“Strike the iron while it is hot”, they say. However, certain bottlenecks often stop you from leveraging lucrative opportunities, simply due to a lack of resources.
A new technology, advanced equipment or investment is often required to upscale your existing business operations. After all, a business has many capital requirements that are necessary to boost its revenue-generating capacity. Hence, the importance of working capital cannot be emphasized enough. And yet, the lack of funding at the right time often proves to be a hindrance.
So, what should businesses do?
Over the past few years, many progressive financial services companies have mushroomed in India, and business owners don’t have to rely on unsecured lenders and traditional financial institutions anymore to inject funds into their ventures. Financial products designed with attractive features are widely available these days to help businesses grow and the payment technology has also improved by leaps and bounds to make life easy for business loan seekers.
Now, if you are wondering how to boost your business to bag market opportunities at the right time, instant overdraft loan can be your best bet. It is hassle-free and quickly disbursal too. So, how does an overdraft loan help you?
An overdraft facility is set up at a customer’s current account to overdraw an amount up to the sanctioned limit, for business purposes. Customers can even deposit money to reduce the overdrawn amount. Interest is levied on the outstanding balance on a daily basis, which is usually charged at the end of every month.
Instant overdraft facility by InstantPay
InstantPay, a neo banking platform, has launched an instant overdraft product, which will provide an overdraft facility for business needs. Simply put, our online lending platform will help business loan seekers avail loan swiftly.
Instant Overdraft Key Features:
No collateral required
Interest has to be paid only on the utilized amount
Zero foreclosure charges
Paperless and quick processing
No commitment charges
How to avail the overdraft facility?
You can apply online by uploading the application form, Schedule of Charges, and a debit mandate. There is no requirement to send a physical document.
The amount sanctioned will depend on credit history and risk assessment.
The interest rate charged for instant overdraft under non-priority sector lending is quite reasonable.
With this financial product, it is possible for you to receive the loan amount within a couple of minutes, without having to submit any document physically. This will help you map your payments and collections for regular business operations, thereby making vendor management easy. The InstantPay platform makes it possible for small vendors and the otherwise unbanked sector of the country to avail loans, through its widespread network of InstantPay merchants.
While the overdraft facility is surely a boon for all kinds of businesses (especially small and medium ones), try to maintain good financial hygiene at all times, as your transactions in an overdraft account may affect your credit score.
You can follow some general guidelines such as avoiding check bounces, paying off the interest within the specified time, and utilizing overdrafts up to the sanctioned limit. Maintaining these standards will help you upgrade your credit rating and become eligible for renewal of the instant overdraft loan.