In a competitive environment, lack of credit can spell doom for a business. Liquidity crunch can derail even the most promising venture in no time. With banks and traditional financial institutions tightening screening and eligibility norms, procuring a business loan is not an easy task.
This has given rise to an alternate class of lenders, notably non-banking financial companies (NBFCs), who offer unsecured business loans.
Get Business Loan Bajaj Finserv at a competitive interest rate. Here are five reasons for businesses to opt for such loans from this prominent NBFC.
1. No Need For a Collateral
While determining business loan eligibility criteria, banks ask for a collateral. A collateral is an asset they can fall back on in case of non-repayment. With a rise in cases of bad loans, the need for a collateral has gone up rapidly.
Often small businesses have little or no collateral to offer, which puts a question mark on the entire borrowing exercise. It can jeopardize the entire process.
However, this is where loans are different. Businesses opting for loans from this NBFC don’t need to put their assets on the line, i.e. there is no need for a collateral. Thus, the loan application process is much quicker, faster, and smoother.
2. Loan Amount up to Rs. 30 Lakh
How much of an unsecured loan can a business get? Well, they offers a loan up to Rs. 30 lakh. Borrowing this high amount with no collateral is a Herculean task for businesses, particularly small ones, to fulfil their short and long-term objectives.
Expansion, product development, buying new inventory, and training the existing workforce on the latest technology needs a large amount of capital.
They ensures that funds are never a problem for businesses looking to venture into new territories. All they need to do is to maintain a good credit score to get the required funds.
3. Line of Credit Facility
One of the unique features of Bajaj Finserv is Business Line of Credit Facility. It approves a certain limit of credit for a said duration.
As a monthly instalment for a line of credit, businesses need to pay only the interest amount and not the principal component. This eases the financial burden of high EMIs that can result in squeezing other sources of revenues.
The charges interest on business loans only on the amount utilized and not on the entire credit line. This gives businesses the flexibility when it comes to paying interest. It also helps in more productive use of the loan.
4. Approval Within 24 Hours
The time required for loan approval may determine the success or failure of a venture. Once the documents required for business loans and other formalities are in place, the company approves the loan within 24 hours.
It means businesses can get the required funds the very next day of application if everything is in order. Thus, they don’t need to hold back their ideas due to the late arrival of funds.
5. Online Account Access
Modern businesses thrive on the saying, time is money. They knows how important it is for businesses to access loan details from the comforts of their home or office.
Through its online account access facility, businesses can access their loan account statement and other relevant documents in no time.
Thanks to these features, Bajaj Finserv has become one of the most sought-after NBFCs in India. Loans are the lifeline of a business, particularly small ones. The success and failure of an endeavour rest on the availability of funds at the right time.