Business requires finance to grow. There are several costs involved in running a business, such as expenses towards premises, staff, inventory and equipment.
Business loans can help you tackle these and other costs in the following ways:
Rent or lease premises
Ravi is offering fully serviced co-working office spaces. He provides high-speed internet connectivity, printers, meeting rooms and snacks. The demand for co-working spaces is high, and he intends to increase his business by adding more desks. Ravi can avail of a business loan to purchase additional workstations and service the added rent and other related expenses. NBFCs like Bajaj Finserv provide collateral-free business loans, which get approved within a day.
Purchase or lease of additional equipment
Jaggi is offering individuals electric cars for rent. Office-goers drive the volume of his business, and he intends to buy a few more electric vehicles to cater to the increasing demand. Jaggi can avail of a Flexi business loan to finance the addition to his fleet of cars.
Flexi business loans allow you to borrow the needed sum from a larger approved loan limit. You can repay part of the amount whenever you have a cash surplus. The interest is calculated on the borrowed sum and not on the entire loan limit, resulting in more affordable EMIs.
Working capital financing
Trisha has a business that rents out branded and designer clothes. Business loans can help small business owners like Trisha fund additional inventory, staff salaries, and management of daily operations.
Apart from this, a Flexi business loan can support your marketing campaign, business insurance, licences, and more. To reduce your EMIs further, you can opt for an interest-only loan where the EMIs include only the interest component. You can repay the principal during the later part of the tenor.
Flexi business loans allow you to make a part-prepayment if you have extra funds without any additional fees. Flexi business loans are disbursed quickly and help expand your business.
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