It is absolutely critical to have a healthy balance sheet when it comes to running your business. Be it for daily cash flow requirements, extending a new line of business line, business expansion or for purchasing new machinery, equipment or technology, a business needs funds at every stage of its growth or maturity.
A business loan could be a suitable option when it comes to financing your business goals and meeting your objectives. There are various types of business loans available in the market and we have detailed out some of them for you to make an informed decision.
Let’s explore what these are!
Types of business loan
1. Machinery and equipment loan
A business needs to constantly evolve in order to stay competitive in the market and serve its customers well. This is essential when it comes to small / big manufacturing businesses that need to constantly focus on new ways to lower costs and achieve high quality output. A machinery or equipment loan can help you achieve the same by acting as a means to finance the purchase of a new machinery or repair/upgrade an existing one. This type of loan can help you thrive in today’s highly advanced and innovative market.
2. Working capital loan
Every business needs money to ensure smooth running of operations and day to day activities. However, you may fall short of finances thereby, rendering you unable to properly run your business. A working capital loan is an excellent product that can be customized to fund your working capital needs like inventory management, cash flow or other operational needs.
3. Professional loan
Being your own boss is what every individual dreams about but the same is not as easy as it sounds. Starting your own practice can be a daunting task when it comes to finances as you need to take into account the cost of real-estate, manpower and technology. A professional loan is a product that has been custom-made for self-employed professionals like Chartered Accountants (CA), Doctors, Engineers etc. As a professional, you can avail this loan to start or grow your practice and serve your customers well. Finserv Markets offers business loans for self-employed doctors & chartered accountants.
4. Business loan for women
Women have always been a source of inspiration due to their ability to plan and multi-task. Business loans for women is a product that has been designed aid women entrepreneurs to start their own business or expand an existing one. The product comes with some exciting benefits and features to help women realize their dreams and achieve their goals and objectives. There are a lot of business loan schemes for women to boost women entrepreneurship in India
Features of a business loan
- Hassle-free application process
- Simple eligibility criteria
- Minimal documentation
- Flexible Repayment tenures
- High-value loans
- Collateral free loans
- Transparency with no hidden charges
Advantages of a business loan
Easy online process
You can avail a business loan conveniently through a quick and 100% online, hassle-free process. As this is an unsecured loan, there is no requirement of any collateral and your loan application gets approved in a span of minutes. Once approved, your loan amount can be disbursed in 24 hours directly to your bank account. With Finserv Markets, you can keep a track of your loan and payments through our customer portal, anytime and anywhere and enjoy host of other benefits of business loan.
We understand how important it is for you to plan for the success of your business as well as be prepared for any ups and downs. With Finserv Markets, you can choose a flexible loan repayment tenure as per your estimated calculations and repayment capacity. You can also opt for a hybrid flexi loan wherein you only have to pay interest for the loan amount you utilize, with an option to and withdraw (basis credit limit) as much as you want depending on business requirements.
Customized loan offers
You can choose from a variety of pre-approved offers and enjoy additional top-ups and discounted rates to fund your business needs.
To read more on how a business loan benefit in running a business visit Finserv MARKETS
How to Qualify for A Business Loan?
- You must be a citizen of India
- You must be a self-employed individual
- Self-employed individuals between 26 – 66 years are eligible and can apply for a Business Loan
- You must have 3 years of business vintage
How to apply for a business loan?
- Check your eligibility by providing us with your personal and professional / employment details
- Customize your loan by entering the required loan amount and repayment tenure
- Once your application is approved, get funds credited to your bank account within 24 hours
A business loan is designed to fund your immediate business needs. It could prove to be an ideal vehicle to boost your enterprise by pumping in the required funds at the right time. You can avail a Bajaj Finserv Business Loan at Finserv Markets.
Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!