Do you know that the contribution of the travel and tourism sector to India’s GDP is projected to reach Rs 32.05 lakh crores by 2028? Yes, it is one of those massive sectors which create considerable employment and significantly contribute to the Indian economy.
This sector is expected to grow at a rate of 7.8% during the period between 2013 and 2023. Thus, it is not a surprise that many people have chosen to enter this sector and earn their livelihoods as travel agents. Are you one of them? If yes, then you should know that you can avail of business loans for travel agencies at attractive interest rates these days.
But, how do you go about procuring a loan for your travel agency? Begin by spending time analyzing the various sources of credit available, and pick a lender who offers you a business loan for travel with flexible repayment terms.
Types of business loans available for travel agencies in India
Once you have satisfied your lender’s business loan eligibilitycriteria, there are a variety of loans within business financing to choose from. They are as follows:
- Term loans, which are designed to meet one-time credit requirements for establishing capital.
- Line of credit, which is basically an overdraft facility. It offers a great deal of flexibility and ensures cash flow.
- Invoice discounting is an alternative to business finance, and helps with instant credit.
- Merchant advance loans wherein the loans are repaid through everyday deductions made directly via the transactions of POS machines.
Additional Read: How to Use a Business Loan for Your Home Based Start-Up Company?
A few tips to help you with the funding strategy
First things first, you need to manage the costs of your initial expenses. This includes purchases you will make when establishing your company like investments in equipment and other assets.
- Kickstart by buying the least expensive equipment first.
- Choose a workplace/office area that suits the needs of your business.
- Find a location that can house an enlarged office space in future.
- Invest in efficient online marketing tools like websites and social media marketing strategies.
- Do not overlook the significance of offline marketing tools like hoardings, brochures, posters and business cards.
At each stage of expanding your travel business, you need to figure out what differentiates you from your competitors. Allow your business to have a personality of its own. This way it will stand out from the rest of the players also vying for customers’ attention.
Let Tata Capital be your friend in the travel industry and finance your enterprise with credit at attractive business loan interest rates and customizable repayment terms.
You can also log on to our website and use our business loan EMI calculator to accurately figure out how much monthly instalment you can comfortably pay if you take a loan.
So, don’t wait before it’s too late! Choose Tata Capital’s business finance offerings and turn your travel business dreams into reality!