However, this also makes the process of choosing the right small business loan a task that must be carried out with proper research. Rushing the process would be like going into a pharmacy and telling the chemist you need medicine, any kind will do. It’s just a recipe for bad consequences.
The information presented here covers the most common options entrepreneurs choose to get the capital they need in order to launch their small business idea. One must pay attention to the amounts, rates, terms, and other elements, as they dictate your reason for choosing a small business loan, just like your body conditions are what dictate your reason for choosing a product in your visit to the pharmacy.
Types of Small Business Loans
Bajaj Finserv Business Loans allow you to access the capital you require for your entrepreneurial ideas with ease. The following is a list of various small business loans available through Finserv MARKETS.
1. Mudra Loan
The Mudra loan is offered under Pradhan Mantri Mudra Yojana(PMMY) scheme and is essentially a working capital term loan for micro enterprises. It can be used for various business requirements including capacity expansion, modernization, meeting working capital requirements, purchase of plant and machinery, and renovation of business premises, among others.
2. Business Loan for SME and MSME
In recent years, it has become extremely easy to avail an SME loan to meet your business’s working capital requirements. A business loan for SME and MSME can be used for several purposes such as upgrading your company’s infrastructure, buying and repairing machinery, among others.
3. Start Up Loan
It is extremely easy to avail a startup loan these days from leading financial institutions at attractive business loan interest rates. The Bajaj Finserv Business loan for start-ups available on Finserv MARKETS can be availed up to an amount of Rs. 15 Lakhs with benefits such as 3-minute loan approval and instant cash disbursal.
4. Business Loan for Women
A growing number of women in India are becoming entrepreneurs and adding to the growth of small and medium enterprises in the country. Their funding requirements can be catered by special small business loans available on Finserv MARKETS.
5. Working Capital Loan
A working capital loan allows you to meet fund requirements for the regular operations of your business. These types of loans may be used for purposes of purchasing raw materials, making advance payments to suppliers, buying inventory, funding accounts receivables if payments from debtors are delayed, and meeting overhead expenses such as salaries, utility bills, and rent.
Small Business Loans with Finserv MARKETS
While financial institutions use a variety of tools to determine your eligibility for a loan, it’s important to remember that you may face rejection at some point or another. However, you must simply learn from the experience and work to make your next application even better.
The good news is, like stated at the start of this article, that there are various types of small business loans for the offering. It’s often beneficial to consult an expert who can evaluate your financial needs and goals.
By adequate research, you should be able to pick the right small business loan on Finserv MARKETS. The Bajaj Finserv Business Loan can be availed of through smooth online process and without any collateral. The documentation is minimal and the loan reaches you in just 24 hours.
Read more to know details about types of loans