Benefits of Business Loan for Manufacturers

Manufacturers often require loans for various purposes be it for major projects, inventory, equipment and so on. However, finding the right source of funding is often a difficult task. Most conventional lenders have highly stringent terms and conditions along with eligibility criteria and paperwork that puts off many manufacturers from applying. Also, many conventional lenders insist on collateral or security for sanctioning these loans. However, many firms face problems in supplying adequate collateral to avail of a business loans for manufacturers.rnThe only way to avoid this predicament is to look for a business loan for service enterprises or manufacturers which does not insist on collateral and comes with better terms and conditions. If you are a manufacturing entity, you can apply for a business loan for manufacturers from Bajaj Finserv. These loans help you take care of expansion, inventory building, overhead costs, raw material costs and so on. The financial burdens on manufacturers are numerous and this financial product ensures that you have adequate working capital at all times for running operations smoothly on a daily basis. There are innovative offerings like the Flexi Loan provisions where funds can be withdrawn based on your requirements and the interest can be paid only the amount utilized. You can repay the interest component every month and repay the principal at the end of the loan tenor. You can use this facility for building inventory and scaling up production. Loans are sanctioned up to Rs. 30 lakh for working capital requirements of manufacturers. Apart from the flexi loan facility, there is also the doorstep facility where Bajaj Finserv relationship officers will pay you a visit for addressing all your queries and accomplishing all loan related tasks. There is swift online approval for these loans with a simple application procedure and minimal documentation. Approval is possible in 24 hours and disbursal within 48 hours which makes it possible to raise funding for urgent working capital requirements. rnDocumentation requirements are minimal with only a single proof of business vintage needed. Tenors range between 12-60 months for greater convenience while no collateral/guarantors are required as well. There are exclusive offers provided based on your business turnover. You can also manage your loan account online without any hassles. There are zero pre-payment charges so that you can utilize your surplus funds to pay off the loan periodically. The eligibility criteria of business finance stipulates that you have to be a small business enterprise or self-employed individual running your business for at least three years or a textile manufacturer/oil mill/rice mill. You can also be a partnership/limited liability partnership/closely held limited company/private limited company. The documents that you will need for the application include the following: KYC documentsrnPassport sized photographrnCertificate/proof of businessrnBank account statement for last 2 months rnAudited turnover of the last year These business loans for manufacturers are a godsend when it comes to raising capital fast for meeting working capital needs, stocking up on raw material and inventory and also for covering overhead expenses.