Whether you are a seasoned business owner or have been running a firm for just a handful of years, you know that having adequate working capital is vital to generating consistent returns. One way to cater to your business expansion needs or tend to a temporary shortage of liquidity is to avail of a loan like Bajaj Finserv’s Personal Loan for Self-Employed.
This personal loan, customised for business owners and professionals who run their own firm, offers substantial funding, convenient repayment terms, and has features that ensure you get the flexibility you need. Since there is no restriction on where or how you use the funds, you can put the entire sanction to business use or use a portion for your enterprise and the other for your personal goals.
Here are 5 reasons why you should make use of a Bajaj Finserv Personal Loan for Self-Employed to finance your business.
Get large funding to make your business model work
To make your business plans come to fruition you need sufficient working capital at every stage of your supply chain. You may require funding in lieu of a delayed payment or may need assistance to bolster your finances in order to upgrade your services. Whatever be the scale of operations you are looking at, you can obtain large funding up to Rs.30 lakh from Bajaj Finserv. With timely financing, you can stock up inventory, invest in hardware and machinery, hire professionals or even expand and open a new office or outlet.
Obtain financing sans collateral and on simple terms
While offering you substantial funding, Bajaj Finserv does not mandate that you secure your loan with a collateral such as a house, a car, jewellery or property. So, by choosing this variant of a personal loan, you are not only saved the hassle of identifying a collateral, but also reduce the application and approval time as an asset value does not have to be evaluated.
With the appraisal of your asset being done away with the eligibility terms and documentation required to obtain this loan are streamlined too. You can obtain Bajaj Finserv’s Personal Loan for Self-Employed by simply possessing a business vintage of 3 years, displaying your previous year’s ITR, and having your turnover audited by a CA.
Make quick business decisions with flexible borrowing options
Once you secure this loan, you benefit from a wealth of versatile facilities. You can repay your loan over a 12- to 60-month tenor and gain new degrees of financial freedom via the Flexi Loan facility. This feature allows you to borrow from your sanction multiple times, as per your needs, and pay interest only on the amount you require.
So, while you utilise Rs.15 lakh from your Rs.25 lakh sanctioned to renovate your, you can keep the remainder as a resource that will help you seize the market by expanding operations without incurring interest on it.
This facility also lets you manage your cash flow well by allowing you to pay interest-only EMIs through the tenor and the principal at the end. Additionally, it lets you prepay, redraw and even foreclose your loan at nil extra charges.
Plan your finances with a range of powerful calculators
As you utilise this personal loan, you need not leave any figures to estimates. You can plan your finances perfectly by making use of online calculators. You can plan for repayment from the very beginning by using the EMI calculator and know how much you’ll save when you pay your debt early by using the part prepayment calculator.
Similarly, you can utilise the GST calculator to compute invoice amounts for wholesalers and customers. You can then use this information to deduce how much you can save under the GST regime and then pass on benefits to retailers, wholesalers and customers alike.
Get money on time with a speedy loan disbursal
Bajaj Finserv promises you a quick 24-hour loan approval. With processing as quick as this, you need not worry about missing market-related opportunities. Similarly, a prompt approval allows you to transform what you plan on paper into reality in no time at all.