LoanSimple: Simple Loans for Faster Growth

LoanSimple is a fintech start-up that provides small business loans, payments, and insurance solutions to micro businesses in India. LoanSimple aims to empower micro businesses by offering them easy access to credit, hassle-free payment options, and affordable insurance plans. LoanSimple helps micro businesses grow faster and achieve their financial goals.

LoanSimple

Details of the startup:

  • CITY : Gurugram
  • STATE : Haryana
  • STARTED IN : 2017
  • FOUNDERS : Daman Singh Kohli and Sanny Chaudhary
  • NUMBER OF INVESTORS : 9
  • LATEST ROUND INVESTMENT : ₹20.03M
  • TOTAL INVESTMENT : ₹112.70M
  •   TOTAL SECURED LOANS AVAILED : Nil

You can find their website here

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What are Micro Businesses?

Micro businesses are small-scale enterprises that typically have less than 10 employees and operate in the informal sector. Micro businesses form the backbone of the Indian economy and contribute to 90% of employment generation. However, micro businesses face many challenges in accessing financial products and services, such as:

  • Lack of collateral: Most micro businesses do not have any assets or property to pledge as security for loans, and hence are rejected by traditional lenders.
  • Lack of documentation: Most micro businesses do not have any formal records or proof of income, and hence are unable to meet the eligibility criteria of banks and NBFCs.
  • Lack of digital literacy: Most micro businesses are not familiar with online platforms or digital modes of payment, and hence are dependent on cash transactions and intermediaries.
  • Lack of financial inclusion: Most micro businesses are excluded from the formal financial system and do not have access to savings, insurance, or other financial products that can help them manage their risks and opportunities.
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How LoanSimple Helps Micro Businesses?

LoanSimple is a digital lending platform that offers small business loans to micro businesses in India. LoanSimple offers a credit line of up to Rs. 5 lakhs, which can be used for any business purpose, such as working capital, inventory, expansion, or renovation. LoanSimple also offers solutions for payments and insurance, which help micro businesses to accept payments from customers, pay suppliers, and protect their health and assets. LoanSimple offers the following benefits to micro businesses:

  • Minimal documentation: LoanSimple requires only PAN, Aadhaar, and 12 months bank statement to process the loan application, and does not ask for any collateral or guarantor.
  • Fast approval and disbursal: LoanSimple approves the loan application within 48 hours, and disburses the funds directly to the bank account of the borrower.
  • Flexible repayment: LoanSimple allows the borrower to repay the loan in daily installments, which are deducted automatically from the bank account. The borrower can also top-up the loan whenever needed, without any penalty or extra charges.
  • Low interest rate: LoanSimple charges a competitive interest rate, which is based on the credit score and repayment history of the borrower. The interest rate is calculated only on the amount used, and not on the entire credit line.
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How to Apply for LoanSimple?

Applying for a loan from LoanSimple is simple and easy. The borrower can follow these steps to get a loan from LoanSimple:

  • Visit the website: The borrower can visit the website 1 of LoanSimple and fill out a simple form with basic details, such as name, phone number, email, and business name.
  • Get a call: The borrower will receive a call from a LoanSimple representative, who will verify the details and ask for some additional information, such as business address, monthly revenue, and loan amount required.
  • Upload documents: The borrower will be asked to upload the scanned copies of PAN, Aadhaar, and 12 months bank statement on the website or the mobile app of LoanSimple.
  • Get approved: The borrower will get an instant approval decision from LoanSimple, along with the credit line amount, interest rate, and repayment terms.
  • Get money: The borrower will get the money transferred to the bank account within 48 hours of approval.

 

How to Use LoanSimple for Payments and Insurance?

LoanSimple also offers solutions for payments and insurance, which help micro businesses to manage their cash flow and mitigate their risks. The borrower can use LoanSimple for the following purposes:

  • Payments: The borrower can use the LoanSimple app to accept payments from customers, using QR code, UPI, or card. The borrower can also use the app to pay suppliers, vendors, or employees, using bank transfer, UPI, or wallet. The borrower can enjoy instant settlements, zero transaction charges, and cashback rewards on every payment.
  • Insurance: The borrower can use the LoanSimple app to buy health insurance for the entire family, using daily installment premium. The borrower can also use the app to buy insurance for the business assets, such as inventory, equipment, or vehicle, using monthly installment premium. The borrower can enjoy low-cost coverage, easy claims, and flexible plans.
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How to Contact  LoanSimple ?

If you have any queries, feedback, or complaints regarding LoanSimple , you can contact them through the following ways:

  • Call them on their toll-free number: 123.456.7890
  •  Follow them on their : LinkedInFacebook
  • Visit their office at: LoanSimple (Unogrowth Technologies Pvt Ltd LG-006, DLF Grand Mall, Mehrauli-Gurgaon Rd, Gurugram,                                                                               Haryana 122002

If you are interested in learning more about LoanSimple and how it can help you grow your business, you can visit their website  to explore their products, features, stories, and resources. You can also request a demo, a quote, or a consultation by filling out a simple form on their website. You can also follow them on social media platforms, such as LinkedIn , Facebook  to stay updated on their latest news and events. LoanSimple is committed to providing simple loans for faster growth to micro businesses in India.

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