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What is a Business Loan?
A Business Loan is curated to cover a variety of expenses for your business. It is an unsecured loan which is provided to a self-employed individual and entity. It is typically used by businesses to upgrade or purchase equipment. It is repaid in equal instalments at fixed monthly intervals.
Whether you are an established business professional or a budding entrepreneur, you can always apply for Business Loans in times when your business needs more capital. Whether small or medium-sized enterprises (SMEs) or large businesses, it is absolutely important to understand how these loans work. From the people involved, the formalities, benefits, to the risks, terms and conditions – all the aspects require your utmost attention before you proceed to take a loan.
What does Business Loan cover?
- Collateral-Free loan processing
- Improves cash flow
- Tax benefits
- Multiple Loan options
- Tenure Flexibility
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Factors Affecting Business loan Interest Rates:
- CIBIL Score: CIBIL score is a critical factor in getting loans at a competitive rate of business loan rates. A healthy CIBIL score depicts strong repayment capability and creditworthiness, and the lender considers you as a low-risk borrower.
- Company Tenure: Whether you are a small or a mid-sized organisation, you must have an excellent track record of being in business and handling credit and timely repaying it for years. With such business experience, you will easily qualify for lucrative MSME loan interest rates to further expand your venture.
- Annual Turnover: Your annual business turnover significantly affects your rate of business loan interest. The higher your business turnover is, the lower the business loan interest rates will be, therefore lowering your EMI amount.
- Revenue and Profit: Before deciding your rate of business loan interest, the lender always checks your business’s monthly, quarterly and annual revenue. Decent or profitable trends and healthy business financials assure lenders that you are less likely to default on your EMIs, which means you get charged lower business loan rates.
Benefits of getting a Business Loan:
- Flexibility for usage: Unlike equity investors, lenders like banks and NBFCs don’t interfere with how you run your business. They don’t dictate how you should use the business loan money; they’re just concerned with timely repayments. Therefore, a business loan is the best option to retain full control over how you spend funds.
- Convenient and easy: Getting a business loan is as easy as getting in touch with a lender and talking about the possibility of securing financing. As opposed to looking for investors and holding discussions that take months at end, getting a business loan is convenient and far more straightforward.
- Reasonable interest rates: Most lenders offer reasonable interest rates on business loans, as opposed to other types of loans—the reason being, cutthroat competition among lending institutions for customers’ attention
- No sharing of profits: If you get an investor on board, they will expect a return on the profits your business makes. That’s not the case with a business loan. Here, you pay back a fixed sum to the lender, i.e., The principal and the interest amounts remain unchanged, no matter how well your business does as a result of the financial support. If you want to understand what your monthly repayments will look like, use a simple online tool such as the business loan EMI calculator.
- No collateral required: Business loans are usually offered without demanding any collateral, provided you meet the eligibility criteria. Because business loans are unsecured, they are an especially attractive option for small businesses that may not possess a lot of assets.
- Working capital support: You can use the business loan money to increase your working capital, which can be a big help if you have a liquidity crunch. You can run daily operations and cover short-term expenses without having to dip into the emergency fund.
- Multiple loan options: Most lenders will have various types of business loan schemes to meet the different needs of businesses. They may offer business loans, term loans, machinery loans, etc.
- Tax benefits: The interest payable on a business loan is often tax-deductible. Check the interest limit and eligibility before you apply for a business loan.
- Quick disbursal: Business loans typically require minimal documentation and are quickly dispersed so that a company doesn’t have to halt operations or growth plans while waiting for funds.
- Improved business credit: Taking out a business loan can also improve the business’ creditworthiness. However, you will need to make timely payments and repay the loan within its term to see your credit score improve. In the future, this can help you get more financing at lower business loan interest rates.
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Why do you need a Business Loan?
One of the most common ways to raise capital for your business is to take a business loan. Business loans are of great help in meeting working capital requirements and expanding the business. It can help in maintaining the cash-flow during difficult times. In the changing economic climate, business loans can help strengthen your financial stability during lean periods. It not only helps businesses in emergencies to meet their requirements but also helps them to meet their wants.
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