7 Smart Reasons to Apply for A Bajaj Finserv Business Loan

In India’s banking sector, NBFCs have grown immensely over the past few years and developed the business funding landscape. Entrepreneurs seeking credit prefer to apply for a business loan with non-banking financial companies as they often bring lenient policies and flexible features.

Business loans are versatile financing options that can cover several monetary requirements sufficiently. If you approach reputed NBFCs such as Bajaj Finserv, you can be assured of features like quick fund disbursal, minimum documentation, competitive interest rates, zero collateral, and more. However, before applying, make sure to assess your purpose of the application.

7 Reasons to apply for a business loan

1. Inventory purchase 

Buying inventory is one of the significant expenditures in a business, big or small. Whether your company requires raw materials, finished goods or other products, maintaining a healthy inventory is essential to fulfilling customer demand and satisfaction. 

So, this can be a worthy reason to apply for business loan from reputed NBFCs. Additionally, you must look forward to gaining an understanding of inventory management to utilise the fund smartly. 

2. Website launch

By 2021, India expects its total number of internet users to reach 829 million from 687.62 million in September 2019. Gaining a widespread online presence is, therefore, essential for businesses to grow. Investing in a strong and responsive website that builds your brand image and engages potential customers effectively can thus be a suitable way forward. 

As website designing and development start somewhere from Rs.15,000 in India, you can create a customised website and pay for hosting, domain, content, etc. using credit. Leading NBFCs in India lay down easy-to-meet business loan eligibility requirements that make funds more accessible to borrowers. 

3. Equipment upgradation 

Most companies look for financing to upgrade their tools and machinery. With no exception, your business may thus require high-end IT equipment, production tools, etc., to boost product or service efficiency. 

For instance, a fruit and nut manufacturer looking out for a few must-have equipment options can be one of the suitable options. 

A business can thus approach reputed NBFCs to apply for a business loan of up to Rs.20 lakh and adequately cover high-end expenses.      

4. Tap into opportunities

At times, you may come across lucrative opportunities for your business. It may be an attractive discount on inventory purchase, a big order or a vacant premise for commercial use. Letting go of such opportunities due to insufficient funds would, nevertheless, be an unwise business decision. 

In such cases, you can borrow unsecured credit from lenders like Bajaj Finserv and avail instant approval for convenient financing to benefit from available opportunities.

Existing customers can also avail of pre-approved offers on business loans, personal loans and a range of other financial products from the lender. These offers not only simplify the credit availing process but also help save time. To check your pre-approved offer online, provide some essential information.                 

5. Investment in talent recruitment

A strategic approach to keeping your enterprise competitive and boosting revenue would be to hire new staff. Such talent induction increases production volume, work efficiency, and service quality. 

However, a recruitment process involves several costs on the external hiring team, interviewing and screening, job advertisements, onboarding, training, salary, etc. You can thus apply for a business loan that comes with no end-use restriction and finance these expenditures without any hassle.  

6. Marketing campaign 

To increase your brand visibility, a suitable marketing campaign can be the way to go forward. There are several marketing and advertisement options like in-store retail promotions, print publications, online advertisement, social media marketing, content marketing, PPC, etc. 

However, from planning to execution, marketing campaigns can pile up huge cost. It is another good reason to seek business funding from NBFCs like Bajaj Finserv. They also offer Flexi Loan facility where interest is levied only on the utilized loan amount, thus making repayment convenient too.  

7. Move to a new premise 

Whether your business requires a bigger office, a new retail outlet, a warehouse or a production unit, you need to rent or purchase a new premise. Make a proper assessment of your purpose and meet all business loan eligibility parameters before proceeding to apply for financing for your company’s growth effortlessly.

As real estate involves a huge investment, business loans with less stringent terms and conditions can prove feasible. In India, prominent NBFCs offer a host of features and benefits, unlike conventional lending institutions.