When you need financial help to expand your company, a business loan is one of the great options you have. They offer a sizable capital amount at an affordable interest rate. Moreover, you have the option of availing an Unsecured Business Loan in Pune. That means that you will not have to provide any collateral to avail the loan.
There are many NBFCs like Bajaj Finserv that offer this option of unsecured loan. This type of loan could be particularly useful for small businesses that may not have any assets to provide as collateral. However, there are several things to consider before availing a business loan.
Before Availing a Business Loan
Before you opt for a business loan, it is important that you do your homework. You have to go for business loan which are available in the market and find one that suits your needs.
This is not as hard as it sounds. All you must do is get an idea of your finances so that you’ll know how much money you need to borrow, and what you need to borrow it for. Once you know that, it becomes easy to choose the type of business loan you would need. You will know whether you need a business expansion loan, a working capital loan, an equipment loan, an infrastructure loan, or something else entirely.
The interest on business loans is another factor you will need to consider before borrowing. Be sure that you can pay it back before you decide. Also, use an online EMI calculator to know how much you will have to pay every month as EMI. This will help you prepare a repayment strategy, which would- if you have it- give you credibility in the eyes of a lender.
Business Loans in Pune
Pune is the 7th most populous city in India and is also well known as an educational hub, thanks to the presence of so many universities and colleges there. It is also a commercial city and an IT centre in Maharashtra, making it home to many small and medium businesses.
As a result, financial institutions to avail a loan from are aplenty in Pune. You’ll need to, therefore, first decide the type of loan you need and then shortlist a few of the institutions that offer such a loan. Keep in mind that you can only avail a loan if you meet all the business loan eligibility criteria.
Additionally, be ready with the documents required for business loans before you apply as well. These include your identity proof, bank statements, balance sheet, the sole proprietorship declaration of your company, etc. Having all these in hand makes it much easier to apply.
Unsecured Business Loans in Pune
If you are looking for unsecured business loans, then things become even easier. Since there is no collateral involved in these loans, it doesn’t take as long to get an unsecured loan approved. This is because without collateral, there is no need to appraise the value of your assets. As a result, there is a lot less documentation and paperwork involved in unsecured loans.
Further, unsecured loans can be tailored to suit your needs. In fact, often NBFCs like Bajaj Finserv have pre-approved offers for their customers. They may offer top-ups to existing customers, or even provide rate reductions from time to time. Offers like these can help in the growth of both SMEs and MMEs anywhere in the country, including Pune.
Therefore, finding an affordable Business Loan Interest Rate is just a matter of doing a little research and preparation. What’s more, you can even apply for one online!