A business loan is a type of loan in which funds borrowed are exclusively used for the growth of the business. There are several types of business loans that can be used for different purposes for expansion of the business. Some of the common business loans are:
Equipment finance loansPurchase order financingInvoice discountingWorking capital loansBridge loansLong term business loans or term loansGovernment scheme business loans such as Startup India, STEM loansLoan against propertyCash credit facilityLetter of Credit and Bank GuaranteesOverdraft facility against current account
These loan offerings are mostly customized based on the business requirements. Business finance is crucial to help a business expand its operations. There are many lenders who offer loans to different businesses. Applying for a business loan is a simple procedure that does not take much time.
How to apply for a business loan?
The application procedure is similar for most business loans. Business loans can be classified broadly into:
Secured business loansUnsecured business loansTrade finance
The first step to apply for a business loan is to check the eligibility of the business for the loan. Most lenders have an eligibility calculator or detailed eligibility guidelines on their website. The standard eligibility criteria consider the following:
Minimum turnover limit for the businessMinimum profit after tax limit for the businessNumber of years the business is in operationMinimum number of years the business is making a profitMaximum and minimum age of the applicant in case of sole proprietory firms
In case of secured business loans such as equipment finance or loan against property, the amount of loan is determined against the asset secured such as office premises, land, equipment, receivables etc. But in case of an unsecured loan Leroy Sane Germany Jersey , the amount is determined as per the loan application and an assessment of the income and repaying capacity of the business.
The application procedure is standard:
It is possible to apply for a business loan online on the bank or financial institution’s website. To apply, you will need to fill up the loan application form and submit it online. Once the bank gets the application, someone from the customer service team will contact you to get your documents.In case of offline loan application, you need to get a loan application form from the lender’s branch and fill in all the details. You need to submit the form with the required documents, income proofs, KYC details Kevin Volland Germany Jersey , so that the lender can process the application.
If the lender accepts the loan application, you will need to sign a loan agreement before the funds are disbursed to the business’s bank accounts. It is important to check all the details in the loan agreement before signing. Once the agreement is signed, the funds are disbursed.
Global Basalt Fibre Market 2025 | Zhejiang GBF, Kamenny Vek, Shanxi Basalt Fiber, GMVChina Karim Bellarabi Germany Jersey , Galen Ltd., Mafic SA, Basaltex, QU-UP, Reade
by Kapil Alone · December 24, 2018
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25.12.2019 09:49
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