As a self-employed person, you may require funds to support your daily business requirements. You may also require funds to expand your business or to improve its operations. This may require purchasing new machinery, renovating premises, purchasing raw materials and employing skilled professionals and workers, etc. Reinvesting your existing earnings may not always be sufficient and advisable to finance business growth. By opting for a business loan, you can reach your entrepreneurial goals, with ease.
To take a secured business loan, collateral is required. To finance minor business requirements, you may not always be prepared to keep your property as collateral. Unsecured business finance is short-term and collateral-free. This loan can help you obtain quick finances to fulfill your business needs. With unsecured business loans offered by leading lenders such as Bajaj Finserv, you can expand your business without worrying about the capital.
Here are a few reasons why unsecured business loans are gaining popularity.
An effective solution to temporary cash crunches
To face the challenges of the fast-moving business world, expanding your business is the need of the hour. Sometimes, you need to upgrade your machinery to speed-up your business operations. To expand your business, you may need some temporary equipment and machinery finance. Unsecured business loans can help you overcome these temporary cash requirements.
If you are planning to upgrade your company by purchasing new machinery and equipment, you may want to look into a machinery loan to buy new material for speedier functioning.
Quick disbursal of funds
Consider that your company gets a large order. To expand your production capacity, you may need additional machinery and equipment. For this, you need a quicker disbursal of loans. In such situations, a quick unsecured business loan can come in handy.
Bajaj Finserv’s pre-approved offers give you instant approval on your business loan application. You can get your equipment loan in just 24 hours with minimum documentation and exclusive door-step services. Applying for an unsecured business loan online is easy and can be done in a matter of minutes. Read here to know how to apply for a Bajaj Finserv unsecured business loan.
Availability of competitive interest rates
While taking a loan, the most important aspect a borrower considers is the interest rate. High interest can eat out a company’s profits. Having a lower machinery loan interest rate can enable faster loan repayment.
We offer equipment loans at low-interest rates and processing fees. Small businesses can avail of these facilities by paying nominal charges. You can also compute your monthly installments by using the Bajaj Finserv EMI calculator and get an idea about your monthly interest.
Business-friendly deals like low processing fees and pre-payment charges, auto-renewal of loan amount upon repayment, and no hidden costs make unsecured business loans can make your business growth journey easier. These deals make unsecured business loans popular among people running small businesses.
Flexible repayment options
Generally, small businesses rely on receivables for maintaining their cash flows. A delay in invoice clearance can make managing interest tougher. We offer high-value collateral-free loans up to Rs.30 Lakh and a flexible-loan facility. This is a unique and innovative offer that can help you manage your cash flows smartly and effectively.
Business loans can help your company avoid financial roadblocks while running business routines. Unsecured business loans are collateral-free and have their own package of the aforementioned benefits.