Access to a loan limit
This is one of the most significant aspects of our Flexi business loans. They offer a loan limit of up to Rs. 80 lakh. You can use this loan limit up to your pre-approved limit for your various business needs. Unlike banks, where the loan approval process undergoes rigid scrutiny under various parameters, all you need to do is maintain a high credit score for our Flexi business loan. The higher the score, the higher your loan limit.
Flexibility to withdraw and repay as per your business needs
In business, the requirement of funds is not always the same. With flexi business loans, you get the ability to withdraw and repay funds as per your business needs.
For example, if you have a loan limit of Rs. 10 lakh and need Rs. 5 lakh, you can withdraw it from your loan limit and transfer it to your bank account. Now, during your business, if you realise you need only Rs. 3 lakh, you can part-prepay Rs. 2 lakh back to your loan limit. If you need more funds in the future, you can always re-borrow the funds you had repaid earlier.
Also read: Flexi loan Part Payment
Flexible and reduced EMIs
High EMIs put pressure on the finances of a business, as you then have fewer funds to use as working capital for day-to-day needs. When you take a term business loan, you pay interest on the full amount of the loan, and your EMIs consist of both principal and interest components.
However, when you take Flexi business loans, you need to pay interest only on the amount utilised and not the entire loan limit. You also get the option of paying back just the interest as EMI.
This can reduce your EMI amount almost by half. Here’s an example: the EMI paid on a term loan of Rs. 1 lakh at 15% interest for is Rs. 2,489, but the same for Flexi Business Loans could be just Rs. 1,292.
Additional read : How Flexi business loans result in lower EMI amounts
Quick approval process
Flexi business loans were designed to make funds available in the shortest possible time without undergoing cumbersome paperwork. At Bajaj Finserv, once we approve your application and grant you a loan limit, you can withdraw funds and transfer them to your account in under two hours.
Flexi business loans were designed to make funds available in the shortest possible time without undergoing cumbersome paperwork. At Bajaj Finserv, once we approve your application and grant you a loan limit, you can withdraw funds and transfer them to your account in under two hours. Businesses looking to apply for business loans can also explore our business loan EMI calculator to plan repayments and check business loan interest rates before availing funds.
Flexi business loans are an innovative loan option and the ideal way to satisfy the funding requirements of a dynamic modern business.
