Finance is necessary to run a business. You need capital for everything, from purchasing locations and equipment to paying your employees. When your cash flow isn’t sufficient for this, you can approach banks or NBFCs for business loans.
Business loans from banks may take seven to 14 days for approval and disbursal. That is where a Flexi business loan can help. Built for the actual requirements of a business, a Flexi loan allows you to borrow any amount within a sanctioned limit, according to your requirements. You can borrow multiple times with a single application, unlike regular business loans.
You will be charged interest only on the amount you borrow. That reduces your EMI by almost half.
You can prepay a part of the amount at no additional cost, which means you can shift your repayment according to your cash flow.
Uses of a Flexi business loan
There are many uses of a Flexi business loan. Here are a few:
- Working capital management: Flexi business loans are a great way to manage your working capital. When your capital is drying, you can borrow the amount you need and pay interest only on that amount. This will help you address any short-term requirements, and improve your cash flow.
- Meeting unexpected expenses: When unexpected expenses require immediate attention, you won’t have to wait if you take a Flexi loan. This is because Flexi business loans come with a short approval period of 24 hours. Once the loan is approved, you can receive the cash in your account within two hours.
- Easy availability of funds: Since Flexi business loans are available in both secured and unsecured formats, it is an easy source of funds. They require minimum documentation, and you can apply for them online. This makes it easy to avail of one when you need it.
- Better planning of your borrowing and repayment: Flexi loans offer as much flexibility with the repayment process as with borrowing. When your cash flow is high, you can increase the EMI payments and reduce them when you don’t have enough funds. If you make an unexpected profit, you can use that to pay off your loan. This allows you to plan your borrowing and repayment process better.
Flexi business loans break the rigidity of regular business loans and offer a chance to give and take. Isn’t that what business is all about?
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