Business VerticalClothing – Wholesale and Retail
Monthly TurnoverRs. 2,50,000 – 3,00,000
Monthly Banking TurnoverRs. 10,000 – 15,000
Home RentedYes
Business RentedYes
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Parveen used to run a legacy cloth business in Amritsar where he used to indulge majorly in wholesale business in Kashmir valley. He took a deep plunge when the situation started deteriorating there. Moving to Delhi to his son with over 42 years of experience in the line of business, Parveen has successfully set the business again in Uttam Nagar. With a well-diversified business that deals in varied cloth segments, Parveen says that it is the change in season in the country that comes in with a huge demand for credit in my business as I need to stock relevant inventory for the times ahead in a timely fashion, as the earlier you buy the cheaper is your cost hence better are the margins in the business. “I don’t own neither my residence nor business premises but have a spec clean credit record. Even then I am offered just 30% of what my credit requirement is by the conventional sources.” “Hence, I am on a constant lookout for alternate sources of credit”, adds Parveen.

LoanSimple helped Parveen to purchase inventory for new season

He happened to meet a LoanSimple sales agent who was doing field sourcing in the market where Parveen runs his business. Astounded by the minimal paperwork that was asked by the agent, “I had second thoughts as my own banks didn’t approve my credit so quickly.” Says Parveen. “I was in desperate need of funds at that point in time as summers were just kicking in and I had to stock the relevant inventory”, he adds. The entire process being so transparent and easy has prompted him to raise a top-up when the next season change comes. “I have referred many fellow businessmen in the market for the product as it really resonates with our fund requirements and is quick and fast”, concludes Parveen.

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