1 min read
25 May 2021

As a self-employed professional, you know that there’s no dearth of financing options available to you. In this scenario, zeroing in on the right option is very important, as it determines how beneficial your decision to borrow finance will be. The more flexible a loan option is, the more useful it will be. This is why you should consider taking a personal loan for self-employed professionals the next time you need to raise finance from an external source.

Offered by NBFCs such as Bajaj Finserv, a personal loan for the self-employed is a beneficial proposition as it is more flexible than the average business loan your bank offers. It doesn’t involve high costs, and you can borrow a substantial amount of up to Rs. 20 lakh without pledging collateral. On the contrary, the bog-standard business loan banks offer is expensive and may require collateral or an impressive business vintage. More importantly, it is complicated to apply for as you need to furnish details such as your cash flow, revenue and other specifics.

Best of all, since it’s a personal loan for the self-employed, you can use it in varied situations, unlike conventional forms of business financing. Take a look at what these scenarios are.

Personal needs

You can use a personal loan for self-employed professionals for any personal need. From planned expenses such as a home renovation or a vacation in Egypt to unplanned ones such as medical emergencies and consolidating mounting debt, how you use the amount is entirely up to you. Bajaj Finserv Personal Loan eligibility criteria are simple to meet with minimal documentation, making this loan the perfect fit.

Business needs

You can earmark a part of the loan for your business needs. Whether you need to modify vans for your food truck venture, hire chefs or procure equipment and licenses, the high loan amount, available with a 24-hour approval window, will help you do it all with ease. Similarly, you can make up for cash flow shortages while you wait for clients to settle their invoices or hire additional workforce to meet a short-term spike in demand with equal ease. The option to apply online makes the entire process seamless.

Additionally, what makes a Bajaj Finserv Personal Loan for the self-employed a good pick in any scenario, is that you can avail of the Flexi loan facility. You can borrow from the total sanction in parts whenever you need funds. You have to pay interest only on the amount you utilise and not on the entire sanction. More importantly, you can pay interest-only EMIs through the tenor. By paying the principal at the end of the repayment window, you can manage your finances more prudently and ensure that taking a loan doesn’t become a strain.

Packed with features and a low interest rate, it’s easy to see why this Bajaj Finserv offering is worth its weight in gold. Remember to check your pre-approved offer in under a minute to make the borrowing process as straightforward as possible. Using this nifty resource will help you access customised deals as well as express approval and disbursal.
 

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