Hotels and restaurants face growing competition these days. The hospitality industry is in the throes of a major evolution with customer preferences dictating the market. The entire global hospitality market is steadily moving away from conventional segments, themes and tropes and India is no exception. India’s hospitality boom has meant more rivals and players in almost every segment of the market and across all price points. Finding the pulse of the customer is tricky business; get it right and you have a winner on your hands. However, if you get the theme, purpose and objective wrong, it is an expensive fall from grace. Such is the tough nature of the hospitality industry and players in this sector know that they require periodic investments and upgradation in order to keep customers engaged and to get them to come back frequently.
As a result, finding the right business loan for service enterprises is of prime importance. This is because once you utilize this loan wisely, you will be able to grow and expand your hospitality and restaurant business. The funds can be utilized in various ways-
- Setting up new branches of your hotel/restaurant
- Building up a hotel/restaurant chain across major cities
- Setting up a franchise network
- Introducing new innovations in terms of chefs, cuisines, new features and offerings
- Refurbishing or rebranding in terms of design, theme, look and feel
- Advertising and promotions
- Innovative customer centric offers and activities
- Overhead expenditure for meeting demand by way of raw materials and manpower costs ahead of peak periods and festive seasons
There are several ways that you can utilize business loans for growing and expanding your business while you can also use these funds for taking care of working capital needs. You should always compare lenders and try to get the most competitive business loan interest rate. You should also keep an eye on the business loan eligibility criteria and see whether you fit the bill. You should also have all the necessary documents required for business loans in order to ensure that your loan application is sanctioned swiftly.
You can apply for a business loan from Bajaj Finserv. Loans are sanctioned up to Rs. 30 lakh and there is the Flexi loan facility available as well. This facility helps you utilize funds depending on your needs and you can pay interest only on the amount that is used. You can repay the principal amount at the end of the loan tenor. There are doorstep facilities offered by Bajaj Finserv for maximum convenience. There is swift approval within 24 hours along with fast processing of loan applications. There is minimal documentation required along with fast disbursals within 48 hours. The loan tenors range between 12 and 60 months while there are several exclusive offers for customers based on their business turnover. There is total online management of loan accounts and access to all necessary details online. The best part is that there is no collateral or security required for these business loans for service enterprises.