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Capital is the driving force that a business thrives on. So, it is essential that one’s source of financing be flexible enough to keep up with the challenges that one’s business faces each day. Fortunately, there are a range of start up loans available today. One of these smart pre approved business loan options which meets your business challenges head-on is the Bajaj Finserv Flexi Loan. A ‘Flexi’ or flexible business loan is a new age loan where you receive a loan limit that can be used as and when you see fit for your business needs.
Using a Flexi Loan, you can support all kinds of business-related needs like capital crunch, manpower training, expansion, equipment purchase, and more. How is a Flexi business loan different from a Term Loan? The core difference is the amount of versatility you have, which is significantly greater with a Flexi business loan. Here’s how the Bajaj Finserv Flexi loan can better support your business.
Firstly, in a term loan, the amount you have sanctioned for your loan is immediately disbursed as a lump sum into your account. In case of start up loans -or Flexi loans- this amount is assigned to a special loan account. You can borrow as much as you need from this loan account as and when you see fit. For example, if you sanction ₹1.5 Lakhs as the gross amount in your loan for your business’ development, this will be transferred to a special Flexi loan account. Now suppose you need around ₹50,000 to refurbish an old room to create a workspace, you can simply borrow this amount from your loan account.
Applying the aforementioned example, with a regular term loan, your interest rate would be charged on the complete ₹1.5 Lakhs sanctioned, whether or not you used all of it. With a flexible business loan available on Finserv MARKETS, you will only be charged interest on the ₹50,000 you have utilized thus far. This significantly reduces the amount of interest you are required to pay. Note that your Flexi business loan interest rate will remain the same as your term loan interest rate. Hence, the Flexi option in a pre approved business loans works as a sort of credit system which allows you to use your loan amount like a reservoir and only charges interest on the amount utilized.
When it comes to a classic term loan, EMIs and interest are separately payable. Another key benefit of the Bajaj Finserv flexi loan is that you can easily pay your interest as your monthly EMIs. Your principal amount can be paid off whenever possible prior to the end of your loan tenor. This significantly reduces the amount you are required to pay each month in EMIs.
Start up loans were never more convenient than the Bajaj Finserv Flexi loan which offers a loan limit that goes up to ₹30 Lakhs. You can use this loan limit as per the amount that has been pre-approved for you for a variety of business needs. The loan approval process in banks is much more rigid and undergoes a lot of examination before approval. This crucial difference between banks and Flexi loans means that for the latter, all you have to do is maintain a good credit score. Your loan limit will be higher if your credit score shows a good history where you have paid your EMI in a timely fashion.
Businesses today are dynamic and are slowed down by cumbersome financial systems. The goal of Bajaj Finserv’s Flexi business loan was to make business funds available to the businessmen in as little time as possible without the hassle of too much paperwork. The process to apply for a Flexi loan can be done online without any physical meeting required. After you have filled out the application, you will receive instant approval within the next 24 hours. Once approved, a borrowing limit for your loan will be granted to you, and you can transfer your loan amount to a loan account within two hours. This makes Flexi loans the ideal type of loan to satisfy the funding needs of contemporary businesses.
When it comes to managing finances, reducing monthly EMIs, flexibility in withdrawals and prepayments, and the option to pay only your interest as EMIs, Flexi loans seem to fare better than other loans. Luckily, you can easily convert an existing term loan into a Bajaj Finserv Flexi Loan available on Finserv MARKETS. Doing so will instantly lower your EMIs by upto 45%. This process is as hassle-free as it gets and can easily be carried out online in a few short steps. There are no excess documents required to convert a pre-existing loan into a Flexi loan. Hence, you can easily avail of the benefits of a Flexi loan by converting your current loan without too much trouble.
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