Business Loan refers to the amount which Business and Enterprise borrows from banks and other financial institutions. This loan is given to businesses on the basis of interest rates. Sometimes Businesses don’t have enough financing to run the business affairs so they feel the need for the business loan. A loan is granted according to the eligibility and criteria set up by the Bank and other lenders. Different loan schemes are given to different Enterprises based on their eligibility. Business has to return the amount of loan with the interested amount as a debt. These banks and financial institutions don’t let the businessmen worry about capital. It assists them in investing their money in different matters of Business, for example, setting up of plant and machinery, working capital, Purchase of Asset etc.
Indian Banks and Institutions provide loans for expansion or the commencement of the business. These banks provide small, medium and large term of loans. The government has started various loan schemes and packages like Mudra Loan, Stand-Up, Start-Up India etc for small businesses. These loans start from 50 thousand till Rupees 1crore.
ComplyKart helps small Businesses and Enterprises to avail the Loan facility from the Banks with a competitive advantage in the market. Our loan providing procedure is quite easy. People can easily apply for a loan within no time. And get a regular update on their Loan application. We don’t demand the complex information of business in regard to a lending loan.
Types of Business Loans:
• Overdraft Facility:
Overdraft means overdrawing of funds from one's Current Account. In Overdraft facility, Borrowers gets the facility to overdraw the funds than funds deposited in the money with nominal interest. Moreover, you do not need to pay interest if you do not overdraw the funds.
• Term Loan:
In India, there are two types of term Loan available for example, Secured Term Loan and Unsecured Term Loan. The tenure for tem Loan may vary from 3 years to 10 years depends upon Business requirement and quantum of Loan. The rate of Interest totally depends upon the Loan amount and time period for which loan is taken.
• Working Capital Loan:
Sometimes Business may need of Working Capital Loans for increasing the stock or meeting day to day expenses. These are normally short duration loans with lower interest rates. We connect the business with the best Loan providers and get the right amount of loan at the best interest rates.