You can fund all kinds of business needs with a collateral-free business loan, whether you want to lease new equipment, add another shift of workers, open a regional office, or establish a distribution network. A business loan can help you work towards expansion or get out of a financial crisis too.
This loan is packed with features and protects your business’ assets, making it ideal for your SME’s growth. You can take a loan for SME to get ample cash easily. Here are the multiple benefits that your SME can enjoy when you take a collateral-free business loan.
- Get capital as high as Rs.30 lakh
- Get instant funding for your business with approval in just 24 hours
- Enjoy affordable interest rates and make borrowing cost-effective
- Make the most of simple eligibility criteria and minimal document requirements
- Benefit from an online loan application and account management
- Enjoy 45% lower EMIs with the Flexi Loan facility
Now, take a look at how you can utilize this loan and power your SME’s growth.
Capitalize on growth opportunities
With up to Rs.30 lakh available as a collateral-free loan, you can focus all your energy towards expanding your business to another location. So, if you are looking to start a second branch, retail outlet or regional office, for example, you can take care of all initial costs with this high-value loan.
Get finance without losing control of your business
Limit your risk by opting for a business loan without collateral security. This means you will not need to pledge any security or nominate a guarantor. As a result, you will also be able to retain the profits of your business, and will not have to share control of the company with a third party.
Bridge cash flow gaps
Cash flow is crucial to keep your business running smoothly. Only when your business is able to operate seamlessly will you be able to enter a new phase of growth and take up lucrative opportunities that come your way. You can use this collateral-free business loan to bridge any gaps that may arise in your company’s cash flow. This will ensure that your business’ operations are on track and that you have the financial backing that you need to increase the number of clients on your roster or multiply your on-ground presence in an attempt to grow.
Get funds for time-bound situations
Oftentimes, growth for your SME is linked to how well, and how quickly you can snap up the opportunity before you. While committing to a challenge is a beginning, it isn’t enough. You may need external finance to see it through and turn the exercise into measurable growth for your venture. So, a business loan without collateral security offers you funds as quickly as possible. You can get approval within 24 hours, and the funds will be disbursed straight to your account thereafter. This will ensure that you secure funds in a timely manner, and are able to use them as soon as they are sanctioned to you. This is because there is no need to collect and encash a cheque; instead, the amount is directly credited to your bank account.
Pursue your growth without worrying about repayment
Choosing the right lender will make repayment of your collateral-free business loan effortless. Some lenders offer you a Business Loan with multiple benefits, one of which is the option to choose a tenor of up to 8 years. As a result, you can focus on your business’ needs first, and get to repayment later. Also, zilch prepayment and foreclosure charges ensure that you can use surplus funds at a later date to settle your loan quicker before the tenor is up.
In addition, when you choose the Flexi Loan facility, you can use and repay funds more conveniently. You can borrow sums from the total sanction in installments, and pay interest only on what you use. In addition, you can choose to pay interest-only EMIs and repay the principal at the end of the tenor. This will help you save up to 45% and is especially useful if you don’t have the funds immediately to pay the full EMI or want to dedicate your financial resources to meet your SME’s growth needs.
As a thumb rule, organize your business finances and plan repayment in advance even when you seek a collateral-free business loan, as it will make your borrowing experience smoother and hassle-free.
Shira is an enthusiastic blogger and marketing manager. She maintains keen interest in progress and development in the marketing and business space. She also provides consultancy to small and medium sized companies to build their brands online, design and execute their online marketing strategy to propel business growth.