How do Chola SBPL Loans support the small business sector?
Chola caters to the unreached segments of the society. Our main value is making the nation better by contributing to the development of the nation by empowering every aspiring citizen. Small businesses have a major role in our country’s development. We take it up as our duty to financially empower these small enterprises. Financial freedom gives them the wings to achieve great heights in their field, and ultimately, considering the big picture, this will empower our nation.
As discussed earlier, Chola supports very small businesses that are rejected for loans by other lenders in the market. Small business sectors lack access to formal sources of credit due to several reasons like not meeting the credit score requirements, not having required documents, etc. These small businesses rely on local lenders or chit funds that charge a huge interest on principal loan amounts. Chola is helping these small businesses by granting them instant loans based on the security asset they pledge for their loan.
Usually, first-time borrowers will not have a credit score because a credit score will be estimated only when a lender, NBFC, Bank or any other entity requests to evaluate the creditworthiness of a customer. So, it is very tough for a first-time borrower to avail loan from a bank, RBI-recognized lender or organized NBFC. Chola is here to solve this problem for customers who borrow money for the first time to set up their small enterprise. We ensure quick processing of your loan application and fast disbursal of your loan amount directly to your bank account.
The start-up ecosystem has seen a great boost after the Corona pandemic period has ended completely. The rise of start-ups will empower India and pave the way for excellent economic growth. Start-ups will not have a proper record of their revenue and profit. This makes it tough for these companies to apply for a loan from traditional sources. Chola funds start-ups with an instant loan against security to satisfy their capital requirements.
Chola financially supports all types of large, medium-sized, and small businesses. Chola especially cares about backing local businesses in India because we believe that every Indian citizen should have access to credit. We not only care for well-established brands and businesses but also for budding enterprises and small business units that work hard to thrive and sprout out well in the business ecosystem. Some of the small local business sectors we serve eagerly include local milk sellers with a small milk selling unit, local tailoring units with small business outlets, grocery stores, mason works, etc.