How to Use Your Business Loan in Mumbai for Financial Growth

How to Use Your Business Loan in Mumbai for Financial Growth

Business Loan in Mumbai for Financial Growth
28 Jan 2021
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Over 6% of the country's total GDP is produced by Mumbai. So, if your company is based in the financial and commercial capital of India, in sectors such as manufacturing, retail, construction, technology, food and grocery delivery, there are many opportunities for growth. You can get an unsecured Business Loan in Mumbai that enables you to raise funds to boost your business for a wide variety of purposes. Take a look at how to make the best use of a Business Loan in Mumbai for the growth of your company.

1. To cover the cost of operations

Your company would definitely need funds for everyday activities, whether it is for recruiting workers, renting a retail or production space, paying for energy and purchasing the raw materials needed. These operating costs will rise as your company is looking to expand. If you have a laundry service, for instance, you might want to open more branches in Mumbai. You would also have to spend on lighting, air conditioning and interiors, apart from shop rooms, delivery vans, and more employees. So, you can fund these operating costs with an affordable Business Loan in Mumbai when you grow your business.

2. To purchase or rent advanced equipment

Specialized equipment is necessary for a salon or a laundry . These include steam pressers, commercial washing machines, products for dry cleaning, ironing boards, sprays for starch and sprays for waterproofing. To keep your laundry outlets well stocked, as well as to lease or buy equipment, you will need finance. In such cases, where machinery and equipment can help your business become more productive directly or indirectly, you can use a specialized Business Loan for machinery. You can opt for a Bajaj Business Loan if you are planning to buy machinery in instalments or based on client growth. This facility provides you with funding to pay for unpredictable or uncertain cash requirements through a loan cap. The loan cap allows you to borrow and repay funds as many times as you want. Most importantly, interest is only paid on the amount you use, and through EMIs, you can pay interest. At the close of the tenor, you have the opportunity to repay the principal.

3. Recruiting qualified employees and supporting advanced needs

Skilled labor increases the efficiency and income of your business. Delivery staff and drivers would also be required for you. Since the pace at which you produce goods is important to operating a successful laundry company, you will need to recruit more staff to reduce the turnaround time. A Bajaj Finance Business Loan will help, whether you are purchasing or leasing delivery vans or recruiting the required workers.

4. To get your company online

The majority of companies have a digital presence and you might even want to sell your services online. You may want to set up a website to take pick-up orders online and even advertise digitally using the same example of a laundry chain. You may recruit professional web designers, SEO experts, and social media executives for this reason. The work may also be outsourced to a digital marketing agency. This calls for large-scale funding that could be difficult to pay for using sales revenue alone. A Bajaj Business Loan is suitable in such a situation.

5. To diversify a new product or to launch it

The diversification and launch of a new product or service gives your company the ability to increase revenue from sales. Yet you have to invest in new equipment, marketing expenses, research and development, and more to do this. Apart from your salon services, for example, you may want to start cleaning services for shoes and bags. To see if customers are interested in these services, you will have to research the market. You can move on to purchasing the requisite machines and recruiting specialists if the results are good. A Business Loan will assist you in doing all of this. Also read about types of lending.

Conclusion

At Finserv MARKETS, you can avail Business Loans to expand your business operations. Applying and getting approval for a Business Loan with Finserv MARKETS takes only 3 minutes. With zero collateral requirements, long repayment tenure and high loan limit, your enterprise can get the support it deserves through Finserv MARKETS. 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.