Every day, your business thrives on a series of reciprocities with other players and stakeholders in the market. In this dynamic business scenario, you have running accounts with your suppliers, distributors, and other entities up and down the value chain. Since financing is the lifeblood of your business, your source of finance must also be flexible enough to keep pace with the challenges and opportunities that your business faces daily.
Whether it's financing new machinery, training your workforce, launching a marketing campaign, making the most of a surprise business opportunity or simply the need to pay your supplier, Flexi Business Loans are the turnkey solution for you. These new financing modes customise business funding as per your requirements while eliminating costly EMIs.
What are Flexi business loans?
Flexi business loans are new-age loans where you get a loan limit which you can use as and when required. Through these loans, you can fulfil needs related to equipment purchase, capital crunch, expansion, workforce training, and much more.
At Bajaj Finserv, we have added these loans to our loan limit of financial solutions to empower business owners and give them the financial freedom to use funds according to their requirements. Let's understand the various aspects of these loans:
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. 55 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 are an innovative loan option and the ideal way to satisfy the funding requirements of a dynamic modern business.
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