The World Economic Forum in 2017 named Bangalore the world’s most dynamic city, based on its technological innovativeness and advancements. It is has been the major hub of India’s IT sector for approximately the last 25 years.
So, growing a business in this city requires substantial planning and investment. As an owner, you can avail a small business loan in Bangalore to finance the growth and development of your enterprise.
Business loans are one of the most versatile financial products which come with attractive features and benefits. These loans are flexible, easy to avail and can be used for different proposes. Below are a few common queries you may have regarding business growth using these loans.
FAQ 1: How much can you avail as a business loan?
Leading NBFCs offer loan amounts of up to Rs. 30 Lakh. This amount can sufficiently cover the expenditures to grow your business if you plan strategically.
FAQ 2: In which sectors can you utilise these funds?
Unsecured business loans come with no restriction on their end usage. So, you can utilise the loan to finance any expense in your business. Some of the investment areas include –
- Purchase of new equipment and machinery
- Installation of the latest software
- Purchase of inventories
- Leasing bigger workspace and manufacturing units
- Debt consolidation
- As working capital, etc.
You can hire new employees using a business loan to enhance productivity, and hence, profit.
FAQ 3: Can business loans help in the digital promotion of your company?
Yes, they can. Borrowers often avail a small business loan in Bangalore and use the funds for marketing and promotion campaigns. You can invest the finances to conduct a digital campaign that can help promote your business further. You can even hire web development professionals and graphic designers to create a unique, user-friendly website which will boost your customer relationship.
FAQ 4: Can you open a new product niche?
Of course! Business loans enable an owner to open a new product niche, catering to their market demand. New products and services are excellent opportunities to drive more prospects to your company.
You can sufficiently meet the maximum expenses required for this investment with a loan.
FAQ 5: Can these collateral-free loans help to enhance overseas promotion?
There are reasons to invest your business loan in advertising. It creates an online market which popularises the product/company.
You can opt for easy business finance to invest in your business trips – national or international. Reach out to your target audience and build a stronger market to grow your business.
Nowadays, unsecured business loans from reputed financial institutions come with exclusive features and advantages. Some NBFCs offer minimal eligibility criteria, nominal documentation and flexible repayment tenors, making it convenient for borrowers to avail loans.
Borrowers can apply for these unsecured loans in two ways: online and offline. Either visit the lender’s official website and fill up the online application form. Or, you can send an SMS to apply online. Do check the procedure of application specific to your chosen lender.
You can also opt for pre-approved offers if you need instant financing. One of the leading lending companies, Bajaj Finserv provides with pre-approved offers on a variety of financial products including home loans, business loans, personal loans, etc. These offers make the application process simple and save your time. However, no matter whichever way you apply, there are two other things you must consider beforehand.
- Eligibility criteria
You must meet the following basic requirements to be eligible for a loan.
- a) A citizen of India
- b) Should be within the age bracket of 25 to 55
- c) Must file IT return of the previous year
- d) Must have a business vintage of at least 3 years
- Documentation
Reputed NBFCs like Bajaj Finserv grant loans in 24 hours with minimum documentation and also provide doorstep services. The essential documents required to avail easy business finance are:
- a) Bank account statement of the previous month
- b) Passport size photograph
- c) Business proof
- d) KYC documents
You must fulfil all the basic requirements to get a business loan.
Choose a reliable lending institution which provides with attractive interest rates, flexibility of repayment, and online account access to track your small business loan in Bangalore from anywhere.
