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Tata Capital > Blog > How to use personal loans to start a business online

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How to use personal loans to start a business online

How to use personal loans to start a business online

Not being a part of the rat race and choosing to become an entrepreneur can be an exhilarating experience. You get to be your own boss and steer your career in the direction as you see fit. The virtual world has opened many doors for aspiring entrepreneurs. 

However, as exciting as it seems, running an online business comes with its fair share of hardships that begins with getting the financial support for your daily operations. When it comes to this, opting for a personal loan can be a great way to fuel your entrepreneurial journey. 

Additional Read: How to avail a Personal Loan without visiting a Branch

When starting an online business, your first instinct could be to consider a business loan. However, personal loans can be a better option for several reasons. Here are some ways in which an instant personal loan can be used to start an online venture:

Benefit from financial liquidity

Starting an online business requires capital and personal loans offer you the required funds for setting your virtual business. Moreover, unlike some business loans, a personal loan for self employed business owners does not require any collateral or third-party guarantee. You can have the funds you need, without having to block your assets by signing them over as security. 

Get added budgetary flexibility

Prepare Flexible Budgets

When you are starting a new venture, it can be difficult to assess your overall financial needs. If you ever require more money, you can always use the option of an overcharge facility. Under this benefit, you can withdraw additional funds up to a certain limit as mandated by your lender. 

Be less dependent on investors

Most online businesses are run by individuals rather than big corporations and partnerships. However, getting funds from investors or applying for business loans could be a tedious task. Moreover, business loans require many documents like your company’s PAN, partnership deed, income tax returns for the previous two years, as well as the balance sheet and profit and loss accounts for a minimum of two years. If you wish to avoid these steps, you can apply for a personal loan online. This will provide your venture with the push it needs without complications.

Launch your business quickly

The online world is all about being swift, and a personal loan facilitates this with a swift and straightforward process. You can have the money to get your website up and running with minimal documents like bank statements, income proof, and identity proof. The processing time for such loans is also fairly quick, and most loan providers disburse the amount within 72 hours of approving your documents.  

Conclusion

Personal loans offer several benefits. They can be used for varied kinds of expenses, and lenders rarely question you about how you wish to spend the money. So, no matter your business model, you can go ahead and use an instant personal loan to set up your online venture. 

Looking for funds for your online business? You can check out Tata Capital’s personal loan available for up to Rs. 25,00,000.

Additional Read: Facing a Financial crunch during the Lockdown? Get a Quick Personal Loan Online

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