The service sector might not look as profitable to outsiders. A lot of service sector providers don’t have any material commodities which can attract customers. The service sector is all-pervasive. From schools to colleges to hotels and real estate, all of these can come under the service sector. If you are looking to renovate your hotel or want to open another one somewhere else, consider taking a business loan. Because the service sector requires huge capital and sometimes it doesn’t pay off as much as you expected in the initial years. So it's better to keep your savings intact and use a business loan to achieve your business goals.

Business Loans for the Service Industry

It doesn’t matter how great your idea is for a business, and you need finances to make it a reality. The business which isn’t growing with time isn’t profitable. So you always need to think about growing your business and making it more valuable. Service sectors don’t require you to buy massive machines or build significant infrastructure to attract customers. Even a small place will do if you plan it well. The service sector is more dependent on human capital. More customers that you serve, more the human capital you need to get the work done.

With a business loan, you can opt for paying salaries to your employees, along with utility and debt servicing. On the other hand, you can use the loan amount to change the decor of your restaurant and make it look completely different. Many owners are doing the same thing by making their restaurant more appealing to millennials.

Basic Eligibility Criteria

Why Is MSME Loan for the Service Industry the Best Option?

India is one of the leading manufacturing markets in the world. The huge part of this success lays on the shoulder of micro, small, and medium enterprises. The MSME sector in India contributes about 40% of the total GDP. As a result, to help these businesses with their expansion plans. FlexiLoans provide MSME loaning scheme. In order to avail of this loaning scheme you first need to meet all the eligibility criteria mentioned under this loaning scheme. 

You can even get up to 1 crore of loan amount under the MSME loan giving you ample money to take your business on the right track and start making a profit. 

Service Business Loans

Also, FlexiLoan will not ask you to deposit any collateral against the loan amount. Thus, it comes in an unsecured loan category. With this loan, you can turn your business planing in execution in no time.

Documents Required for Service Sector Business Loan

Frequently asked questions