This fintech startup promises to deliver funds within 10 minutes!
The major change that the financial startups bring about is the minimum time they need to fulfil the requirement and making it a hassle-free process.
Several startups have raised the bar of providing services and facilities, to counter the existing competition from established organisations. The same formula goes for emerging fintech startups, that are posing direct challenge to benefits given by both private and public banks, NBFCs and money lenders. The major change that the financial startups bring about is the minimum time they need to fulfill the requirement and making it a hassle free process for the customer or applicant.
Among those is Bangalore based fintech startup Capital Float. Established in the year 2013 by Gaurav Hinduja and Sashank Rishyasringa, the startup aims to ease the struggle that emerging businesses and entrepreneurs face to get credit from banks. They also pledge to benefit the entrepreneurs and SMEs with collateral free terms and a trustworthy source. Additionally, Capital Float also have better services when it comes to providing their clients with customer loans.
The startup promises to deliver funds within a time span less than a week, by applying for the same in a 10 minutes online application. Meanwhile, Banks, NBFCs and money lenders consume time ranging between 1 to 6 weeks for loan disbursal. Moreover, with the latter the applicant will have to undergo strenuous documentation process which nullifies the immediate requirement of the funds.
(Photo: Capital Float Official Website)
When it comes affordability, Capital Float tends to be a better choice when compared to other traditional methods. One can avail loan for a tenure between 1 to 12 months, with interest rates between 18%-24% and only 2% processing fees. Further, the applicant can benefit from the flexible nature of repayment options. On the other hand, banks and NBFCs have the EMI system of repayment and the weekly-monthly repayments to the money lenders can sure add to the burden of the applicant. Adding to the package, Capital Float does not charge the customer with penalties if the applicant decides to close the loan before the loan tenure ends. In the case of banks and NBFcs, one needs to pay a penalty amount between 0-5% of the amount.
Capital Float benefits an applicant with loan amounts between Rs 1 lakh to Rs 1 crore. In case of business loans one can get the credit sanctioned within 72 hours while for consumer loans, it takes the startup just 2 minutes with their Online Checkout Finance services. For SMEs and small businesses, Capital Float can avail get loan amount between Rs 5 lakhs to Rs 50 lakhs.
Currently, the fintech startup provides its services in most states across the country. Adding to the basket, Capital Float also provides with school finance, doctor loans, supply chain finance, franchise finance, proprietor loans and online seller finance as their specific products which will suit the requirement of diverse customers.
(By Ruchika Goswamy)