It’s imperative for small and medium enterprises (SMEs) in the Philippines to have a source of additional funding that they can use to grow their operations. Traditional banks remain a popular option for accessing business loans, but many SMEs are also turning to digital banks to secure funding. This is because, on top of the conveniences afforded by online banking, many digital banks offer business loans that are tailored to the needs of SMEs.
Maya, the number 1 digital bank in the Philippines, for example, has Maya Flexi Loan, a versatile business loan that’s designed to make it easy for borrowers to access money as well as direct their financial resources to projects that can make a tangible difference to their organizations. Let’s take a closer look at why many SMEs prefer business banking loan products from digital banks.
Fast Online Activation That Can Take Mere Minutes
Time is valuable for SMEs. Understanding the perspective of the businesses they cater to, many digital banks offer a streamlined loan activation process. Maya Flexi Loan, in particular, is designed to enable borrowers to access funds quickly after they submit the necessary requirements. Maya’s all-digital process ensures minimal delays for loan approval, which can be a significant contrast to traditional banks that may take days or weeks to process loan applications.
Having access to a bank that offers prompt loan activations is particularly beneficial during cash flow crunches or when a business needs to seize time-sensitive opportunities, such as seasonal inventory purchases or urgent equipment repairs. Businesses can maximize their digital bank’s high level of efficiency by ensuring they always have updated copies of their financial documents. This way, they can promptly apply for a business loan and receive a response as soon as possible.
Loan Options That Can Be Tailored to Business Performance
It’s important for businesses to be able to borrow an amount that suits their needs. Maya Flexi Loan addresses this challenge by basing the loan amount on the average sales shown on the Maya payment solutions that the borrower uses. For example, SMEs that have been using Maya Business Deposit as their settlement account for a year can typically borrow an amount similar to or more than their monthly sales revenue. This approach ensures that the loan aligns with the business’s financial performance and effectively reduces the risk of over-borrowing or under-borrowing.
High Loan Amount That’s Comparable to What Traditional Banks Offer
One of the standout features of the Maya Flexi Loan is its high loan ceiling of up to PHP 2 million. This substantial amount allows SMEs to fund larger projects such as expansion, purchasing bulk inventory, or upgrading essential equipment. Additionally, borrowers have the flexibility to divide this amount into smaller loans as needed. This gives them a greater degree of control over fund allocation.
Flexibility to Divide the Loan into Multiple Segments
What if an SME wants to allocate a substantial loan amount for multiple purposes? Perhaps a portion of the funding can go towards marketing, another to replenishing stock, and yet another to operational expenses? The most flexible business loan in the Philippines, Maya Flexi Loan makes this process easy. As mentioned before, the funds from this loan can be divided into multiple segments, which then provides SMEs with greater control over how they use their funds. This ensures that resources are directed where they are most impactful.
Low Service Fees That Cater to SMEs with Tighter Financial Margins
Service fees can significantly affect the cost of borrowing. The good news is that Maya’s low service fees make loans more affordable for SMEs. Lower fees mean that a greater portion of the borrowed amount goes toward business growth rather than repayment costs.
This loan feature can be especially valuable for businesses operating on tight margins, as it reduces the financial burden of borrowing. They can benefit further by using Maya’s loan calculator to determine the true cost of their loan and planning their repayment schedules to align with their cash flow cycles. These steps can help them ensure timely repayments and maintain financial stability.
Hassle-free, Automated Payments
Managing loan repayments can be a tedious task, but Maya simplifies this process with automatic payment options through the Maya Business Manager dashboard. This ensures that payments are made on time, which helps reduce the risk of late fees and maintains the borrower’s creditworthiness.
Automated payments can be especially useful for busy entrepreneurs who prefer to focus on growing their business rather than managing loan logistics. By leveraging this feature, they can ensure consistent repayments and avoid unnecessary financial stress.
Additional Benefits of Maya Flexi Loan
Beyond the core features mentioned above, digital loans from Maya offer added advantages like transparent terms and conditions, 24/7 access to account management, and seamless integration with Maya’s other digital services. These benefits make Maya Flexi Loan a holistic financial solution for SMEs aiming to streamline their operations and scale their businesses.
Create Your Maya Business Account Today and Start Enjoying Better Loan Options
Sign up for Maya Business to start maximizing the benefits offered by Maya Flexi Loan and other business banking products that give your business an edge over the competition.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. On top of this, you can also send money to your partners and suppliers for free via InstaPay and PESONet, which can mean more savings for your business.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
