Funding Your Dream: A Guide to Business Loans for Startups

small business loan

According to recent reports, India had a whopping 1,17,254 recognized startups as of December 2023. Besides government funding schemes, various small business loan lenders, such as Manba Finance, are making the entrepreneurial dream possible for people.

However, many are apprehensive about business loans, considering the financial risks, debt burden, and high-interest rates. In reality, it’s not as daunting as you think, and Madhura is here to prove that with her journey of expanding her part-time home bakery business to a full-fledged ‘Maddy Bakes’ in Mumbai with the help of an instant business loan from Manba Finance! 

Tell us about your business story. What prompted you to take a small business loan

Madhura: I launched my home baking business four years ago as a side hustle. Soon, I hit a point when my sales started crossing the monthly salary I took home from my full-time job. I took this as a sign to quit my job and pursue my passion full-time. With the launch of ‘Maddy Bakes’, the orders increased steadily. I realized I needed to transition my business from a home set-up to an industrial space and invest in commercial baking equipment, a baking team, and a marketing person to manage my socials. After calculating the costs, I needed an additional eight lakhs for my capital. That’s when I stumbled upon Manba Finance, offering instant business loans of nearly 10 lakhs for a flexible tenure of up to 4 years!

What were the next steps in your business loan procurement journey?

Madhura: Manba Finance’s website outlines everything in simple terms. I went through their small business loan page and noted down all important details, including the eligibility criteria, documents, credit score, and collateral options. Notably, they offer business loans without collateral, making the personal business loan application process more accessible and straightforward. 

What was the online business loan application process? 

Madhura: Applying for a business loan with Manba Finance was the most seamless and stress-free experience. I had to fill out a form on their website, providing basic details like my name, email, phone number, location, and CIBIL score. After that, they promptly reached out to me. I submitted all the required documents, including proof of identity, proof of address, last six months’ bank statement, business existence proof, and property ownership proof. They assessed my profile quickly, understood my loan requirements, and sanctioned it within three days!

How did Manba Finance help you? 

Madhura: Since I was applying for an online business loan for the first time, I was confused about choosing a suitable repayment schedule. I contacted Manba Finance, whose representative patiently discussed my business needs and financial circumstances. They explained the current business loan interest rates and finally recommended a comfortable loan tenure that aligned with my situation.

Did you face any difficulties when managing your loan?

Madhura: To be honest, I did not face many difficulties. Before applying for the business loan, I ensured my bakery business yielded enough income to cover the monthly EMIs and other expenses. Secondly, I had built up enough savings, so at the back of my mind, I knew that if my business was low in any month, I could continue to pay the loan without any delays. 

Lastly, do you have any tips for other loan applicants to improve their chances of loan approval? 

Madhura: Getting a personal business loan approved depends on two main factors: the success of your venture and your credit history. Manba Finance requires profitable business continuity for a minimum of three years. A high credit score improves your chances of getting the desired loan amount and tenure you want.

Apply for a business loan with Manba Finance!

Finding a business loan without collateral and low business loan interest rates is a tough combo. Still, Manba Finance has made it possible to help Indian startup ventures grow to greater heights. Initiate your application process today!

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