For small retail business and street vendors getting loans through unthorised loan apps or unknown source could be more easier than applying to any bank or NBFC. But with higher interest rates and pledged security and data theft small shopkeepers are harassed in the name of small credit or pay later offers by private companies . Also , there are limited options for small shopkeepers to apply for a small credit on a regular basis , to cater this problem Prefr as started by HERO Fincorp Finance started a loan credit product to lend small funds to the business owners to run their business without getting problems in credit.
Prefr is a renowned brand in business lending initiated by Hero Fincorp and LiQUILoans. How you can apply for a short term business credit or business loan for Rs 50000 from Prefr Online is what we have tried to explain you in this article.
Small Business Loan in India for Rs 50000 Demand and Supply
For daily buying the inventory or managing the working capital needs like labour , transportation or material stock in the business , every entrepreneur requires small credit option for day to day basis. While there are lakhs of small unregulated credit companies offering to small businesses but their interest rate and conditions are not feasible to everyone.
Comparing demand and supply for business loan , it changes with the size of the entity where the minimum amount of loan require is as low as Rs 25000 for a day or a week to a maximum of Rs 5 crore for a month or 6 months period .
Prefr Business Loan Company Online
Prefr business loan and credit options provide a decent option to small startups, business owners and street vendors to receive small credits for their business . Not only on the basis of their banking history or transaction basis but also on their market creditability , the company offers credit to the loan seekers.
With prefr.com you can apply for a loan of a amount as low as Rs 10000 to a maximum of Rs 1 lakh based on your repayment capacity. The interest rate charged by Prefr.com is equal or certainly higher than the bank interest rate which is feasible for every applicant.
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Interest Rate Charged by Prefr for Business Loan Application
The interest rate charged by Prefr.com on any loan credit is same as the banking loan interest rates charged by the bank in their area or the interest based on the risk profile of the customer.
EMI on Prefr Loan Application Online
The EMI with Prefr.com loan application online can be divided by the company itself and provided by the team of Prefr.com . While , the EMI or lumsump clearance option of the loan can be opted with prefr.com within a week or within few days as provided during the loan application .
How to apply Business loan for Rs 50000 from Prefr Online ?
To apply a business loan with Prefr.com , here is how you can proceed with the procedure ;
- Go to Prefr.com.
- Click on Download Prefr.com Mobile Application .
- Click on Apply for Loan .
- Enter form and details for Income and Employment .
- Upload PAN , Bank Statement and Address Proof.
- Select Autodebit or Epayment option .
Do you require a Good CIBIL Score for apply business loan from Prefr.com ?
No , team there at Prefr.com does not ask you for a CIBIL Score . While you can apply for a small credit or a small bank loan with the company based on your banking history and answering to some of their questions .
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Conclusion
Prefr.com is a great option to apply for a business loan online while the company holds the limited conditions and the lowest interest rate in charging for the EMI. Also , loan can be repaid to a short period of as low as 7 days or a month period which is similar to paying to a credit card payment .