Micro loan online companies in India
- Micro finance loan is easy to avail with minimum documents.
- You can avail of microloans if you are a small business owner.
- Robocash provides easy, hassle-free access to loan.
Micro loan companies are financial institutions that provide small-scale financial services, including credit and savings. Microfinance loan specialize in helping the poor, particularly those living in rural, semi-urban, and urban areas. These financial services help people in a variety of ways. For example, you can use it to reduce vulnerability to income shocks, increase savings, smoothen consumption, and support self-empowerment.
Microfinance online is available to those who don't have traditional financial resources. The interest rates for microfinance loan interest rates tend to be higher than those on conventional personal loans.
Financially disadvantaged individuals have access to capital through microfinance loan. These groups would have borrowed money from family and friends if microfinance institutions did not offer loans. They are more likely to choose payday loans or fast cash loans.
These groups can use microfinance to make wise investments in their businesses. It aligns with the government's vision for financial inclusion in the country. Group loan microfinance is also popular in some areas.
What is a Micro loan?
Microfinance loans can be essential because they are made to borrowers without any collateral. Instant Micro Loan should have the end goal of helping recipients to grow.
Personal loan applications can take up to three months to be processed by traditional banks. Moneylenders charge very high-interest rates, making this process extremely difficult. Micro loan apps are a great idea in this economic environment to provide a quick and easy cash loan in India.
Personal loan apps are the best way to get a cash loan in India. t is because the internet has transformed India's economy. You can now purchase everything from vegetables to Smart TVs and other products online, all from the comfort of your own home. It is true even if you require quick and easy personal loans in India.
Robocash Micro loan app is the most straightforward app you can use. You need to fill in basic details about yourself—upload photos of KYC documents. Robocash does not require you to upload the salary slip. You get Money instantly after approval. You can use this money for any personal use.
Key Features of Robocash micro loan
When you take a Microloan most crucial thing for you is the interest rate. It is a general perception that micro loan charges higher rate. The fact is micro loan charges for the short term; therefore interest rate looks higher. For example, you take a loan from Robocash for a medical emergency. You repay your loan in 15 days. You will pay the interest rate only for 15 days. You need to pay interest from the next day of disbursement, not from the date of application. If you calculate this way, Micro loans are not costly. You can also use this Loan for micro businesses.
- Available without income proof
- Short term loans
- Pay interest only for the days you use Money
- Get a Loan even with a low credit score
- Get a higher limit every time you repay your loan on time
- No collateral required
- It is for personal use
- Available anytime from any internet device
- No Assets or documents required
The rise of internet accessibility has made it easy for everyone to get a microfinance loan. Robocash is leveraging technology to make it a smooth and easy experience for everyone. Robocash's website is available in major regional languages as well. Robocash provides fast disbursals. You can rely on Robocash for any emergency. When you repay your Robocash Loan on time, it also reflects in your credit history. You can take a Robocash loan to improve your credit score by repaying your loan on time.
How to apply for Micro Loan Online?
When you take a loan from any traditional institution, you need to visit the bank or NBFC office. It requires you to carry physical documents. Fill long forms and submit your data. Sometimes you need to revisit the lender again and again. You don't get information about the status of your application. Sometimes you end up losing your papers. The process takes 2-3 weeks to complete. After a long wait, you get to know your application is approved or rejected. You already invested so much time and effort to get the Loan. It is not the case with the online application.
When you apply for Robocash microfinance online, you skip all these steps. Online applications are a simple process. You can check the status of your application anytime. If you are not approved, you will get to know about it at the same time. So you do not have to wait so long.
Steps to apply
- Download the Robocash app or visit the website
- Provide your basic details
- On Soft approval, upload KYC photos
- Once KYC is approved, wait for auto verification
- Get Money instantly in your bank account.
- If you are a repeat borrower, you need to do only the first and last steps. You do not have to do the entire process again. Therefore, repeat borrower gets Money even faster than regular borrowers.
Loan for micro business in India
Owning a small business brings up many challenges for business owners. There are many government schemes for micro businesses. This scheme covers only registered companies. If you own a shop in the local market, you are probably not qualified for MSME loans. If you have a small business where you are the only one working, most probably you will not be able to get government schemes.
Robocash does not offer a particular loan for business. You can use Robocash micro finance personal loan for any purpose. It can help you in your business. Robocash provides an opportunity to offer you a loan.
You can use this Loan for these.
1. Paying rents for your shop or business place
2. Making a payment to your vendors
3. Buying special merchandise
4. Paying salaries to your employees
5. Investing in marketing and sales
6. To pay utility bills on time
You can use this Loan for micro businesses. The only restriction is that you cannot use this Money for financial investment purposes such as share market or mutual fund. You can also not use this Money for any illegal purpose. The best thing about Robocash is that it is available instantly. You do not pay anything extra if you close your Loan early. You do not have to any additional charges for closing your loans before the due date. You end up saving more by repaying your loan early.
How to choose a good micro loan company
There are many micro loan companies in the market. It becomes challenging when you have to choose one. Do remember you should not apply for multiple loans same time. It will impact your credit score and reduce your chances of approval. You should look at eligibility criteria and apply only for a company where you have a higher chance of approval.
Here are some tips which can help you to choose the right company.
- If a company asks for any charges before your loan application approval. You should not apply there.
- Check if the company is registered with RBI or not. You will find this data on the company website.
- Check what options the company has in case you are not able to repay the loan on time.
- Check interest rate and processing fee charges
- How fast application will be approved
- If a company asks for too much documentation and physical verification, do not go for it.
- Go for a company that offers the best price and easy process.
Micro finance loans is helping with small short-term needs to empower people. It is easy to avail with minimum documentation. You do not require any collateral, Guarantor, and Guarantor to get an instant micro Loan.
You can avail of micro finance loans if you are a small business owner or vendor.
Robocash provides easy, hassle-free access to microfinance loan. Repeat borrowers can get Money instantly anytime.