Personal Loan for Business

 Personal Loan for Businessman

The terms self-employed and small business owners are often used interchangeably. But, not many know that they are different, and the difference is pretty straightforward. A self-employed entrepreneur is a sole proprietor (no employees), independent contractor (no contractors) or is into a part-time business. Whereas a small business owner owns a business and employs resources, hires contractors, or both.

If you are a self-employed entrepreneur growing to be a business owner or an experienced businessman, you may have known by now that getting a business loan from traditional banks can be challenging, especially if you are in the early stages of your business.

In contrast, a personal loan for self-employed or a personal loan for business is given to the individual – the lender evaluates your personal income and creditworthiness rather than that of your business.

Also, a personal loan for self-employed or business allows you more flexibility in repayment and does not need collateral or guarantor.

So, if you find yourself in any of the following scenarios, a personal loan for self-employed business might be the perfect fit.

8 Reasons Why Businessmen Need A Personal Loan

To Invest in Building Infrastructure

A personal loan for businessman can be used to build your infrastructure which will help you build a peaceful environment to work in, thus enabling you to grow your business in size and revenue.

To Manage Operational Costs

The personal loan for self-employed can help you take care of your ancillary expenses, such as salaries, raw material, utility bills and supplies without slowing down your operational activities when in a cash crunch.

To Upgrade the Plant and Machinery

To cater to the demand for your product or service, you may need to introduce new technology or increase production capacity by adding new equipment/machinery. A personal loan for self-employed may help you meet the demand for additional capital without it being an extra financial burden.

To Manage the Inventory

Inventory is a big expense, but you have to keep on replenishing your inventory to keep up with the demand. Personal loans for self-employed individuals can help you with purchasing inventory to grow your business.

To Increase Cash Flow and Working Capital

If you are a small business owner, it is usually a challenge to manage cash flow and meet the liquidity requirements for working capital, such as rent, overhead salary, utility bills and inventory management; a personal loan for business owners may be the solution.

To Hire New Employees

If your small team is overburdened, there is a risk of your business model failing over a period of time. As a business owner, taking a personal loan for businessman can be the best option to meet the expenses of hiring new employees so that you can even out the burden and focus on growing your business.

To Purchase Raw Material

If you seal a good deal, you may need to increase the production capacity of your business, and that may require you to purchase raw material to cater to the high demand. A personal loan for self-employed may be the solution here.

To Expand Your Business to Another City

If you plan to expand your business to another city, you will need more capital. You may need money for up-scaling your production, launching a new product, opening a new division or penetrating a new market/area. A personal loan for self-employed can give you wings to fly.

Adiloans Eligibility Criteria: Personal Loan for Self-Employed/Personal Loan for Businessman

Age: Above 23 years and below 55 years.

Minimum Income: Rs. 20,000/month.

Nature of Employment: Self-Employed or Businessman (Professionals, such as lawyers, doctors, business owners, shop owners, etc.)

Work Experience and Duration: Should be in the business for a minimum of 3 years with work experience of 3 years.

Location: You need to be a resident of any of the following cities:

Delhi, Noida, Gurugram, Faridabad, Greater Noida, Ghaziabad, Gurugram, Jaipur, Mohali,  Jalandhar.

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