Efficiently running your business demands a continuous flow of cash. Hence, a collateral free business loan can help you achieve the same without pledging any asset to the lending institution.
Bajaj Finserv is one such lender that provides collateral free loan without any hassle. It requires minimum paperwork and gives instant approval. You can utilise this Business Loan for any purpose like further expansion or renovation of your company.
Advantagesof a business loan without security for business growth
If you’re doubtful about availing a business loan, then don’t be! Because the benefits you get from collateral-free business loans are numerous.
- Aids cash flow
As mentioned earlier, your business requires continuous cash flow to meet demands like purchasing raw materials, paying overhead costs, maintaining a healthy working capital, etc. Thus, a business loan can help you achieve all these. It also assists in boosting your revenues as you use the fund to stock up your inventory.
Therefore, you can apply for a collateral free business loan to help your business grow from all sides.
- A great solution to SME needs
The recent growth of Indian economy is because of the contributions made by the Small and Medium-sized Enterprises. Thus, non-banking financial institutions try to help these SMEs with a loan without collateral security. The advances also help them boost their production and cater to needs including hiring employees and more.
- Attractive interest rates
Once you decide to apply for a business loan, go for the lending institutions and NBFCs which offer competitive interest rates on the advances. Hence, you can avail the one that’s most suitable for repayment.
For example – Leading NBFC, Bajaj Finserv brings Flexi Loan facility where you pay interest only on the amount you withdraw. Repay the principal amount once its tenure ends. It’s also easy on your pockets and can help you meet the necessities of your company effortlessly.
- Saves you during non-seasonal phases
If you have a seasonal business such as the production of woollen clothes, etc., the collateral free business loan can help you get over the off-seasons. It provides the much-needed fund to keep your business running during that phase by paying rent and salaries, along with other expenses. Efficiently running the company during those non-seasonable months ensures considerable growth in the future.
You can apply for the collateral free business loan if you meet the necessary eligibility criteria. The basic eligibility requirements are:
- Age between 25 and 55 years.
- Need to have 3 years of business vintage.
- Income tax return files of last year.
The documents you require for availing a collateral free loan are:
- PAN card
- Aadhaar card
- Voter ID card
- Electricity bill
- Sole proprietorship declaration certificate
- Your audited financials of past three years
However, your eligibility criteria for business loan are the bare minimum, and the approval of your application is also hassle-free when you apply for the Bajaj Finserv Business Loan. All you need to do is provide some details and check your pre-approved offers. It’s a quick and easy process of availing loans.
Hence, your doubt is certainly solved after knowing the advantages and the easy eligibility criteria for availing advances for your business. Thus, business loan without security can help you meet unique and emergency needs that can ensure growth in return.
Two of the many purposes for which you can use this loan are as follows:
- Loan for working capital
It enables you to maintain healthy working capital and keeps you away from any financial hitch.
- Loan for machinery
You can install and upgrade your machine and production techniques with the help of this advance.
Note that businesswomen can also get a loan without collateral security up to an amount of Rs. 30 Lakh. It helps them in developing their firm without worrying about the finances.
Thus, apply for a business loan today with any financial institution to help your business stay ahead in the competition!