Instant Approval For Business Loan

Term Loan

A term loan is a common type of business loan that small businesses and medium-sized corporations take to cover capital expenditure. To get this loan, one needs to specify the purpose of the loan. Some business organizations also provide term loans on an individual basis. The repayment period of this loan may vary from 1 to 10 years and it may last for as long as 30 years in some cases. Mostly, a floating interest rate is charged for a term loan. The amount of loan approved may depend on the size of the business.

Start-up Loan

Some people have a great start-up idea but they are short on funds. To give wings to their idea and generate new employment opportunities, start-up loan is given by banks and NBFCs. This loan helps cover the expenditure of starting a business in its full flow. However, it is important for the business to run for a certain period of time at a short scale before applying for a start-up loan. Again, for this, the business owner has to show some expected figures that he/she will make after the business starts running in full flow within a period of time.

Working Capital Loan

This is a short-term financing loan that banks and NBFCs provide businesses to bridge the financial gap and meet routine expenses like product manufacturing, sales & marketing, wages, and other expenses. A working capital loan is best when you have a pending big payment from a few clients and are short on finances to meet basic expenses. Besides this, you can also take this loan to meet the increased demand for your product in peak seasons. The lender takes the full amount as a repayment after charging the interest. The repayment period varies from bank to bank.

Loan Against Property

This is a collateral-based loan that businesses can take when a large sum of money is required for sustaining/expand the business. As collateral, banks keep property papers along with a signed declaration. Loan against property is sanctioned on both residential and commercial properties and the repayment period may range from 10 years to 20 years or more. The loan amount received can also be used for both business and personal needs.

Equipment Financing

Equipment financing is another type of business loan that can be taken to install a new machine or buy equipment (tangible assets) for processing goods or running a business. Besides this, equipment financing can also be availed to take machines on a lease, upgrade existing ones, or repair them. In this type of loan, the equipment you purchase on loan will serve as collateral until full repayment is done. The interest rates for this loan vary greatly based on the size of the company and the type of equipment purchased.