A business loan is a boon to entrepreneurs looking forward to establishing their own startup. Moreover, small business loans can also be helpful in business expansion and meeting working capital needs. With prominent lending institutions, availing a business loan is a completely hassle-free process. Additionally, lucrative interest rates and attractive features such as less processing fees, minimal and paperless documentation, and instant disbursal have added to the growing popularity of business loans. While availing a small business loan, it is always advisable to settle for an unsecured business loan. An unsecured business loan is the one where you don’t have to pledge any collateral while availing a loan amount. This keeps your valuable assets safe in case you fail to repay the business loan within the stipulated time. An unsecured business loan can contribute significantly to the growth of small businesses across our country. Business loans available at Bajaj Markets are unsecured loans and can be availed easily through an online application process. There are various advantages of availing unsecured loans for small business. Some of them are mentioned below:
As compared to a secured business loan, availing an unsecured business loan is much easier. This is because while availing an unsecured business loan, you don’t have to pledge any collateral. Thus, it saves a lot of time as lenders do not have to evaluate the collateral before approving your loan application. Moreover, flexible eligibility criteria are yet another advantage of unsecured business loans. The eligibility criteria of business loans available at Bajaj Markets are given below:
You must be an Indian Citizen
You must be a self-employed individual
Self-employed individuals between the age group of 26 - 66 years are eligible for a Business Loan
You must have 3 years of business vintage
When you apply for a business loan, financial institutions evaluate your creditworthiness by checking your credit score. A high credit score reflects your high repayment capacity. As a result of this, lenders may consider you a low-risk applicant and provide you an unsecured business loan with more favorable terms and conditions. Moreover, a high credit score will also provide you an opportunity to negotiate the interest rate with the lender. Thus, it is recommended to enhance your credit score before applying for an unsecured business loan
In addition to that, if you avail a business loan and make its timely repayment, you can also improve your credit score gradually
Unsecured business loans available on Bajaj Markets have more flexible terms as compared to traditional loans. Moreover, you can also make use of the Flexi loan facility. Under the Flexi loan facility, the interest is charged only on the borrowed amount. Moreover, in case of Hybrid flexi loan, the principal amount is in your control and you can also make part-payments without bearing additional charges. You can also withdraw your money from your loan limit anywhere in a convenient way. You can easily avail all these benefits of Hybrid flexi loan by paying a nominal annual maintenance fee.
Since the entire process of availing an unsecured business loan is online, the documentation process is minimal and paperless. Applicants can upload the documents online. Post-verification of the documents, the lending institution approves the loan application. The loan amount is disbursed within a short span of time to your bank account. The basic documents required to avail a business loan available at Bajaj Markets are mentioned below:
Aadhaar Card/Passport/Driving License
PAN Card
You can easily customize unsecured business loans available at Bajaj Markets to best suit your needs. It is advisable to compare various loan offers provided by different financial institutions before availing a business loan. This will help you find the best deal for yourself. Make sure you settle for a business loan with the most competitive interest rate. Lower the interest rate, lower will be the overall cost of borrowing in the long run. Business loans available at Bajaj Markets have reasonable interest rates. You can avail a business loan of up to Rs. 50 lakhs for a repayment tenure ranging from 12-60 months.
Operational stability is what helps a business make profits. With a small business loan, you can purchase raw materials, finished goods, or other items that are required for your business operations. The loan amount can also be used to pay wages, salaries to the staff and clear immediate bills and expenses. A small business loan also helps you in working capital management in case your bills receivables get delayed or you need to take care of unexpected operational costs.
Also know how you can apply for new MSME Loan scheme provided by the government for COVID relief
With an unsecured business loan available on Bajaj Markets you get quick and easy liquidity this keeps your business far off from the debt traps of unorganized money lenders. Now you can safeguard your bottom-line more easily with business loan funds without having to worry about the long loan approval processes from banks.
An unsecured business loan does not require any collateral, therefore its value is not tied to the value of a fixed asset. You can avail an unsecured loan starting from Rs. 1 lakh and go all the way up to Rs. 1 Crore based on your business requirements.
