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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
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.
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 is available for the purchase of new equipment. Such equipment will be used as collateral for this type of business loan.
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.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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