7 Incredible Benefits of Availing a Business Loan

Business loans are offered by NBFCs particularly to SMEs and MSMEs to fulfil their various financial needs. 

Previously, the loan application process used to be tedious and time-consuming. However, with the emergence of business loan apps, companies can now readily avail credit without much delay.

Benefits of business loans

1.  No end-use restriction: There is no usage restriction on business loans. Individuals can borrow credit and use it to manage any financial requirement pertinent to their business.

2. Quick disbursement: Business loans are disbursed quickly owing to the less uncomplicated application process. Applicants can take the help of loan apps to check the same before applying.

3.   Minimum documents and eligibility criteria: Applicants only have to submit a few documents and satisfy minimum legibility criteria to apply for these loans.  

4.    Larger amount and competitive interest rate: Companies can avail of up to Rs.30 lakhs as a business loan at competitive interest rates.

Applicants can take help of apps like the Bajaj Finserv app – Experia to apply for such loans.

5.  Part pre-payment and foreclosure: Business loans allow borrowers to foreclose their loans at any point of time. Additionally, they can also part pre-pay the loan to lower their EMIs or tenor.

6.   Flexible repayment periods: Business loans come with tenors stretching up to 60 months. Borrowers can select a longer tenor to lower their EMIs or a shorter one to reduce their cost of loan.

7.   Online account management: Every financial institution has its app, which allows its customers to access their instant loan account at anytime, anywhere.  

Also Read:- Important Questions to Ask Before Applying for Instant Loan