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Unlock your working capital - Apply for ProFinance today!
Frequently Asked Questions
1. What are the financing solutions offered in ProFinance? How will they help me?
Venwiz provides a gamut of financing solutions to help support your business such as -
Business Loans - We provide business loans for support in machinery, equipment purchase, working capital, and term loans
PO discounting - We provide Advance or PO discounting to get working capital help at a predispatch stage
Invoice discounting - We provide Invoice discounting to raise working capital on your company's unpaid invoices. You can discount your unpaid invoices and get upfront payment of invoices
At Venwiz, we help you raise working capital & fulfil its financial needs through partnerships with third party financial institutions referred to as Lender partners.
2. What is the eligibility criteria to avail solutions in ProFinance?
The eligibility criteria consists of factors like revenue, credit history and financial assessment. We provide further assistance during the evaluation process.
3. How long does the approval process typically take?
Our team strives to provide a quick and efficient approval process. We typically aim to give a decision within 3 business days from receiving all the required documents.
4. What documents are required to apply?
The commonly requested documents include financial statements, tax returns,bank statements, certificates of incorporation and MSME, and information about the asset being financed. We will provide you with a comprehensive list based on your chosen loan option.
5. What are the interest rates and repayment terms?
Our interest rates are among the most optimum on the market, which typically gets calculated based on the credit history & other factors relevant to the application.
6. How can I apply to these solutions?
Click on the “Apply Now” button. Fill in a few details which helps us evaluate your business and needs and our team will get back to you shortly. You can also mail us at vendorsupport@venwiz.com.
Frequently Asked Questions - Invoice Discounting
1. How will Invoice Discounting help me?
Usually, there are credit terms associated with each transaction wherein the payment against your invoices may get stuck for 30/45/60 days as per the terms of your buyer. This leads to a working capital deficit in your business cycle. Invoice discounting helps you get the payment on day 1 at a minimal interest rate which can be covered through cash discounts that are offered on upfront payments across industries.
2. How does it work?
Venwiz provides a hassle free journey where there are lender partners, who help in discounting the invoices of business owners raised against bluechip/credit worthy institutions. Vendors (upon assessment) get their payment up to 80-90 % of the invoice value on Day 1 while the buyer pays back after 30/45 days to the lender partner via Venwiz. Once the invoice gets settled, the residual payment is given back to the vendors.
3. Is there a limit to the invoice amount that can be applied for discounting?
There is no upper limit to the sanctioned amounts for invoices and it is solely dependent on the business’s requirements and the eligibility as per lender partner’s criteria.
4. What is the maximum invoice discounting tenure ? Does an agreement need to be signed to avail invoice discounting ?
The tenure will be upto 90 days from the date of disbursal. An agreement will be signed between the vendor & the partner lender.
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