We all know that to set up a businesses require funding at different phases in their lifecycle. However, the most crucial stage is while starting a new business from scratch. In the initial phase, entrepreneurs look to figure out how to make optimal use of their existing resources in the best possible way.
However, the resources in hand may not always be enough. Although it doesn’t matter that how much amount of money you have you need more money and funds to perfectly set up the business. One of the ideal means of kick-starting your business is by taking a business loan. There are various business loan apps available in the market which provides the instant approval on loan.
What is a Business Loan?
Business loans are unsecured loans taken by any individuals which can be provided by any private, public banks, lenders and NBFCs. The main motto of the business loan provided by the financial institution is to support the business owners to meet the urgent requirements of money for starting a business or for growing the business. Some people say that business loans a type of commercial loans.
Why to Apply for a Business Loan?
There are various for a businessman to apply for a business loan. It may be due to buying some new equipment, maintaining new business operations, replacing the old equipment, starting a new branch of the existing business, or any other reasons.
This article lists the benefits that a business owner or entrepreneur can avail by opting for a business loan.
- Easy Repayment Process
Financial institutions understand the complexities involved in running a business successfully. Hence, they design their business loans keeping these complexities in mind and offer convenient repayment options as per the cash flow to avoid difficulties in financial management. Borrowers could increase or decrease their EMIs depending on the financial condition of the company.
Different kinds of loans cater to specific business needs. Some lenders also provide special schemes designed for SMEs (small and medium enterprises) to help them start, upgrade, and expand their business. Such schemes do not need any third-party guarantee or security. Financial institutions provide the guarantee cover.
- Low-Interest Rates
Banks and non-banking financial institutions offer business loans at competitive interest rates to provide the ultimate boost to businesses efficiently. The rates are decided keeping various factors in mind such as the viability of the business model and the credentials of the borrower. The existing condition of the company and the tenor of the loan also plays a crucial role in deciding interest rates.
- Easy Availability
Most banks and private lending institutions have made it more convenient for entrepreneurs to apply for a business loan online. All you have to do is visit their website, fill out an online form, and discuss the loan terms with the representative. Small business loans are made available without collateral by some online lenders. You also have the option to compare quotes from different lenders and choose the one that best suits your business requirement.
- Full Control
Investors look to working alongside with the entrepreneur and having a say in how the business is run. On the other hand, when you get a business loan from a lending institution, there is no interference in your business. You have complete control over how you plan to spend the money as long as you can repay the loan to the lending institution on time.
If you are in need of immediate financial assistance, you can also opt for a personal loan through online loan apps. Bajaj Finserv Experia App is among the most reputed instant loan apps aimed at providing instant loans to people belonging to different segments. It requires minimal paperwork, offers quick loan processing, and saves you time. You can avail high-value loans up to Rs.25 lakh and get the money credited to your bank account within a few hours of the loan application getting approved. In addition, the app lets you access information on your active loans and closed loans, view statements, and much more all at one place.
To further simplify the process of availing a loan, Bajaj Finserv has various pre-approved offers that help you save your time and efforts. Browse through Bajaj Finserv’s pre-approved offers on personal loans, business loans, home loans, and other financial products. You can check your pre-approved offer by sharing a few basic details.