What is a Micro LAP?
Micro LAPs (Unnati) are small business loans designed to support people opening retail shops and other small businesses. These microfinance loans from EFL are especially valuable for entrepreneurs who may not have substantial funds or established credit histories. With a Micro LAP, a businessperson could comfortably start or expand their business.
Our Small Business Loan Features and Benefits
Overview
Quick, Easy & Simple Microfinance Loans
The unorganised sector is one of the fastest-growing sectors in the country. Yet, it remains highly underserved. Microfinance loans, like the small business loan from Electronica Finance Limited, are an excellent way to help individuals in these sectors kickstart and grow their businesses.
The microfinance loan facility by Electronica Finance Limited offers hassle-free and timely financial support for:
- Home Renovation/Home Repairs/Home Improvement
- Small Grocery/Kirana Store Owners
- Education
- Wedding
- Dairy Farm
- Owners/Small and Marginal Farmers
- Mechanics/Repair Shop Owners/Small Garage Owners
- Food Cart Owners/Fruit and Vegetable Vendors
- Other Business Owners (Travel Agents, Auto Drivers, Small Vendors, Tailors)
By meeting the small business loan eligibility criteria and providing the necessary documents required for it, individuals can easily access the funding they need to succeed.
If you are in need of financial support for your small business, we can help. Our team will guide you through the entire process and ensure that you secure the loan that meets your needs.
Benefits of a microfinance loan from us
Our tailored small business loan is an excellent microfinancing option that empowers business owners to take their business to the next level. We understand how hard it is to get started, and we want to ensure that it doesn’t stop you from reaching your goals.
With Electronica Finance Limited, you could use the microfinance loan for:
- Daily business operations
- Emergency cash requirements
- Purchase of wholesale products
- Purchase of raw material
- Machinery purchases
- Workers’ salaries
- Debt consolidation
- Shop rent payment
Our process
Applying for our Emerging Enterprise Loan is simple and easy process. You can apply online by following below steps:
Click “Apply Now” on the top right corner of the Machine Loan product page.
Enter details like company name, required loan amount, contact details, city etc.
Once you have rechecked all the details entered in the form, click on “Submit”.
For further process & details, our tele calling team will call you within 24-48 hrs.
Eligibility criteria to avail our small business loan
- Good Loan Repayment history
- Business vintage of over 3 years
- Adequate monthly cash flow to serve EMIs
Please Note: The above criteria will increase your chance of getting a loan, but it is not a mandatory requirement.
Documents required to avail our small business loan
- KYC Documents – Identity Proof, Address proof, Age Proof and Signature Proof
- Bank Statements –
1. Loan Amount less than INR 10 Lakhs – Last 6 months Bank statements.
2. Loan Amount INR 10 Lakhs & Above – Last 12 Months Bank statements. - Income Documents –
1. Salary Slip / Salary Certificate
2. Income Tax returns for the Last two years for self-employed category (If available)
3. Kachha / Pakka Records (To be available at the time of Login or maximum at the time of PD but certainly not after PD)
4. If available to be provided else not mandatory for Less than Rs 5 lakhs cases
5. For Cases more than Rs 5 lakhs, some verification documents to be available - Electricity Bill – In the name of Borrower or the Owner
- Property Documents – Property Documents to be provided at the time of Login, In case few doc are pending PD can be completed
FAQ's
To apply for a loan, simply fill out our online form. We will contact you within 24 hours to discuss your options and answer any questions you may have.
Be sure you have all your paperwork together and be ready to provide information about your business and personal finances when asked.
Yes. If loan amount exceeds ₹75k then you need to give Residential/Commercial property as a collateral.
The amount you are eligible for will depend on the purpose of the loan and your personal or business credit rating. Under Micro LAP you can get a loan starting from ₹75k up to ₹25 Lacs.
It usually takes 1-2 weeks from start to finish if we have all of the information needed upfront from the borrower(s).
Applying for a Micro LAP loan through us is fast and easy. Once we receive your application, we will review it and contact you with approval or denial within 24-48 hours (business days only). If approved, the funds will be deposited directly into your bank account within one business day after funding approval.
Industries served
Area's we serve
- Delhi
- Faridabad
- Gurgaon
- Sonipat
- Belgaum
- Bengaluru
- Bengaluru (Bommasandra)
- Aurangabad
- Pune
- Pune- Chakan
- Pune- Khed Shivapur
- Pune- Lonikand
- Pune - Pimpri
- Kolhapur
- Mumbai - Goregaon
- Mumbai - Vasai
- Nagpur
- Nashik
- Thane
- Chandigarh
- Ludhiana
- Chennai
- Chennai(Thirumudivakkam)
- Coimbatore
- Agra
- Ghaziabad
- Kolkata
- Baroda
- Rajkot
- Surat
- Vapi
- Jamshedpur
- Indore
- Pondicherry
- Bhiwadi
- Jaipur
- Hyderabad
- Roorkee
Customer success stories
Electronica Finance standby with us and helped in financing us with an excellent support when no banks and financial institution supported us. Thank you Team EFL!
Mr. Nimesh Gajjar
Electronica Finance understood my aspirations as an entrepreneur. With Electronica Finance all happened in lightning speed. Our company has because of EFL's support.
Mr. Arun Dhanpal
Electronica Finance gave us the much needed direction and finance and supported us all along the way in our journey. We owe our success to Electronica Finance.
