Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > How Personal Loans Helps in Your Business?

Personal Use Loan

How Personal Loans Helps in Your Business?

How Personal Loans Helps in Your Business?

While a business loan presents a good financing route, a personal loan presents a helpful alternative. A personal loan is a type of unsecured loan that helps you meet your financial requirements for various purposes. You can get a personal loan for a variety of needs – wedding, marriage, travel, purchasing consumer durables. However, getting a personal loan for business needs offers unique advantages.

Easier to qualify for

Getting approval for a personal loan is much easier as the lender only checks your personal credit history, finances, and income. Moreover, if you have a strong credit score then the terms of the loan will be better than what your business could likely get on its own.  

Available to small businesses and startups

Finding a business loan for a small business that is less than two years old and doesn’t have significant revenue is quite challenging. However, with a personal loan, you can easily get funding for your small business or startup.  Personal loans don’t require you to furnish extensive business plans and documentation, as opposed to business loans. A lender only uses your personal information to sanction the loan, and not your business finances.

No collateral

Unlike business loans that require you to put down assets as collateral, personal loans are typically unsecured and don’t require any collateral. So, even if you fall behind on your payments, the lender can’t seize your assets. A personal loan is a good choice if you don’t want to provide assets as security. At Tata Capital, no collateral or security is required for personal loans.

Flexibility

Lenders are quite flexible when it comes to the usage of funds. You can split the funds and use them for business and personal expenses, or any other needs. Thus, this makes personal loan a good option for self-employed professionals or small business owners.

Additional Read:- What is My Payment Method for a Personal Loan?

Quicker disbursal

Business loan require you to submit a number of documents such as the accounts of your business, business plan, etc. The process of arranging for the required documents, getting the business loan sanctioned, and then for the money to hit your account takes a lot of time. Compared to this, personal loans are disbursed within a couple of days. So, if you are in need of funds and can’t afford to wait, then a personal loan is the best option to get the capital you need.

Looking to apply for personal loan? Look no further than Tata Capital. Tata Capital’s personal loans are designed to meet all your financial needs. With personal loan interest rates starting at 10.99%, you can say goodbye to all your financial worries. We only ask for minimal documentation to process your loan application. We have made the process of getting a personal loan simple and flexible so you can get quick access to money whenever you are in need.

Additional Read:- Tips to Repay Personal Loans Without Affecting Your Wallet

So, what are you waiting for? Use our online calculator to calculate your personal loan eligibility and apply for a personal loan by logging on to our website today.

Apply Now

Get an Instant Personal Loan for all your needs !

Apply now
Popular Searches
loan without cibil personal loan for 15000 salary Loan for ring small cash loan on aadhar card pre approved personal loan What To Buy On Dhanteras Personal loan when self employed how to increase cibil score form 15g for pf withdrawal how to download aadhar card
More About Loans
personal loan personal loan eligibility personal loan interest rate pre approved personal loan overdraft loan small loans flexible personal loans personal loan documents personal loan procedure personal loan emi calculator prepayment of personal loan
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools