Business loans have, over the years, turned out to be one of the most popular financing options for ventures, be it small, medium, or large-scale businesses. Rightly so as these loans come with attractive features and facilities to enable the borrowing business to benefit from both in the short and the long run. The presence of several business loan companies in the market only leaves a venture spoiled with options to choose the best lender to borrow from.
Amidst the growing number of lending institutions that extend business loans, it can also be a challenge to arrive at the one best suited for your financing needs. It can help if you remain informed ahead of the top benefits that some best lending institutions provide alongside business loans. Here’s a list of 5 such benefits that you can look out for when deciding on a suitable financial institution to apply for your business loan with.
Business Loan Companies Benifits
- Zero risk to personal asset
Collateral-free business loans in India were introduced way back in time, but only now are being utilized towards their full potential. These business financing options are available as unsecured advances and need a borrowing business to meet only a handful of eligibility requirements to avail funding.
The absence of any collateral or security also means that you do not end up risking your personal or business asset for the purpose of borrowing. In the unfortunate incident of non-repayment of your business loan, your assets would still remain protected against the lender’s claim. It is thus ideal to look out for a business loan company that extends a collateral-free business loan.
- Pre-approved funding
Time can be of the essence when it comes to business funding as the availability or non-availability of finance at the availability of an opportunity can determine its overall growth and success. It is thus wise that you be aware of funding options that are available at short notice for such emergency business funding needs.
Business loan companies have made availing a loan under 48 hours possible today, which means you can easily raise funds within 2 days of knowing your requirements. It allows you to tap market opportunities and helps keep cash flow of your business intact. The entire process of such financing is further simplified through pre-approved funding which some best lenders provide to their existing customers under as short a duration as a few minutes of application.
- Financing as per need
A business can also need funding of varying quantum from time to time. As both over-funding and under-funding can be harmful for a business’s finances, it is important to find a financing source that yields the right loan value in time of need.
Some of the best business loan companies make sure that financing of the required value is available for your business as and when needed with loans ranging in a wide financing quantum. You can thus seek out these unsecured advances with a loan value ranging as wide as between Rs.5 Lakh and Rs.25 Lakh.
- Loan for all types of businesses
A collateral-free business loan in India is available for all types of business, whether differing in their form of incorporation, size, or scale. Thus, irrespective of whether you are a B2B service provider, a distributor, a manufacturer, retailer, trader, or a business falling under any other category, an unsecured business loan is always at your disposal. All you need to make sure of is that your business meets the minimum eligibility requirements laid down by your selected lending institution.
- Affordability assessment with financial tools
Another top benefit that business loan providers extend is the free availability of dedicated financial tools like eligibility calculators and EMI calculators. The former allows you to assess the maximum amount you can avail as a business loan based on your financial standing and other eligibility parameters.
As for the latter, i.e., the EMI calculator, it helps assess your EMIs payable, along with other repayment details like the total loan liability, the total interest payable, as well as the amortization schedule. Such indispensable details can help make crucial borrowing and repayment decisions that bode well with your business finances.
When applying for a business loan, make sure to check and work on your business as well as your individual credit score since it can help secure the best rates. Choose among business loan companies after comparison of available features and benefits offered.