13/09/2017
Yadav and his incredible ways to win
When Yadav started his business in 2014 he borrowed 1 lakh from friends to set up his dream Juice shop in Mumbai’s Andheri district. Though just a 10th class pass out, Yadav was always hard working and therefore his business instantly picked up and in a few months, he was making over 50,000 Rupees in income every month. Seeing his success Yadav wanted to get a loan to expand his business.
He went to a number of banks but to his disbelief none of the banks gave him a loan for one reason or the other. Sometimes he was told that he can’t get a loan because he does not have 3 years of Income Tax returns. On another occasion, he was told that he can’t get a business loan because he does not own the shop where he operates. Everywhere he went he was given a reason why he can’t get a loan. Yadav was so focused and spending so much time on getting a loan that his existing business started getting impacted and his revenues started dropping.
When Yadav finally learnt of PurpleYo and came to us for assistance with his loan, our advisors sat with him to understand what he has (bank statements, income calculations etc.) rather than looking at what he did not have (Income Tax returns for 3 years). Once we understood the details of his business and finances we searched out database of over 500 different loan types and providers and we were able to identify 3 financial institutions that would potentially give him a loan. We immediately reached out to these institutions and to Yadav’s surprise all 3 of them agreed to give him a loan after reviewing the details of his application.
Yadav was able to use the money he got from the loan to open up another juice shop in Juhu and now his business has picked up again.
Getting business loans is not easy. There are over 11,000 NBFC’s in India and over 100 operating banks. It is impossible for businesses who need loans to identify which NBFC or Bank will give you a loan.
PurpleYo Finance can help you get a loan by understanding the details of your business and then figuring out exactly who will give you a loan. You continue to focus on your business while we work hard to create your loan application and take it to the right bank or NBFC.
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