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Business Loans are an inevitable aspect of business operations. There are various business needs like working capital requirements, purchase of equipment, a business expansion and more. There are various types of business loans available to meet these varying demands.

Banks are the primary lenders for business loans but if you do not get a loan from a bank, there is no need to despair as other options of business loans from NBFCs, digital lenders, and more.

Types of Business Loans

Term Loan

A term loan is the most common type of business loan available, wherein a borrower if eligible gets to borrow a huge amount for which interest has to be paid over a specified loan period. Low-cost term loans are available from online lenders, NBFCs or banks.

Short-Term Loan

A short-term loan is available wherein the debt is payable over a short period of time. Short term loans normally have a loan tenure between 3 months to 18 months.

Business Line of Credit

Revolving lines of credit are available with both online lenders and banks, that help businesses tide over their immediate business needs efficiently.

Equipment Financing

Equipment financing is available for the purchase of new equipment. Such equipment will be used as collateral for this type of business loan.

Invoice Financing

Invoice Financing relates to cash availability against outstanding invoices of your business. Under such financing, businesses get up to 85% of such outstanding invoices. If the invoice is not paid, then you are a factor fee on a weekly basis.

Merchant Cash Advances

In case you require urgent finance as part of your daily business credit and the debit card sales, then merchant cash advances are a good option.  However, they are an expensive option and should be considered only in an emergency situation.

Business Credit Cards

Business credit cards are also available to finance your business. These are also helpful as your personal and business finances are kept separate. Business credit can also be built using a business credit card through which great rewards and cashback can be availed.

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