The Government is generating huge loan schemes to help out the MSME sector get back to business. However, not all small businesses can avail huge loans right now. What they need, are short term loans, easily accessible, and with minimal paperwork.
To help such businesses get the short term capital they need to bounce back, we introduced InstaCash; a quick solution for your short term working capital requirements.
What is InstaCash?
The pandemic lockdown put a halt to businesses expansion goals for the year. Besides that, some businesses are finding it difficult to resume standard operations due to a severe lack of capital and poor liquidity. InstaCash is a short term loan facility powered by Instamojo.
Features of the InstaCash Short term loan
- InstaCash allows eligible customers to borrow up to ₹ 1 Lakh based on the underwriting policy, for a period of either 7 days or 14 days.
- Simply place a request for the loan amount by clicking on the InstaCash option on the Left-Hand Side of your dashboard.
- Once approved, you will get the InstaCash amount credited to your bank account.
Who can apply for InstaCash?
Only eligible customers can apply for InstaCash. Here’s how you know you can avail the credit:
- Completed KYC – Ensure you have your KYC documents approved by Instamojo. Here’s how you can re-submit your KYC documents on Instamojo:
- Consistent Sales- If your business is active on Instamojo for at least 6 months and engaged with customers.
- Repay before the due date – If you have successfully received InstaCash to your business bank account, your repayment rate is also calculated to see if you are eligible to avail the loan again in the future.
How to maintain good credit during COVID?
InstaCash is the right option for your business to get operations re-started. If you’re looking for easy, accessible loans, InstaCash works well for you. In case your business is ready to apply for a long term loan, you need to make sure that your business maintains a good credit score. Here’s how you can ensure that right now:
- Maintain e-receipts and invoices of all your transactions with vendors. Check out this guide to know more about generating e-invoices.
- Keep a track of GST, bills and loan repayments.
- If you cannot pay all your bills at once, ensure you pay the minimum amount due on your balance.
- Do not borrow big if your micro business is new or has been impacted. Resume operations, borrow small and repay in monthly instalments.
- Manage your accounting diligently. You can manage your inventory and accounts online with ProfitBooks, and it’ll also help to learn the basics of accounting for your business. You can check out our free course on business accounting here.
Why use InstaCash and not depend solely on a bank to avail credit? For starters, as India’s fastest-growing on-demand payments and e-commerce platform, we enable over 1,000,000 small businesses and startups to build, manage and grow their business online. So, it’s important for us to identify their challenges and assist in any way we can. By doing so, we enable growth for 1 out of every 100 small businesses in the country.
2020 can still turn around for your business with a little InstaCash.