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Ways In Which Business Loan is a Boon

  • Highlights

  • Availability of easy and hassle-free funding for business through NBFCs

  • Features of business loans

  • Advantages of business loans offered by NBFCs

  • NBFCs are a viable and feasible option

Business loans are important for financing various business objectives. They help to meet operational expenses of the business and come handy during expansion and diversification. Various lenders including NBFCs offer innovative lending products to fulfil the multiple requirements of business owners in India today.

Lenders in India are leveraging technology heavily to improve their service portfolio and NBFCs are no exception. They have revolutionized the lending scenario in India with their innovative offerings. Through a host of borrower-friendly features and services like online loan application and account access, flexible repayment modes, and competitive interest rates, they are emerging as the go-getters for Indian businesses.

Some features which are making business loans a favored financing options for borrowers are:

Easy access

Lenders are using digital technology today to offer user-friendly services to borrowers. To enrich customer experience and to make the process of applying for loans easier, they are offering hassle-free online application services.

Moreover, borrowers can benefit from online account access to know all the details of their transaction. Such services save a lot of time and effort on the part of the borrower and makes the entire process efficient and seamless.

Competitive interest rates

NBFCs usually offer business loans at competitive interest rates than other financial institutions. The rates are calculated based on financial and market credentials of a borrower, loan tenor, and the prevailing market conditions.

The compliances regarding approval and repayment installments are comparatively easier. This makes the borrowing process efficient and fast, thus allowing businesses to capitalize on market opportunities at short notice.

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Flexi loan facility

New-age business loans offered by NBFCs have a Flexi loan facility whereby business owners get a pre-approved loan limit. They can withdraw funds as per their needs and repay as per their convenience. Interest is charged only on the amount utilized and not on the entire limit. This lowers EMIs thereby reducing the cost of borrowing.

 Creates good financial reputation

Businesses are continuously evolving, and you can create a good financial reputation for yourself by building a good credit score through prudent servicing of a business loan. A good credit score will help to make it comparatively easier to secure future loans for your business requirements.

In the light of the above-mentioned factors, it can be said that new generation financial institutions like NBFCs have given a huge boost to the borrowing aspect of the Indian businesses. Their service offerings like business loans, integrated with innovative and borrower-friendly features have made financing easily accessible and are turning many entrepreneurial dreams across India into realities today.

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