Business Loan

Taking a loan for business is a common thing and most of the business owners does this either to survive or to grow their business. We all know that the inflow of cash is very important for any kind of business. Without cash inflow no company can survive nor can an entrepreneur. To overcome any kind of financial cash crunch business owners generally take a business loan. People generally believe that business loan is the only option to finance their business but this is not completely true. Business loan is one of the most common financial tool to finance one’s business but it is not the only one. This fact is not known to all that there are many loans which one can get being a business owner.

Term Loans Term loans are generally a short term loan whose tenure period varies from two to five years. This loan can be given to an individual but this is mostly opted by small business owners. A term loan is generally a loan against any asset such as big machine or property. This loan can be taken by the business owner for the purchase of inventory or even to pay staff. The benefit with this loan is that the interest payable is generally less. Generally lenders take out the CIBIL score of the applicant to have a look at the credit and financial history before approving the loan application. The loan is only sanctioned when the applicant have a good credit score. A credit score of 750+ is generally considered as a good CIBIL. A term loan with bad credit is also possible but in that case the applicant will be charged more on interest as compared to other applicants. The Term Loan can be a good option for the business owners to get the capital but there are more options available.

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