Online loan advisor Bangalore
Being online loan advisor Bangalore “Money Tez”, we provide the best guidelines to find the best loan for you. Loans are one best means of finding finance towards your needs. Loan is money that is credited to your account with or without collateral to be repaid within a certain period of time and with a certain percent of interest. As the same there are several types of business loans available in the market.
One of such loan is business loan. Business loan as the name describes is a loan used for meeting your business needs. There are lots of Indian banks that offer loans upto 30 lakhs even without collateral. When you approach a bank, banks approve the loan according to your business need but to get the approval there are several factors to consider by the bank authorities.
Importance of Business loan: online loan advisor Bangalore
Being an online loan advisor Bangalore, we suggest business loan for following purpose:
· To enhance your business to next level
When you have a bakery and you feel to expand your business to add bakery and restaurant together you need to financial support. In this case loan can be a very helpful support.
· To add a new business location
You may require financial support when you try to expand your business to new location.
When you try to start a new career into owning your business, you are in need lots of financial support. This can be met by a business loan.
· Business is always about risk and profit.
As such you may need to reserve money for a sudden requirement. This can be met by a business loan.
· Inventories for business
Its part of above explained point of starting a business but furthermore it is also required for buying latest technologies after commencing a business. So, we may require money for buying certain machineries and other inventories this can be met by a business loan.
· For hiring fresh talent
To hire staff with high skills as well as fresh talented requires a financial budget. For this also business loan can be used. There is lots of advantage to business when using a business. For more contact with “Money Tez” the online loan advisor Bangalore.
Business loan types: online loan advisor Bangalore
As an online loan advisor Bangalore, we know the rising demand for the business loan in India. India is a developing country with lots of start ups as well as other business. Banks thus have created lots of business loans to support small, medium and large-scale businesses.
Line of credit loans (LOC)
It’s a credit service that is extended by a bank or any other financial institute to a private, public, individual or business customer. It enables the customer at the urgent need of fund. It’s an amount that bank or financial institute has agreed to lend you with a certain amount on interest rate that you have to pay back.
Online loan advisor Bangalore
For business, we online loan advisor Bangalore suggest to draw LOC on as-needed basis further than taking a fixed loan. LOC lenders, evaluates the business profit, risk taken and market value and extends LOC on the basis of this evaluation. LOC is secured or unsecured as it depends on the size of LOC and result of the evaluation.
Instalment loan is like a personal loan, car loan, home loan etc. It is one of the most conventional sorts of loan. Business instalment loan is collateral free loan which is provided to entity as well as to the individuals. It can be used for upgrading your business or for inventory purchase which is paid back in instalment with fixed intervals. Instalment loan is provided by Standard Chartered Bank in India. It’s a primary source of unsecured loan. It further comes with lower risk when comparing non-instalment loans. Its risk is low for both lender and borrower.
Business instalment loan is quick and easy to apply. Your business can borrow from Rs 10 lakh to 75 lakhs from the lender. As well as, duration for payback period up to 36 months and also the minimum period is 12 months.
For more details contact Money tez online loan advisor Bangalore.
For a business there is lots of financing option available. Most of the lender requires some sort of down payment to meet their business needs. One of the loans used by business owners and investors to reduce their down payment is balloon loans. A balloon loan is a loan which has to be paid within a single final payment.
Online loan advisor Bangalore
Instead of monthly payment for other loans you pay relatively small payment monthly. But it is not sufficient to pay whole amount of loan. You have to pay off loan before it comes due. You make a bulk final payment to write off your loan and that payment is significant.
Secured and unsecured loans: online loan advisor Bangalore
Secured Business Loans: online loan advisor Bangalore
In a secured business loan you need to keep some sort of property or asset as collateral to receive the money from lender. In case of breach in payment of the loan the lender can take legal action that the lender can keep the collateral property in auction for receiving the money. Collateral include a home, a car, investments, or other assets that can be sold for liquid amount.
Unsecured Business Loans: online loan advisor Bangalore
Unsecured loans are simply a loan which is provided without any collateral from the buyer. They are provided on the basis of the credit score of the customer or business. Lender takes higher risk, as the loan is provided on the basis of no collateral and credit score. But the interest rate of such loans is higher than secured loans as well as they are harder to receive.
Credit letter issued by a bank to another as a guarantee for payment made to a specific person with certain condition.
online loan advisor Bangalore
For more details about business loan, contact Money Tez online loan advisor Bangalore.