Unsecured Loans in India: Are You Eligible for One from a Fintech Lender?

Unsecured Loans in India: Are You Eligible for One from a Fintech Lender?


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Small businesses can get easy access to unsecured business loans without worrying about collaterals. Here are the basic eligibility criteria for small businesses.

Unsecured Business Loans have changed the way the small businesses get access to the funds, while so far the small businesses had a tough time reaching out to the traditional lenders as they demand collaterals like home or office property to evaluate the creditworthiness of the small businesses and since most small businesses run on a rented or leased premise it became virtually impossible for them to secure a business loan with the traditional lenders. Also, the traditional lenders take a lot of time to process the business loans which is another factor that keeps the small businesses away from loans when they need it.

This is where the unsecured business loans revolutionized the way the small businesses looked at business loans as they are no longer needed to depend upon collaterals and get unsecured loans in India based upon their own business transactions. The top digital lenders like Indifi help the small businesses to get access to unsecured business loan without collateral and in quick turnaround time.

The fintech lenders like Indifi evaluate the creditworthiness of the small businesses based on several factors. Here is how one identify if they are eligible for unsecured business loans in India:

Digital Trace of Transactions

The digital lenders like Indifi evaluate the creditworthiness of small businesses based on the digital trace of their transactions, these transactions could be the consumer transactions they do or the amount they receive from their business clients in their bank account. These transactions could be analyzed by the fintech providers to help the small businesses with the unsecured business loan.

Association with Partners

To provide the digital trace of transactions the small businesses can also provide their business data of transactions with their partners they do business with. For instance, the retail shop owners can connect the unsecured loan providers to the card swipe machine providers to get their creditworthiness evaluated and similarly the restaurants can connect the digital lenders with the food delivery apps with whom they do business to get access to unsecured business loans. The travel agents and hotels can get access to the unsecured business loans based on their transactions with the travel booking aggregators. Other small businesses can also get access to unsecured loans based on the digital trace of transactions with their partners.

Access to Bank Statements

Bank Statements are a great way for small businesses to provide access to the digital trace of transactions if they are not working with a partner and take account payments from their clients. The leading fintech platforms can evaluate the bank statements using advanced machine learning algorithms that read through the bank statements online. For small businesses that have the login details to their Banking Account, it becomes a real-time job without even having to worry about taking out bank statements.

Digital Verification

The fintech platforms provide quick access to unsecured business loans to the small businesses and unlike the traditional lenders, the digital lenders like Indifi process the unsecured loans in quick time as quickly as within 24 hours and for this, they need digital verifications instead of the manual verifications used by the traditional lenders. The small businesses who use the digital leverages like Aadhar, GST amongst others get real-time access to the unsecured loans in India. 

Identified Usage

The fintech platforms provide unsecured business loans for specific usages to the small businesses, this ensures that it remains easier for the small businesses to manage the unsecured business loans and also repay on time with the flexible repayment options provided by the fintech players. For instance, travel agents can get unsecured loans for 7 days to repay the travel booking aggregator and then pay the digital lenders when they get their money from their customers. Similarly, identifying the right usages helps digital lenders to provide the right fit unsecured loans to small businesses.

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