How to Apply for a ₹10,000 Loan for Street Vendors Online- Golden opportunity for street vendors!

If you are a street vendor and need a loan urgently, you no longer have to wait for a government scheme or worry about providing income proof.

While having income proof is a plus for securing a loan easily and at a lower interest rate, even if you don’t have one, loans are now available online for street vendors without the need for any collateral or guarantees.

You won’t have to wait for long either – the process is quick, involving just a simple KYC (Know Your Customer) step to get your loan.

Details of the ₹10,000 Loan for Street Vendors – Apply Online

Did you know that there are now several apps that offer loans to street vendors easily? Yes, these loans range from ₹10,000 to ₹5 lakhs. With online transactions becoming the norm, you likely already use a QR code for your shop or stall.

In this context, almost every QR code (UPI transaction) platform offers you a safe loan based on your transactions. You can use this loan for your business at your convenience, and there are even lenders who allow you to make daily or weekly payments.

Loan Apps for Street Vendors

Here are some loan apps that provide loans to street vendors:

Loan App Name	Loan Amount (₹)	Rating
Bharat Pay Merchant Loan	₹1,000 to ₹5 Lakh	★★★★☆
Paytm Merchant Loan	₹1,000 to ₹5 Lakh	★★★★☆
Ring Merchant Loan	₹1,000 to ₹5 Lakh	★★★☆☆
PhonePe Loan	₹1,000 to ₹5 Lakh	★★★★☆

Note: We have included ratings with each app, but keep in mind that app ratings may change based on performance. Always check the ratings on the app store before using them.

1. Bharat Pay Merchant Loan – Quick Loan for Small Businesses

Bharat Pay Merchant Loan is an excellent option for small and medium-sized businesses. This loan can range from ₹1,000 to ₹5 lakh, with an annual interest rate between 15% and 25%. You can repay this loan over a period of 36 months.

Advantages of Bharat Pay Merchant Loan:

Quick loan approval: The loan is approved in a matter of hours.
Flexible repayment: You can repay in easy installments over 36 months.
No collateral: This loan is unsecured.
Digital process: The entire loan process is online, saving you time.

2. Paytm Merchant Loan – Smart Finance for Your Business

Paytm offers loans from ₹1,000 to ₹5 lakh, with an annual interest rate of 15% to 22%. The repayment period is 36 months.

Advantages of Paytm Merchant Loan:

Quick processing: Loan application and approval happen within minutes.
Trusted brand: Paytm offers reliable and easy loan options.
Lower interest rates: Paytm’s rates are more affordable compared to other platforms.
Business growth: This loan helps you expand your business.

3. Ring Merchant Loan – A Helping Hand for Small Vendors

Ring Merchant Loan offers loans from ₹1,000 to ₹5 lakh, with interest rates up to 25% annually, and a repayment period of 36 months.

Advantages of Ring Merchant Loan:

Fast availability: Loans are disbursed within hours.
Digital convenience: The process is entirely online.
Paperless: No paperwork is required.
Designed for small vendors: This loan is ideal for small businesses.

4. PhonePe Merchant Loan – Your Digital Business Partner

PhonePe offers loans ranging from ₹1,000 to ₹5 lakh, with interest rates up to 26% annually and repayment over 36 months.

Advantages of PhonePe Merchant Loan:

All-in-one app: PhonePe handles both payments and loans.
Secure process: Fast and secure digital transactions.
Helpful for small businesses: Instant cash for your business needs.
Excellent support: 24/7 customer service.

These apps are approved by the RBI and provide secure loans to street vendors. However, always use your discretion when choosing a loan provider and ensure that you understand all terms before applying.

Step-by-Step Guide to Applying for a Loan as a Street Vendor

Here’s how you can apply for a loan of ₹10,000 as a street vendor:

Download the Loan App: First, download one of the mentioned loan apps on your phone.
Create an Account: Sign up for a merchant account using your Aadhaar-linked mobile number.
Use QR Code for Transactions: Conduct all your transactions using the QR code provided.
Loan Offer: Based on your transaction history, you will receive loan offers ranging from ₹10,000 to ₹5 lakh.
Apply for the Loan: Select your desired loan offer and apply for it.
KYC Verification: Verify the details provided during account creation.
Digital Signature: Sign the loan agreement digitally using OTP from Aadhaar.
NACH Approval: Provide NACH (National Automated Clearing House) approval for loan repayment.
Loan Approval: Once approved, the loan amount will be credited to your account directly.
Repayment: Repay the loan on a daily, weekly, or monthly basis as per your chosen payment plan.

Eligibility Criteria for Street Vendors to Apply for a ₹10,000 Loan

To be eligible for a ₹10,000 loan, street vendors need to meet the following requirements:

Indian Citizenship: Proof of Indian nationality (Aadhaar Card/PAN Card).
Active Bank Account: A valid, active bank account.
Business Proof: Evidence of being a street vendor, such as a photo of your shop or stall.
Source of Income: You must have a regular source of income.
Mobile Number: A valid mobile number.
Age Limit: Applicants should be between 21 and 60 years old.
Credit Score: A good credit score is needed (no significant defaults).
Aadhaar-linked Mobile: Your mobile must be linked to Aadhaar for secure transactions.
NACH Approval: Necessary approval for NACH, which requires internet banking or a debit card.

Once you fulfill these criteria, you can easily apply for the ₹10,000 loan. The loan amount may increase as you make timely repayments.

Documents Required for Street Vendors Applying for a ₹10,000 Loan

To apply for a ₹10,000 loan, the required documents are minimal:

Aadhaar Card: For identity and address verification.
PAN Card: For financial verification.
Bank Account Details: IFSC code and account number.
Business Proof: A photo of your shop, sales details, or GST certificate (if available).
Aadhaar-linked Mobile Number: For OTP verification and loan processing.

Simply upload these documents to the app, and you can get the loan quickly. For larger loans, you might be required to provide additional income proof.

Interest Rates and Charges for a ₹10,000 Loan

Let’s see an example of the interest and charges for a ₹10,000 loan:

Interest Rate: If you take a loan of ₹10,000 at a 25% annual interest rate, the interest would be ₹2,500 for the year.
Total Repayment: ₹10,000 + ₹2,500 = ₹12,500 for the year.
EMI: ₹12,500 ÷ 12 = ₹1,042 per month.
Additional Charges: Processing fees may range from ₹200-₹500, and late fees can apply if payments are missed.

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