Vendor finance: Benefits and Importance
When you look at the vendor finance definition, you’ll realise that it’s applicable to just about every business, regardless of the industry you operate in. This means whether you’re the owner of a manufacturing unit or have a service enterprise, you don’t operate in a silo. You’re sure to be dependent on various vendors for smooth functioning, and hence you need adequate finance to facilitate this. In a nutshell, this is what vendor finance helps you do. It makes sure you have the monetary resources to pay your vendors on time.
Take a look at the larger impact of having the necessary vendor finance on hand at all times.
• Smoother supply chain management
• Low inventory management costs
• Increase in productivity and efficiency
• Better ability to adopt latest technology
• Positive working capital balance
• Adequate liquidity to tackle unexpected expenses
• Financial backing to expand business with ease
To enjoy these benefits, it’s important to have ample vendor finance on hand. If your cash flow doesn’t allow for this, a smart option is to sign up for a vendor financing scheme. By choosing a feature-rich option you can get the money you need in an instant. Bajaj Finserv’s Vendor Finance is one such financial tool that you can count on for all kinds of requirements. Take a look at why it’s beneficial to choose this option over others.
Customised loan scheme with a substantial sanction
This loan is customised to suit your vendor financing needs. So, whether it’s paying a supplier of raw materials or your third-party housekeeping and maintenance staff, you’ll always have the funds at your disposal. Bajaj Finserv offers you Rs.30 lakh via this tailormade loan, ensuring that even if you have multiple vendor finance needs crop up at the same time, you’ll never fall short of cash.
Quick application, quick disbursal
To build long-lasting relationships with vendors, the first and most important step is to honour your payment commitments. To help you do so Bajaj Finserv offers vendor finance instantly, with approval in just 24 hours. Not having to submit collateral makes the process even smoother.
Flexible usage of funds
Bajaj Finserv understands the volatile nature of your business and the need to run a lean operation. This is why it allows you to avail the sum as a Flexi Loan. Here you can borrow in instalments from your total sanction, paying interest only on what you use and not the total you qualify for. Thereafter, you can choose to pay interest-only EMIs, repaying the principal at the end of the tenor. What this means is that you can save up to 45% towards repayment.
Repayment as per your convenience
Another way in which this vendor financing scheme aligns itself with your needs is by offering a flexible repayment plan. You can do so online, over a tenor of 12 to 60 months as per your cash flow. There’s no need to stress, as a long tenor is up for grabs should you need it.
Online application for the new-age businessperson
If you’re setting up your business or expanding it, you are sure to be juggling several tasks at once. In such a situation you don’t want to add the task of getting finance to your already lengthy to-do list. Keeping this in mind most lenders, including Bajaj Finserv, allow you to apply for vendor finance with absolute ease. You can apply online, while you’re on the go, and once your loan tenor begins you can track it too using a secure customer account.
It’s easy to see how a good vendor financing scheme can help you fill in the gaps and make your job of running a business a smooth, hassle-free process. What’s more, should you decide to take vendor finance from Bajaj Finserv, you can further expedite the process. All you have to do is check your pre-approved offer to unlock customised deals and access finance at lightning speed!