For entrepreneurs looking to avail funds for establishing or expanding their business, a business loan is nothing less than a blessing. With leading lending institutions, you can avail a business loan in a hassle-free manner from the comfort of your home. Online application process, simple eligibility criteria, minimal documentation, instant approval and quick disbursal of the loan amount are the key features of availing a loan from a leading financial institution. However, before availing a business loan, you must have a clear idea regarding the purpose behind availing the loan amount. This will help you avail a business loan that best suits your requirements. There are various types of business loan offered by lenders. Let us have a quick look at the types of business loan:
Professional loans are usually availed by self-employed doctors, lawyers and chartered accountants. The loan amount in case of professional loans may vary from one lender to another. Professional loans are usually long term loans that come with a repayment tenure of 5-7 years.
Working capital loans
Working capital loans are availed by businesses to carry out their daily operations. Working capital loans are unsecured loans that are approved quickly and do not require much documentation. The eligibility criteria is flexible and the application process is simple.
Overdraft loans are of great help when entrepreneurs require urgent money but don’t have sufficient balance in the account. In case of overdraft loans, the interest rate is charged only on the amount that has been withdrawn from the overdraft limit. Various factors such as the credit history, business cash flow, repayment history and your relationship with the lender, play a crucial role in determining your overdraft limit.
The loan amount availed through a term loan can be utilized for both personal and business purposes. Term loans are a smart way of quickly increasing capital in order to enhance the supply of the business, or expand the business. One important thing to consider while availing a term loan is whether the interest rate is fixed or floating. With leading financial institutions, you can avail a term loan with flexible repayment options.
Now that you are well aware of the various types of business loans, ensure that you make the right choice while availing a loan for yourself. Before availing a business loan, you must compare various loan offers provided by different lenders. This will help you avail a loan that best suits your needs. You can apply for business loan at Finserv MARKETS in a hassle-free manner. A Bajaj Finserv Business Loan comes at attractive interest rate and with lucrative features such as flexible repayment option, less processing fees, prepayment facility, no hidden charges, quick approval and instant disbursal of the loan amount. You also get the option to customize your business loan according to your requirements. However, before you apply for a Bajaj business loan, make sure that you check your business loan eligibility. This will reduce the rejection chances of your business loan application.