Looking to start your Digital Marketing Agency? Know-How Unsecured Fundings can Help
Digital marketing is experiencing a 20%-30% YoY growth since 2017. As the number of internet users in India ranges around 627 million, the importance of digital marketing is on the rise.
In such a scenario, launching a digital marketing company can be extremely profitable, catering to its increased demand. Credits in the form of business loan for a start-up can be availed to meet any relevant expenses, accounting for the smooth operations of the organization. It is very important for an organization to cope up with the daily bearing expenses for the long run in the market.
Why avail business loans for your digital marketing agency?
Major financial institutions extend the high-value business loan for a start-up without any collateral and end-use restriction. Such a facility allows entrepreneurs to meet various start-up costs – from office rent to equipment purchases, hiring employees to opt for the latest technology.
Financial institutions like Bajaj Finserv also provide the unique Flexi Loan facility along with such business loans, to reduce the monthly repayment burden. Individuals can also enjoy up to 45% lower EMIs on their business credits through such a facility.
The primary difference between Flexi business loans and term loans is that borrowers have to pay interest on total funds withdrawn in case of Flexi loans, contrary to the high-interest burden on entire loan value on term loans.
Also, business loan advances come with customizable tenors, which help entrepreneurs in undertaking sound financial planning, so that no excess burden in the form of EMI liability is imposed on them.
Nonetheless, the underlying business loan documents and eligibility criteria should be analyzed carefully before applying for such advances, to maximize the chances of approval.
Business loan for a start-up of a digital marketing agency – Eligibility criteria
The eligibility criteria list the parameters against which an individual is evaluated to establish his/her creditworthiness. Fulfillment of all the clauses which act as a checklist for a business loan application is essential to get your business loan approved, as stated below –
- Age – Individuals between the age of 25 and 55 years can apply for business loans.
- CIBIL score – An individual should possess a credit score of at least 750 to avail of a business loan. Such a high score reflects the credibility of borrowers based on past repayment methods respectively. It is a crucial parameter taken into account by major financial institutions while extending such loans to applicants and affects the business loan interest rates as well.
- Bank account statements – Applicants need to submit attested photocopies of their bank account statements with the chosen financial institution for approval. Such statements allow institutions to get an idea about the spending patterns of an individual, which, in turn, reflects his/her capability of meeting periodic EMI payments.
- Documents – The business loan documents, such as proof of business and relevant financial statements, have to be submitted for analysis. On that account, income tax returns of the previous fiscal year have to be provided as well. Such documents establish the financial condition and potential for the growth of business respectively.
Upon meeting all the above-mentioned criteria, borrowers can avail of business loans instantly.
Pre-approved offers extended by major financial institutions such as Bajaj Finserv ensure quick and hassle-free approval.
Individuals planning to launch their start-up using the acquired funds have to furnish sound business plans and development ideas to avail of a business loan for a start-up.
Such development plans are crucial in forecasting the success of a business, which, in turn, affects the repayment capability of borrowers. Secured funding availed can be utilized in meeting a multitude of expenses, ensuring smooth launch hand operations.