A lot of us aspire to own a restaurant or cafe. It is a liberating feeling and a dream come true to be able to live your dream of running your own restaurant. While most of those aspiring to, open their restaurant at some point in time, the bigger challenge actually starts after that. Stats say that more than 80% of restaurants close down within a year and here are some key reasons for the same:
- Lack of Working Capital during lean periods
- Unable to refresh Menu
- Inability to market properly
- Inability to keep the ambience fresh
Looking closely, it all comes down to lack of funds as all the above items need working capital, to refresh the menu it needs consultancy and new pieces of equipment, marketing also needs a consistent amount to be put in and keeping the ambience fresh is also a recurring expense. Restaurant owners find it difficult to overcome the lean periods as they need to manage the fixed expenses and pay salaries to the staff irrespective of the season.
To raise funds Restaurants would ideally like to avail bank loans. However, loans from traditional lenders are hard to come by and using a local partner is the least preferred and a very risky affair which most restaurants do not wish to go for.
Traditional lenders ask for collaterals, which is not possible for most restaurants as they run their place on rent, also it takes a lot of time, in some case even months, The traditional lenders also ask for multiple documentations, a long business vintage period which makes even the most budding restaurants unable to avail restaurant business loans as most of them do not fit these parameters.
This is where a special loan for restaurants from Indifi has been a real blessing for restaurants.
Indifi is a leading fintech platform in India, it helps restaurant businesses by evaluating their creditworthiness basis their transactions with food delivery apps, the entire process is really simple and as follows:
- Restaurant business fills up a quick online form
- Restaurant submits their KYC and Bank statement
- Indifi evaluates the creditworthiness basis their transactions with food delivery apps
- Indifi also checks their credit report and banking records
- All the above Credit Scorecard process is automated and virtually happens in the real-time
- The restaurant gets the best offer basis their transactions with the food delivery apps
- The Restaurant accepts the best-fit offer
- Disbursal happens within a day or so after completing formalities
The entire process from application to disbursal is completed as quickly as 2-3 days, the process is completely presence less which means the restaurant owner or staff does not need to visit any branch or any other location and can apply for a loan on Indifi website or the mobile app. The Restaurant business loans by Indifi are completely unsecured, without any pre-payment or other hidden charges.
Restaurants also get complete flexibility in repaying their loans, Indifi offers flexible repayment modes like traditional EMIs, transaction linked payments with the food delivery apps and custom repayment options linked with their card swipe machines. These flexible repayment options make it really easy for the restaurants to repay their loans as they do not need to plan separate finances for their EMI payments.
Many restaurants across India have availed the restaurant business loans from Indifi and their testimonials speak for themselves.
This fast availability of funds by Indifi can help restaurant businesses to invest in marketing, use as working capital during lean periods, refresh their menu by taking expert help, add new kitchen equipment or even add a cloud kitchen.
If you are a running a restaurant which is focused on providing an awesome experience to its guests and is looking to grow, Indifi should be your first choice for the restaurant business loans, these loans are completely transparent, quick and simple and are helping restaurants across the country to grow.