Flexi Business Loans: the easy way to manage your business finances

Bajaj Finserv’s Flexi Business Loans are a convenient source of finance for small business owners, offering ample funds to fuel growth. It offers you a loan limit that gives you the highest amount that you qualify for. You can then borrow the amount you need, when you need it, up to the limit and within the tenor. You don’t have to file fresh applications each time or wait for a long time to access the funds. So, whether it is meeting unpredictable business expenses or urgent needs for cash, you can do it all with a Flexi loan.

Here’s why Bajaj Finserv’s Flexi Business Loans are the easiest and most convenient way to manage your business finances:

It offers you the maximum amount you qualify for

These loans offer you an amount up to Rs. 80 lakh, which provides sufficient finances for a range of purposes.

For example, if you are starting a restaurant with a music theme, you need money to build an open kitchen, hire kitchen staff and servers, add décor pieces such as vintage music systems and equip your space with a karaoke machine and speakers. You will also want to book artists to perform at least once a week. Then, to ensure smooth administration, you’ll need a point of sales system, a cashier’s computing system and an accountant who will be able to help you with your finances.

To meet all these expenses, a Bajaj Finserv Flexi Business Loan is a good place to start as it has no restriction on how you use the money.

It allows you to borrow money when your business needs it most

Since this loan features a Flexi loan facility that lets you borrow money as and when you need it, it offers quick financing when you need it most.

For example, if you are a textile manufacturer, you can now meet the spike in demand during Diwali using the finance from a Flexi loan. You can fund seasonal needs, such as payment to suppliers for increased purchase of raw materials like silk and cotton, and hiring extra embroidery artists and tailors.

It charges interest only on the amount you utilise, and not on the entire loan limit

One of the main advantages of a Flexi business loan is that you pay interest only on the amount borrowed from the loan limit and not on the whole amount extended to you.

For example, if a clothing manufacturer is given a loan limit of Rs. 25 lakh and borrows Rs. 2 lakh from it, he would only have to pay interest on Rs. 2 lakh.

This saves you from paying interest on the whole amount you are eligible to use, unlike in a term loan. This makes the loan more affordable while giving you the security of money being available to you for future needs.

Additional read: Difference between Flexi business loans and term loans

It allows you to make EMIs more affordable

A Flexi business loan also offers you the choice of paying the principal along with the interest component, like in a regular loan, or paying interest-only EMIs. This makes managing your cash flow easier for you. If you choose the second option, your principal will be due at the end of the tenor. Thus, you could time the tenor in such a way as to pay off the loan right when you expect the business revenue to support repayment.

It allows you to repay and withdraw without hassle

A Flexi business loan offers you the freedom to borrow money as many times as you like within the loan. It also allows you to make part prepayments when your business has the excess funds. Further, it allows you to re-avail the prepaid funds when your business experiences the need for cash. This flexibility makes it a choice financing option.

Say your restaurant gets a loan limit of Rs. 20 lakh. You borrow Rs. 5 lakh for purchasing tables, chairs, linen, cutlery and other décor items for your new branch. From the sales proceeds, say you were able to repay Rs. 3 lakh. Now you only need to repay Rs. 2 lakh. If a sudden kitchen fire requires you to equip your kitchen once more with needed commercial stoves and ovens, you can re-borrow Rs. 3 lakh. Thus, your unexpected needs are met with ease. There is no restriction on the number of withdrawals and repayments that you can make.

It is collateral-free, so you don’t need to attach business assets as security

Usually, loans need you to submit collateral as security to the lender. But, when you opt for a Flexi business loan with Bajaj Finserv, your business assets are completely free of risk.

It allows you to part-prepay without any charges

Prepayment decreases your interest payment, and allows you to repay your loan faster. A Flexi business loan features zero part-prepayment charges. You can part-prepay an amount equal to the first 3 EMIs of the loan and reduce your repayment burden.

It has an easy online application

All you have to do is fill and submit the online application form and your documents, and the loan will be approved within 24 hours. So, you don’t need to waste time visiting the lender or filling out paperwork when applying for this loan.

It has simple eligibility criteria that you will find easy to qualify for

To be eligible for this loan, you must be between 24–80 years old, have a business vintage of at least 3 years, have a record of your income tax returns and have an audited business turnover. Thus, your business can qualify for this loan with ease and secure needed financing.

Additional read: How to make the most of your Flexi business loan?

These 10 advantages make Bajaj Finserv’s Flexi Business Loans the most flexible form of business finance you can get. Use it to scale up your business, fulfill your working capital requirements, pay salaries or buy machinery with convenience.