When you start your own business venture after leaving your old job, it is one of the best feelings in the world. No more worrying about looming deadlines, impossible targets, shouting manage, crazy working hours, and so much stress just for a meagre salary which does not do justice to your talent and the effort that you put in. But, then running your own business is no child’s play, you have to arrange for the money and other resources just to get the business activities started. On top of that, you must handle multiple operations, travel great distances, conduct client meetings, arrange for vendors, and attend to client complaints which make you busy and running around here and there. If there comes up an emergency expenditure that you must take care of but do not have adequate spare money, then you are in a spot of bother.
Now that you have exhausted all your savings and do not have any spare cash in the business, what are your options? You can seek money from your friends or family and they might as well be willing to help you out but what if they do not have the kind of money you need? Approaching a private money lender is the worst decision that you can take and one which should be entirely avoided. The best option for you in such a situation is to avail an instant unsecured business loan. There are several financial institutions that offer unsecured business loan in India for small business owners and help them meet their urgent financial requirements in an effective manner. There are various types of business loans available for you, such as machinery loan, equipment loan, working capital loan, business capital loan, and various others.
About Business Loans and where to avail them from?
Business loans are those loans which are offered by financial institutions to help business owners take care of any upcoming expenditure. These loans must be used for business related requirements only and have to be paid in easy installment, i.e. there is no need to make a lump sum payment at any stage. Most business loans in India can be pre-paid without incurring any penal charges. Out of the various financial institutions operating in India, online lending companies are fast emerging the preferred option for business owners seeking instant fund sin a comfortable manner.
Online lending companies allow you to apply for an unsecured business loan, such as machinery loan, equipment loan, or working capital loan, through their website or mobile App. They follow a minimal documentation process wherein you need to upload only the PDFs of the documents to process the application. With the minimal documentation process that these companies follow, your business loan applications are decided upon in a few working days.
In order to be eligible for an unsecured business loan of up to Rs. 5 Lakhs, your business must have registered an annual turnover of more than Rs. 10 lakhs in the previous year. The rate of interest levied varies between 23% to 28% and the maximum repayment tenor available is up to 24 months. You also have the option to foreclose the business loan without incurring any additional charges after the payment of few EMIs. These companies follow a transparent online application process which allows you to constantly keep a track of your application without ever going anywhere. You can, therefore, concentrate on the functioning of your business activities rather than running from pillar to post to raise the required business loan.
Innovative ways to use your Equipment Loan
Equipment loans are offered by financial institutions to help you purchase new equipment or upgrade an existing equipment to improve the quality of products and services offered by you. Here are some innovative ways to use an equipment loan for your business:
- Buy some Furniture: Remove all the old furniture and replace it with new furniture that is not only more spacious but also takes lesser space and allows free movement of your employees.
- Change the Lighting: Change your old bulbs and tube lights with new LED lights which are not only energy efficient but also give more light. This will significantly enhance the efficiency of your employees.
- Install a Coffee Machine or Water Cooler: These equipment plays an important role in helping the employees relax as well as impresses your customers also. They can drink these beverages and feel refreshed and re-energized.
- Install Attendance Machine: Install a bio-metric attendance machine to record the arrival and departure time of employees. This will motivate them to come on time and leave on time, which is significantly beneficial for your business.
- Replace your Computers: Replace desktop PCs and get new laptops for your employees. They will keep your work going even without electricity and allow you the flexibility of taking them anywhere. With their Wi-fi ability, you can get rid of clutter of cables and make your office look tidy and neat.
These are just some of the innovative ways to use the equipment loan to enhance the efficiency of your business which in turn will translate in to more profits.
Content Posted By Guest Author:- Rahul has over 7 years of experience in digital marketing. Prior to joining ZipLoan.in , Rahul worked at Content Mart and was instrumental in ensuring a 110% year on year growth of the business. Before this, he worked at Jabong as a part of the International Business Expansion team which focused on Overseas Markets. In the initial phase of his career, he worked with autoportal where he achieved a 65% traffic scaling. Rahul holds a Bachelors degree in Technology.