How Flexi Loans are revolutionising lending in India
Enterprising business ideas need sufficient financial backing to enter the market, and contribute to economic growth. In the modern business scenario, the financial resources of a business are required to address a wide spectrum of needs. From the requirement of a software to ensuring legislative compliance to the hiring of labour in a seasonal industry, tackling issues on short notice defines the success factor in current economic scenario.
The finance industry has a significant role in helping business ideas materialise into business houses. The lending scenario in India encompasses financial products that aid small and medium enterprises towards their fixed financial and working capital needs. We, at Bajaj Finserv, offer an innovative product called Flexi Loan, which not only helps businesses fulfil prospects like expansion or buying new equipment, but also aids in personal finance.
Say hello to Flexi Loans
Flexi Loans are new-age loans that efficiently cater to the long-term as well as short-term needs of your business. They are a customer-friendly product that also help you fulfil your personal needs and aspirations better. As the very name suggests, Flexi Loans give you flexibility in utilising your funds, something that a regular loan does not offer.
You get access to a credit line, which you can use as per your needs. It is a pre-approved limit of money, that you can make use of whenever you need, by making as many withdrawals and prepayments in your loan account.
These loans also make a great cost-saving tool, as the interest is charged on the amount you utilise in any given period, and not the whole credit limit. Also, you can choose to only pay the interest amount in your EMIs, and the principal at the end of the tenor. This brings down your EMIs by almost half, thus allowing significant monthly savings.
With a ready credit facility at hand, you can answer to your business’s ongoing operational needs in the right time, as well as finance new equipment for expansion. On the personal front, you can take care of your planned and unplanned expenses, without any worry.
The flexibility and control that Flexi Loans allow in catering to various needs makes them one of the most unique financial products in India today. These can be used for:
- Working capital
Whenever liquidity is tight, businesses go for quick loans which are collateral free, to address their day-to-day requirements and ensure uninterrupted operations. Daily wages, administrative expenses, rent, utility bills, and more can be taken care of smoothly with the help of a Flexi Loan. In the event of any unforeseen situation, this loan can readily help you survive a cash crunch or slowdown. With easy withdrawal of funds whenever needed, it makes a desirable working capital loan.
- Stocking up inventory
Flexi Loans are a great way to finance inventory needs. They help you meet seasonal requirements and peaks without affecting other regular operations of the business. At times, businesses are unable to execute big orders due to insufficient cash flow. These loans help you process any large order by helping you purchase the inventory you need, or hire more temporary workers to help manufacture the items.
- Equipment financing
Purchasing the right equipment, replacement of old and worn out machinery, and maintenance and upgradation of existing ones are vital to sustain a business’s efficiency. But buying new equipment can disrupt a business’s finances. When internally financed, it can take a toll on the business’s liquidity. The credit line offered by a Flexi Loan comes to aid in such time, as it sustains the supply of funds.
- Legislative changes
A business needs to ensure its compliance with the commercial laws of the land. Legislative changes, like implementation of GST, often require hiring experts and training personnel, to be properly adhered to. The new laws may also require you to avail new software for your business. Since they can bring an unanticipated slowdown and affect your cash flows, a Flexi Loan can come to your aid.
- Medical emergencies
Given the escalating prevalence of life-threatening diseases, there is no saying as to when you might be in an emergency. The rising costs of health care make it difficult for you to attend to such situations and therefore, quick availability of funds can be lifesaving at times. A Flexi Loan being a ready credit line, helps you in such situations. It can be a regular source of funds to meet the needs of serious and terminal illnesses.
- Milestones in life
As you go ahead in life, you wish to fulfil your desires and have your share of memorable moments with your loved ones. Planning a vacation to your dream destination, giving your home a modern makeover or funding higher education for your children, all require sufficient funds. Flexi Loans help you fulfil these desires, with ready availability of funds that you can use as and when you need.
Flexi Loans are a new and dynamic approach to borrowing. The control you get in transacting as per your requirement, easy and instant online availability, quick disbursal, and transparency make them a desirable financial tool in the market.
Bajaj Finserv Flexi Loans come at competitive interest rates. They help you strategically manage your cash flows and maximise savings. Go ahead and fulfil your needs without any delay, with the help of a Flexi Loan.