To effectively operate a business, you need a constant and adequate infusion of funds. Your organization can need capital for various purposes including, but not limited to, buying new factory space, installing new plant and machinery, maintaining a healthy working capital, taking up a bulk order, pay suppliers for goods, etc. Thus, a finance solution is essential as it enables you to make use of big business opportunities.
Now, a common question that would arise is how to get a business loan in India. With several business funding solutions available for businesses in India, we talk about 6 popular sources of finance that can be invested in your business’ daily operations and expansion.
- Business term loans
Business term loans can help you to implement your business’s growth plans.
- Working Capital Loans
With working capital loans, you can finance your daily expenses like stocking inventory, paying for overheads, funding blocked payments from debtors and have your business operating smoothly. This form of financing helps you to ensure that you maintain healthy cash flow.
- Machinery Loans
You can use a machinery loan to install new plant and machinery or upgrade old ones and thus, increase your business’ productivity and output.
4. Asset-based lending
With the help of asset-based lending, you can buy new assets like machinery, equipment, computers, etc. against your existing ones.
5. Invoice financing
Invoice financing helps you to ensure that delayed or blocked payments from debtors don’t hinder your business operations.
6. Flexi Loans
Flexi Loans offer you the freedom to manage unforeseen or seasonal expenses. Bajaj Finserv offers Flexi Business Loans up to Rs.30 lakh which gives you access to a pool of funds from which you can withdraw multiple times, whenever the need arises, without having to make several loan applications. The best feature of this loan facility is that you pay interest only on the sum used and not on the entire borrowed amount. Here, you also get an option to pay only interest as EMIs, with the principal repayable at the end of the loan tenor.
The leading NBFC also offers you several other benefits like-
- Loans up to Rs.30 lakh
Get access to large capital up to Rs.30 lakh that you can use.
- Affordable interest rates
With Bajaj Finserv, you can get a loan for your business with interest rates starting at just 18%.
- Collateral-free loans
You don’t need to pledge any asset or collateral/ security or provide a guarantor to avail of business credit.
- Low loan processing time
Bajaj Finserv processes your loan within 24 hours from application.
- Pre-approved offers
Pre-approved offers on business loans give you instant approval on your application. All you need to share a few details and check your pre-approved offer here.
- Minimum documentation
By handing over only 2 documents (i.e. KYC documents and business vintage certificate) you can avail of a business loan.