Make the most of the attractive Commercial Loan Interest Rates offered by NBFCs
Every business, whether big or small, needs loans at some point of time or the other. It can be for expansion, purchase of new plants or machinery, or even for acquiring new raw materials. But availing loans from traditional banks is not always an easy task, especially for small or medium businesses. The good news although is that, NBFCs or non-banking financial companies are offering low and attractive commercial loan interest rates along with easy documentation and fast approval to help out every kind of business. The loans are structured as per the size and type of business and the repayment plans are also quite flexible. Enterprises in rural or remote areas can also benefit from such loans, since NBFCs are trying to be as inclusive as possible to empower everyone to achieve their goals.
Plenty of choices
Commercial loan interest rates usually vary from one NBFC to another and also based on the type of loan you need. But as long as you have a decent credit score and all the necessary documents in place, you can expect very lucrative rates from the lenders.
For instance, for short term loans like sales bill discounting or purchase invoice finance, interest rates might start from 10%. These loans are offered for quick liquidity and come with short repayment tenures. Collateral is not required for high credit scores.
Working capital term loans can be availed in both secured and unsecured forms and are perfect for funding the operating expenditure of your company. Up to 90% of the security value is offered as loan and tenures might be around 3 years.
If you are looking for a flexible option to fund the daily operations of your company, then working capital demand loans are perfect for you. They are designed to suit your cash flow pattern, and there is no pre-payment penalty. You need to pay interest only on the amount used.
Secured term loans are long term in nature and ideal for those who wish to purchase a piece of land or building, factory or machinery. Tenures in this case might go up to 7 years, and balance transfer facility is usually offered too.
Project and acquisition finance loans come in handy for special projects, strategic buyouts, or for setting up new business facilities. And medical equipment financing is especially provided by NBFCs to help doctors and healthcare institutions to purchase new or refurbished equipment like X-Ray machines, MRI Scanners, dental chairs and more.
Before applying
Remember that low interest rates cannot be the only deciding factor when you apply to a NBFC for a commercial or business loan. You also need to go through their terms and conditions, and compare loan structures between two or more NBFCs to arrive at a decision. The higher your credit score, the lower will be the interest rate charged, no matter which lender you choose to go with. Besides that, your business must show adequate profitability and you should have the financial statements, KYCs and registration certificates in place. So give your business the wings it needs with the best loan available.
Plenty of choices
Commercial loan interest rates usually vary from one NBFC to another and also based on the type of loan you need. But as long as you have a decent credit score and all the necessary documents in place, you can expect very lucrative rates from the lenders.
For instance, for short term loans like sales bill discounting or purchase invoice finance, interest rates might start from 10%. These loans are offered for quick liquidity and come with short repayment tenures. Collateral is not required for high credit scores.
Working capital term loans can be availed in both secured and unsecured forms and are perfect for funding the operating expenditure of your company. Up to 90% of the security value is offered as loan and tenures might be around 3 years.
If you are looking for a flexible option to fund the daily operations of your company, then working capital demand loans are perfect for you. They are designed to suit your cash flow pattern, and there is no pre-payment penalty. You need to pay interest only on the amount used.
Secured term loans are long term in nature and ideal for those who wish to purchase a piece of land or building, factory or machinery. Tenures in this case might go up to 7 years, and balance transfer facility is usually offered too.
Project and acquisition finance loans come in handy for special projects, strategic buyouts, or for setting up new business facilities. And medical equipment financing is especially provided by NBFCs to help doctors and healthcare institutions to purchase new or refurbished equipment like X-Ray machines, MRI Scanners, dental chairs and more.
Before applying
Remember that low interest rates cannot be the only deciding factor when you apply to a NBFC for a commercial or business loan. You also need to go through their terms and conditions, and compare loan structures between two or more NBFCs to arrive at a decision. The higher your credit score, the lower will be the interest rate charged, no matter which lender you choose to go with. Besides that, your business must show adequate profitability and you should have the financial statements, KYCs and registration certificates in place. So give your business the wings it needs with the best loan available.
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