The traditional loan process can be challenging for many entrepreneurs, especially for women entrepreneurs, due to accessibility issues, paperwork, and lengthy processing times. A digital loan process, on the other hand, can offer several benefits to all borrowers, including women entrepreneurs. One of the significant advantages of a digital loan process is the elimination of geographical barriers. Women entrepreneurs in remote areas may find it challenging to reach a physical bank branch, and this can delay their loan application. However, with a digital loan process, borrowers can apply for a loan from anywhere, at any time, using their smartphones, laptops, or desktop computers. This means that women entrepreneurs in remote areas can access the same loan opportunities as those in urban areas, and their location will not be a barrier to securing a loan.
Another significant advantage of a digital loan process is the reduced paperwork involved. In traditional loan processes, borrowers need to fill out several forms, provide various documents, and go through a rigorous verification process. This can be time-consuming and may discourage some borrowers from applying for a loan. This also means borrowers may have to wait weeks or even months to receive a loan decision. This delay can be detrimental to women entrepreneurs who need the funds to start or expand their businesses. Kinara Capital provides women entrepreneurs with timely collateral-free business loans. The loan is issued in just 24 hours through an end-to-end digital loan application and disbursal process and women entrepreneurs can scale their businesses without having to wait long periods or go through complicated documentation processes.
Divya registered her business, Brookwoods Technologies in 2020. The company, which manufactures auto components for passenger vehicles like buses and vans, was hit hard by the fall-out of the pandemic, and she struggled with a severe cash crunch.
Divya wanted to get a business loan to tide her over the difficult phase, but since her company was very new, she was unsure of whether she would be able to find a lender willing to provide her with financing. Around this time, she found out about Kinara Capital from a friend, and as soon as she reached out, she was contacted by a Kinara executive who helped her get the loan process started.
Divya was quickly issued a HerVikas business loan, with the added advantage of an upfront discount. Not only was she able to get a loan, despite her business being quite new, the end-to-end digital process came as a very pleasant surprise to her, as she had been expecting lengthy wait periods and complicated processes to access a business loan.
She shares, "The best part was the digital process and the fact that even the signatures were digitized. The loan disbursement was very quick, which is exactly what we needed. We invested the amount in buying raw materials and then purchasing machinery. We were also able to double our workforce to support the increased production. Not only was I able to scale up the business, but it has also improved my morale and confidence in approaching my business. I would definitely recommend Kinara to business owners looking to improve and expand their businesses."
Timely access to financing is crucial for women entrepreneurs like Divya, as it boosts their confidence and enables them to pursue their entrepreneurial goals with a greater sense of security. Without sufficient financial resources, women entrepreneurs may struggle to start or expand their businesses, limiting their potential to create jobs and contribute to economic growth.
Divya is one of 45000+ MSME entrepreneurs in India who have benefited from Kinara Capital’s collateral-free MSME business loans. Kinara Capital, an RBI-registered, Systemically Important NBFC in India with an aim to empower the MSME sectors has disbursed 75000+ business loans worth INR 3500+ crores to date. With its branches across 3000+ pin codes, Kinara provides doorstep services in vernacular.
To get a business loan for your small business, check your loan eligibility in 1 minute in the myKinara App by downloading it from the Google Play Store, with 7 language options available, choose your preferred vernacular. You can now get a business loan by giving a missed call on 080-68264454 and go from decision to disbursement within 24 hours.