Business

Know About These Business Start-up Myths Before Availing For A Loan

SMEs in India are booming and have successfully been able to provide employment to 40% of the population. In spite of this growth, the idea of a new start-up may seem to be a little challenging owing to the involvement of several factors such as a considerable investment, workspace, employees, etc. 

Apart from the usual fear of facing a financial loss, individuals tend to believe in a lot of business start-up myths that are involved. Thus, before you arrange funds for starting your own business avail start up loan on property to invest in your business, read on to get the myths busted. 

Myth 1: You Need A Lot Of Money

To a certain point, you do indeed require a considerable amount. However, you do not have to go overboard with the investment. Consider starting your business from your home and work your way out once you gain acceptance. 

For example- if you are starting your writing agency, begin by working as a freelancer while you are new and have minimal projects. As you keep growing, you can hire other freelance writers initially and then expand when you have a considerable number of projects and clients. 

While you plan to expand your business, make sure you analyse your expenses appropriately. If you lack the required fund for expansion, you can avail a start-up loan to serve the purpose. 

Myth 2: You Have To Be Unique

There is no necessity of having an unusual or out-of-the-box idea for your start-up business. You can have a standard idea of business providing services that you are best at. To gain acceptance in public, consider providing unique or extra services that other companies do not offer. Your quality services and products will help you stand out among competitors. 

Myth 3: You Have To Quit Your Job

A common myth that individuals believe is the requirement of a lot of time. If you are a salaried employee and wish to start your business, you can do so. Being employed, while you start your business, will ensure a regular source of income and save you from bankruptcy. Also, having a steady source of income will help you in paying dues of any existing start-up loan. You can decide to quit your job once you have a handful number of clients and regular projects to work on.

Myth 4: You Can Enjoy Overnight Success

Do not rush with your business idea as you will not gain acceptance overnight. Invest the required time, amount and hard work and allow your start-up to grow slowly yet steadily. Consider taking a loan against property to start your business if you lack the required amount. 

Myth 5: You Need An Expensive Office To Gain Public Acceptance

Restrict yourself from investing in an expensive office and stick to delivering better services in the initial period. 

However, if you lack funds for your office infrastructure, you can avail a start-up loan. Several financial institutions and NBFCs provide such start-up loans to start or expand your business along with meeting other expenses such as machinery purchase, procuring raw materials, renovating infrastructure, etc. Bajaj Finserv is one such NBFC that provide Loan Against Property for Self-Employed and other financial products against minimum documents and simple eligibility criteria. These advances come with several other benefits and features like instant approval, balance transfer facility, flexible tenor, loan disbursal within four days, substantial loan amount up to Rs. 3.5 Crore, online account access, etc. 

Bajaj Finserv also provides pre-approved offers which make the application process fast and hassle-free. These pre-approved offers are available on both secured loans like home loans and unsecured credits such as business loans. 

These pre-approved offers will depend on your CIBIL score, which is one of the vital eligibility criteria for availing a loan against property for self-employed. Having a pre-approved offer also lowers the fees and charges for a loan against property. To enjoy all the benefits of such loans, make sure you handle all your existing dues efficiently. 

Now that the common myths are bused, avail a loan against property for self-employed and kick start your start-up business with ease. Avail the numerous benefits of such advances that make repayments affordable without straining your finances.

Antil Alisha
Alisha Antil is your best financial helper. She has a vast experience in finance and loans and provide to you the expert advise in ensuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related loan against property. She also provide you with knowledge about home improvement and cooking.
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