Business requirements grow with passing time. You need to equip with the latest technologies, hire young generation labor force, and adopt the constantly emerging business trends. There will be times when you face lack of capital financing while adopting spontaneous changes. There are a few schemes to fund businesses like a working capital loan, term loan, invoice financing, equipment financing, stand up India, and Pradhan Mantri Mudra Yojana. Out of all these, commercial loans are the most preferred ones due to its reliability and list of benefits. Various banks and NBFCs (Non-Banking Financial Companies) offer commercial loan for the development and expansion of small businesses.
Benefits of Commercial Loan for Businesses
Commercial Loan (popularly known as a business loan) is the sum borrowed from banks or NBFCs to supply financial aid for business development. Financing is the backbone for every business development. Following are a few benefits of commercial loans for businesses:
Imposing Loan Amount
The business loan amount offered by Bajaj Finserv can range up to Rs 30 lakh. You can use the amount to develop your business, purchase new equipment, or refurbish your business infrastructure.
Bajaj Finserv proved pre-approved offers for commercial loan online. This eases the entire commercial loan application process helping to get easy and instant access to the loan amount.
Commercial loans are collateral-free financial products. You do not require to pledge your assets as collateral to secure your loan amount.
Flexi Loan Facility
With Bajaj Finserv, you get the facility to avail interest-only flexi loans where you can choose to pay only the interest as EMI. You can pay the principal amount at the end of the tenor or anytime during the loan period.
Usually, all business loans come with a flexible tenor. The general range of commercial loan tenor is from 1 year to 5 years. But, with the Flexi Loan Facility, you can choose a tenor of up to 8 years. This can help you manage and stabilize your business funds efficiently.
Flexible Type of Interest Rate
With Bajaj Finserv, you can choose from two types of interest rates, i.e. fixed interest rate and floating interest rate. Your interest rate is devoid of fluctuations with a fixed interest rate business loan. Similarly, your interest rate is liable to fluctuate with market rate fluctuations. Experts have advised selecting fixed business loan interest rate for small businesses to maintain cash flow and bridge the liquidity gaps.
Quick Online Application
You can now easily apply for a commercial loan by filling up a quick application form. Although, make sure to build a good credit score and meet the basic eligibility criteria before applying for a commercial loan so as to avoid loan rejections.
How to Apply for Commercial Loan
You can apply for a commercial loan online as well as offline. But, before that, you need to invest some time in doing thorough research about the sources offering business loans. You need to check the reliability of the loan provider before opting them. Bajaj Finserv is amongst the leading financial provider with CRISIL’s FAAA and ICRA’s MAAA stable rating.
- You can apply for business loans online by filling up a simple application form.
- An employee will contact you and reach your doorsteps for document collection within 24 hours.
- Within 2 days of the application, you can get access to your loan amount.
- You can track your loan procedure and calculate the interest rate and business loan eligibility using the Business Loan EMI Calculator.
- Access to several pre-approved offers tailored specifically for you
If you choose to go for offline application, you can approach network branches of Bajaj Finserv or visit the store. An employee will voluntarily guide you throughout the commercial loan application procedure. You can now apply for a commercial loan in India quickly without any hassle.