Business Loan FAQ's & Answers
1. What are the types of loans I can apply for?
Ans: There are 2 types of business loans that we at NeoGrowth offer-
Business Loans for retailers/Shops/Merchants using debit/credit card swipe machine
Business Loans for Online Sellers who are selling on marketplaces/have their own e-commerce stores.
2. What is the minimum business loan amount that I can avail?
Ans: We at NeoGrowth provide business loan amount starting from Rs.2 Lakh.
3. Up to what amount can be disbursed?
Ans: We offer business loans to small businesses as well medium sized businesses. Your loan amount is based on your business performance and a few other criteria that we look at before disbursing the loan.
4. What is the maximum tenure of business loans at NeoGrowth?
Ans: Our loans can extend from 6 months to 24 months depending on the type of loan extended to you and your business performance.
5. What process does NeoGrowth follow after I apply for a finance loan?
Ans: We assure you of a hassle free experience at NeoGrowth. Our executive will contact and visit you at your convenience to start the loan application process. Once you submit all the requisite documents, we will verify and do a credit check of your business. Post sanction, we will disburse your loan directly into your account within 24- 48 hours*.
6. If I sell through retail outlet using POS machine and online, can I get loan from NeoGrowth?
Ans: Yes. We at NeoGrowth have a lot success stories where we have given loans to businesses who do both online and retail sales. We verify your retail and online business performance and accordingly extend a loan which is combination of both. The advantage is that you get a loan of higher amount and longer tenure..
7. How much time does it take for NeoGrowth to sanction my loan?
Ans: We are continuously striving to make this as short as possible. Our process starts once you submit all your documents and fill the loan application form. It usually takes us between three to five days for processing and loan is disbursed within 24-48 hours* after sanction.
8. How will the loan be disbursed to me?
Ans: There are two modes for this: Either NEFT/RTGS or cheque as per your convenience and preference..
9. Can I pre- close my loan?
Ans: Yes, you have an option of pre-closure at any stage without any penal charges.
10. In which locations can I avail of a Business Loan?
Ans: We are currently present in all major cities of India. Our current network is in the following cities: Ahmedabad, Mumbai, Delhi, Bengaluru, Pune, Chennai, Chandigarh, Hyderabad, Jaipur, Kolkata, Lucknow, Vadodara, Madurai, Mysore, Nagpur, Indore, Ludhiana, Vijayawada, Surat, Coimbatore & Vizag.