How to get Finance via a Loan Against Property as a Freelancer

A recent report by The Times of India estimates that by 2020, 50% of Indians will be freelancing. This style of working can be surprisingly lucrative, as a PayPal report that reveals that freelancers earn an average of Rs. 20 lakh per annum. Since 85% of freelancers in India are aged between 21 and 39 years, accumulating the funds to start a big business can be difficult.

If you are in that position, consider taking a loan against property for business startup. This kind of loan is available at a competitive interest and has all the features required to get your freelance career on the road. For example, the Bajaj Finserv Loan Against Property gives you access to a generous loan amount of up to Rs. 3.5 crore if you are self-employed. You can repay this in up to 20 years and that too at an affordable interest rate.

Here are 5 reasons why a loan against property for business startup is the right way to finance your freelance career.

Get an Ample amount to get your Business off the Ground

A freelance venture gives you the reigns to control your hours and your revenue, but it also means that the running cost of your business is on you. You may need money for office space, computer software, and electronics like computers and printers.  Plus, you may need finances to visit different parts of the country or as working capital. For all these needs, you can secure a large amount via a loan against property in India.

Repay Comfortably with a Competitive Interest and Tenor

Compared to traditional jobs, the surety of income for a freelancer is a lot lower. This is particularly true when you are starting off with your venture. A loan against property, in this regard, can be very helpful as it comes on a very affordable property loan interest rate, and more so if you have a good credit score. This ensures that you are paying the minimum interest on your borrowed sum. Further, this loan offers you a large tenor this means that you pay less as EMI and don’t have to struggle to eke out money every month. Bajaj Finserv, for example, offers you up to 240 months to repay your borrowed sum.

Speed up the Process with an Easy Online Application

The last thing a freelancer needs is a long and exhausting application process. After all, lost time equals lost money. Thankfully, you can now apply for a loan online, from the comfort of your home or office, and finish the procedure quickly. By meeting the simple loan against property eligibility criteria set by lenders like Bajaj Finserv, you can conveniently apply for the loan as and when you need the funds. You can also make use of doorstep assistance to submit the required loan against property documents and avoid wasting time in travelling to a branch.

Receive the Funds you Require Instantly

You can only start freelancing when you have funds in hand. It’s one thing to apply for a loan and quite another to finally have the amount in your bank account. Today lenders are bridging this gap and transferring funds quickly. Bajaj Finserv, for instance, starts the loan disbursal process within 72 hours of you submitting your application!

Be prepared for the Unpredictable with the Flexi Loan Facility

A freelance career can have unexpected twists and turns. Whether you have underestimated the capital you need to start your venture or whether you are setting up your office slowly and in instalments, you can manage unpredictable expenses by using the Flexi Loan facility offered by Bajaj Finserv. This facility on a loan against property allows you to withdraw from your sanction as per your needs. Here interest is only charged on the amount you use and not on your entire sanction. Moreover, you can repay the loan using interest-only EMIs. This allows you to further reduce your EMIs by up to 45% and manage cash flow better.

Now that you know how a loan against property gives you the financial security required to embark or grow your freelancing career, get started and check your pre-approved offer from Bajaj Finserv. This will allow you to avail an instant approval on your application and will also give you access to a range of customised deals on an array of loans, insurance, and other financial services. You can use these smart funding options to meet all your needs quickly and affordably.