Come January and there is a scramble among taxpayers to prepare and file IT returns. A large section of people seek advice from tax consultants on various tax-saving instruments. As a chartered accountant/tax consultant, it's this time of the year when you need to stretch yourself and your resources for your clients.
Being prepared for the drill during this time of the year requires you to identify funding options to address any immediate cash needs that may arise to boost revenues in the long run.
Here's how flexi business loans help you with funds to address various needs that have a direct impact on revenues.
Paying Temporary Hired Staff
You need to infuse new resources into your existing workforce as the fiscal year draws to a close. Handling tax returns and educating existing and new clients on tax-saving instruments is easier said than done. It’s a tall order for you and your existing employees to handle.
Amid all this, it’s essential to offer top-notch services to every client. For this, you need tohire employees on a temporary basis for smooth operations.
A flexi business loan is an ideal financial instrument for paying salaries of suchtemporarystaff. Being collateral-free, this loan requires minimum documentation with funds being disbursed within 24 hours.
Thus, you can handle large volumes of work with ease, to boost revenues.
Lease Equipment for Recruits
While hiring temporary recruits can help you handle extra work, it’s essential to provide them with the right equipment for optimum performance. Leasing equipment such as computers for temporary recruits makes sense as buying would make them a liability. You can also rent additional premises for your temporary staff in case the current space doesn’t suffice.
Flexi business loans offer a flexi loan facility whereby you can withdraw funds as and when required from your approved flexi loan limit.
You can make the required withdrawals for leasing equipment for your temporary recruits. Also, since these loans charge interest only on the amount utilised and not on the entire approved flexi loan limit, you don’t have to worry about high EMIs.For example, if you withdraw Rs.3 lakh from your flexi loan limit of Rs.20 lakh, interest will be charged on only Rs.3 lakh and not on the entire approved amount of Rs.20 lakh.
The flexiinterest-only loan variant further brings down EMIs as you need to pay only the interest component of the EMI and the principal amount can be paid at the end of the tenor.The right equipment aids your team to optimise their performance, thereby winning the trust of your clients and subsequently boosting your revenues through referrals.
You can use the surplus cash you generate during the tax season to pre-pay your loan without any additional charges. Flexi Business Loans from Bajaj Finserv gives you the much-needed flexibility to utilise money as and when needed.It comes with features like:
- High loan amount up to Rs.35 lakh
- Affordable interest rates
- Flexible tenor of 12 to 96 months
- Easy repayment
- Minimal documentation
- Doorstep document pickup
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