These customized loans can give your business the much-needed boost to help your enterprise scale new heights with enhanced competitiveness and profitability. Here’s a closer look at what makes this loan variant from Bajaj Finserv an allrounder.
It has a hassle-free, quick application process
While you may have a budget in place that accounts for regular expenses, knowing how to tackle an emergent need is just as important, as you’re sure to encounter unpredictable expenses through the course of your business. So, whether it’s a shortage of working capital due to a delay in payments or urgent repairs that you need to take care of, with a Bajaj Finserv Flexi Business Loan, you can tackle every curveball equally easily. This is primarily because you can access this loan in no time at all. You can apply online in minutes, and get approval in just a few hours. Thereafter, disbursal is straight to your bank account, which means you can use the funds straight away.
It offers a substantial amount without collateral
Bajaj Finserv’s Flexi Business Loan offers a sanction of up to Rs.30 lakh with which you can meet a plethora of expenses, regardless of their nature. This means software licensing, leasing equipment, procuring inventory and paying for advertising and marketing expenses is made easy. You can meet all these expenses by availing a single loan.
It grants funds as per your requirements
Assume that you are a manufacturer of fashion accessories and need finance to buy raw material for the jewellery, belts, shoes and handbags that you manufacture. You may need funds at this stage, and then again 2 months down the line when you wish to pack and transport them to distributors or wholesale buyers. In such cases, applying for multiple loans is far from ideal. Even if your applications are accepted, managing several repayments is challenging. To avoid this, Bajaj Finserv offers a Flexi Loan facility by which you can withdraw from the total sanction as and when the need arises, in parts. This eliminates the need to apply for a separate loan each time, especially given the fact that the sanction is sizeable.
It levies interest only on the amount utilised
The Flexi Loan facility not only saves you the stress of paying multiple interest rates on various loans but offers up to 50% savings on EMIs. This is because unlike other loans, Bajaj Finserv’s Flexi Business Loan charges interest on just the amount you use from the sanction and not on the entire sanction. This means, if your total sanction is Rs.20 lakh and you borrow Rs.5 lakh first, you will pay interest only on this. If 6 months into the tenor you borrow another Rs.6 lakh, you’ll pay interest on a total of Rs.11 lakh. The remaining Rs.9 lakh will attract no interest until you use it.
It allows you to pay interest-only EMIs
Another way in which the Flexi Loan facility makes repayment easy is by allowing you to pay interest-only EMIs throughout the tenor. This reduces your financial burden and you can manage your cashflow more smoothly. Once your tenor ends, you can repay the principal. So, if you’ve taken a loan to boost your working capital since your clients aren’t paying you on time, you can keep EMI payments to a minimum and once you receive funds, you can repay the principal.
It doesn’t come with a prepayment penalty
Additionally, you can also choose to prepay the loan before the tenor ends and save significantly on interest. In this manner, you can access the amount that you need in a timely manner, while using the flexible repayment terms to your advantage to keep your cash flow in check.
With this innovative Flexi Business Loan by your side, you can address all your financial requirements effectively and run a lean operation. But before you apply, be sure to check your pre-approved offer to view your customised Bajaj Finserv deal. It will allow you to access the finance you seek even quicker.
