a number of caterers and other small businesses who need working capital loans. Unlike banks and NBFCs that require a ton of documents, we only need 12-months of bank statements, PAN Card, Address Proof, and last year ITR if filed. If required, we might ask you to provide your current and past purchase or sale invoices. We provided a working capital loan to Abhijit who creates videos for big companies.
Below are the steps to get working capital loan:
- Open your web browser on your laptop or mobile phone
- Enter www.loanmeet.com
- Click Get A Loan at the top
- Fill your basic details and select “Business” as loan type
Upload your documents ( PAN Card, Address Proof, and bank statements ), and complete the loan application
We at LoanMeet understand that few big businesses delay payments to small businesses, and you do face capital crunch in those situations. Our interest rates for the working capital loans are anywhere from 1.5 – 2.5 %, and you have the flexibly to make the principal payment at the end of three months. LoanMeet is here to help small businesses, and we aim to help small businesses grow their sales.