Be it for business expansion or diversification, to buy or rent office premises and machinery, or to hire marketers to increase your client base, you can use a loan against property any way you like to boost your enterprise. You can mortgage any commercial or residential property that you own to obtain funds for your business. When you choose this option, you can access substantial capital at nominal cost to start or grow your business without the need to find sponsors or lose ownership in your company.
Here is a look at why a loan against property is an excellent financing solution for businesses.
Get ample funds for business
You are likely to obtain a high-value loan with a loan against the property for business purposes. The value of your property determines the loan amount you are eligible for, so the higher your property value, the more funds you can get for business growth. For example, the Bajaj Finserv Loan Against Property gives you up to Rs.3.5 crore if you are self-employed. Apart from substantial funds, lenders usually keep the loan against property interest rates very nominal owing to the secured nature of the loan. Thanks to these parameters, it becomes very easy for you to finance your business endeavors with this loan.
Enjoy fast finance for urgent business needs
You can add convenience to your borrowing experience by choosing a loan from the best lenders in the market. For example, when you take a Bajaj Finserv Loan Against Property, you will experience easy-to-match eligibility criteria and will need to submit only minimal documentation. The best part is that you can get the money in your bank account in just 72 hours with a simple online application and enjoy doorstep document pick-up services too. Thus, a loan against property is ideal for business owners like you who can meet time-sensitive business needs with ease.
Repay at your pace
You can be sure of easy repayment with the flexible tenor options of this loan. Usually, you can choose to repay the loan in as long as 20 years. Further, you can choose a lender who allows you to foreclose or make part-prepayments towards your loan at no additional charges.
Transfer your existing loan to reduce your interest obligation
You can choose easy balance transfer facilities on your existing loan against property with lenders offering added benefits and lower interest on the transfer. Choose lenders like Bajaj Finserv to quickly process and transfer your loan and get high-value top-up loans to fulfill varied business requirements, be it buying assets like vehicles or land, or hiring required manpower.
Access flexible financing to meet unpredictable expenses
A loan against property also has an overdraft variant. Take Bajaj Finserv’s Flexi Hybrid Loan against Property, for instance. When you opt for this variant, you can save on expenses by paying interest only on your utilized sum and not the sanctioned sum. With additional features like interest-only EMIs, you can enjoy more flexibility of managing your cash flow and meet irregular expenses with greater convenience.
Manage your loan account on the go
Online account management allows you to save time and worry by making the process of checking your loan details and account at a click anytime, anywhere. You can log in to your account and view all the information pertaining to your loan, including the repayment details and the loan statements, no matter where you are. This makes managing your loan stress-free.
You can choose to take a loan against property for business to gain from the above benefits. In order to make the most of the loan, choose a lender that offers maximum benefits and a good loan against property interest rates. Remember to check the loan against property eligibility with your lender and keep the loan against property documents handy before applying to ensure a fast sanction of funds.