As a business owner, you will face various business cycle phases which necessitate financial assistance to fuel the growth, or expansion of the business. Acquiring a flexible business funding for corporate purses against unencumbered security will be the ideal solution. Business loans make for the perfect financial instrument to service any short term finance and working capital requirements.
Business loans are generally of two types:
UNSECURED BUSINESS LOAN:
- An existing businessman who has a three-year ITR with all the ANNEXURE also maintains a good banking transaction record, he can get UNSECURED BUSINESS LOAN up to Rs 50 Lakhs, i.e. without any COLLATERAL SECURITY. However, only a few banks provide such business loans.
- NORMALLY New businessman does not have any business track record mentioned above – In this case, these commercial loans are generally provided by nationalized banks. For this segment a businessman can take advantage of the benefits provided under different types of government schemes.v
SECURED BUSINESS LOAN:
The benefit of this type of Business Loan can be achieved by providing COLLATERAL SECURITY i.e. the Loan AGAINST of Residential / Commercial Property. Generally, up to 70% -80% of the value of Residential Property or 60% of the value of the Commercial Property can be availed. This type of Loan is provided by all Banks i.e. Private Banks as well as Nationalized Banks.