The Indian financial sector has seen tremendous growth in recent years. Digital financial solutions have played a major role here. Lenders are offering a wide variety of financial instruments for the business sector. One such financial tool is channel finance.
Channel financing is an innovative facility for channel partners. It is also known as supply chain finance. It is simple and easy to apply for channel finance. Read on to know about Supply Chain Finance, its features and its steps in making an online application for it!
What is Supply Chain Finance?
Supply Channel Finance is a working capital facility for individuals or corporations in the supply chain. Individuals like distributors, traders, dealers and suppliers can avail it.
What are the features and benefits of Supply Chain Finance?
- Online application
You can apply online for availing channel finance. The online application process is simple and saves time.
- Minimal documentation
Channel financing involves minimal documentation. It makes the loan approval process easy and quick.
- Online management of loan account
The facility of maintaining the loan account online is being provided by the lenders. You can check your account information and payment schedule by logging into your account.
- Flexible loan tenor
The loan tenor of supply chain finance is flexible. Applicants can select a loan tenor suitable for them.
How to make an online application for Supply Chain Finance?
Applying for Channel Financing online is easy and smooth. Here are the steps involved in the process. It may differ from lenders to lenders, and the steps discussed here are standard.
Step 1: Visit the Website
While applying online for channel financing, the first step is to visit the website of the money lending bank/institution. The website gives you all information about the lender. If you are sure about the lender’s portfolio, you can move further.
Step 2: Navigate to Channel Financing
The next step is to navigate to the channel financing page on the lender’s website. This page will provide all the details about the procedure and terms of this loan facility. You should always read the terms and conditions to avoid any problems in future. Once you have read the terms and features, you can move on to the application form.
Step 3: Fill the application form
You need to fill the Supply Chain Finance application form online. It asks for your basic personal information. You also need to provide the business details as per the application form.
Step 4: Upload the documents
The next and final step from an applicant’s end is to upload the documents. When you apply online for this facility, you have to submit scanned copies of your documents. The paperless process saves time in submission and verification. After uploading the documents, you need to click the submit button to make the final submission.
Once your application is submitted, you need to wait for the lending institution to respond. Channel Financing is one of the best ways of generating funds for working capital in the supply chain business. It helps in maintaining the flow of business.
It has a host of benefits. Moreover, once you know the steps for the online application process, it becomes simpler and easier to avail of this facility. In case you want to avail alternatives, you can apply for a business loan. Leading lenders offer business loans at affordable rates and that too without any collateral.
Bajaj Finserv presents pre-approved deals on business loans, personal loans, home loans and more. It can simplify the loan processing and make it faster. You can share your basic details like your name and mobile number to unlock your pre-approved loan offers right away.