Liquidity is crucial to every business, and especially to MSMEs, which may not have ample cash reserves to fall back on. The traditional business loan is a good way to step out of a liquidity crunch; however, it often lacks flexibility and cannot adapt well to the “ad hoc” funding requirements of a business. As an alternative, to access funds in the shortest possible turnaround time, consider the Bajaj Finserv Flexi Business Loan. This tailor-made solution offers features such as unlimited withdrawals at no extra charge and interest-only EMIs.
To know all about how the Flexi loan can revolutionise the way you avail business funding, read on.
Borrow when you need funds
With a Flexi business loan, you have always-on business funding. This is because you get a pre-approved loan limit, from which you can borrow funds on the go, as per your needs. Business funding requirements can crop up at any time and to offer assistance without delay, the Flexi facility makes it possible for you to borrow freely, without seeking approval each time.
So, for instance, you may run a CA practice and need to quickly hire accountants for tax filing or auditing; or you may run a manufacturing firm and have a huge order coming your way while the bulk of your liquidity is tied up in unpaid invoices. Whether you need funds to hire talent, purchase raw material, or serve any other business need, with the Flexi loan you can get it expeditiously.
Withdraw multiple times without additional charges
What makes the option of multiple withdrawals from the approved sanction extremely attractive is that you can avail of this facility at zero added cost. So, you do not have to think twice before reaching out for funds. They are there for the taking and you can dip into your available limit to finance your needs. Another major upside is that alongside the non-requirement for fresh applications, you do not need to produce documentation each time you desire funding. All of this makes for speed and cost-effectiveness.
Prepay when you can for free
The Flexi loan limit is flexible in the truest sense of the word. While you withdraw from it freely, you can also prepay funds at no extra charge, anytime. Your business may come into surplus funds sooner than you think, and while traditional business funding options require you to evaluate part-prepayment and foreclosure fees, here you can clear your debt without hassles and counting the cost.
You may receive multiple invoice payments unexpectedly or witness a larger volume of sales than projected; whatever be the reason, with free prepayments you can make the most of your excess funds.
Make unlimited transactions online
It is worth noting that you do not have to prepay your entire limit when you get funds. You can do so in tranches. The same holds for withdrawals. You can borrow small amounts, as needed. In effect, with the Flexi loan, you have a loan limit that keeps getting diminished and replenished, as you withdraw and prepay. The best part is you can manage this loan limit online through the customer portal, Experia. Not only can you view how much business funding is available to you, but you can initiate prepayments and withdrawals with a few clicks.
Pay interest on what you use
When seeking business funding, judging the cost-effectiveness of the finance option is of paramount importance. If you have a stellar credit profile you can secure a top business loan interest rate in India, with most funding instruments. Apart from the interest rate, you must also evaluate the fees and charges. Most borrowers investigate these parameters, however, to make an informed decision, you must check how much you are paying on the principal. The amount you incur as the interest depends not just on the interest rate, but also on the loan amount it is applied to.
With a Flexi business loan, you are spared chances of overborrowing and spending unnecessarily on funds you will never use. Here, you are charged interest only on what you borrow from the approved loan limit. Interest is incurred daily, as per the amount used at the end of the day. Because you can tailor your borrowing to your needs, the Flexi feature saves you from underfinancing your needs as well.
Lower your EMIs by 45%*
The Flexi business loan feature allows you to opt for interest-only EMIs should you need to cap your monthly outflow and keep it to a minimum. By paying only the interest component as the EMI, you reduce your outgo by up to 45%*. This can be beneficial to businesses that have just spent a lot of money and are looking for a period of relaxed payments. This option is especially available for the beginning part of the tenor.
Now that you know why a Flexi business loan from Bajaj Finserv makes for an outstanding business funding option, apply online for financing. With instant, flexible funds at your fingertips, you can start seeing your revenue margins growing unhindered.
*Terms and Conditions Apply