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What Are The Categories Of A Business Loan?
It is critical to have a healthy balance sheet when it comes to running your business. Whether it is daily cash flow requirements, extending a new business line, business expansion, purchasing new machinery, equipment, or technology, a business needs funds at every stage of its growth or maturity.
A business loan could be a suitable option for financing your business goals and meeting your objectives. You can choose the type of loan depending upon your financial needs to meet your goals. Here are the different loan categories offered by banks and lenders:
Machinery and equipment loan: A business needs to evolve to stay competitive and serve its customers well. A machinery or equipment loan can help you achieve the same by financing new machinery or repair or upgrade an existing one. It can help you thrive in today’s highly advanced and innovative market.
Working capital loan: Every business needs money to ensure the smooth running ...
... of operations and day to day activities. However, you may fall short of finances, due to which you cannot run your business correctly. A working capital loan is an excellent product customised to fund your working capital needs like inventory management, cash flow, or other operational needs.
Professional loan: Starting your business venture can be a daunting task. You need to consider the cost of real estate, human resources, and technology. A professional loan is a product custom-made for self-employed professionals like Chartered Accountants (CA), Doctors, Engineers etc. As a professional, you can avail of this loan to start or grow your practice and serve your customers well.
Loan for women: Women have always been a source of inspiration due to their ability to plan and multi-task. Loan for business is a product designed to help women entrepreneurs start their business or expand an existing one. It comes with exciting benefits and features to help women realise their dreams and achieve their goals and objectives.
You can apply for this loan by visiting the bank branch personally or logging on to the website. You need to check your loan eligibility by providing your professional and employment details. Banks also allow you to customise the loan offer by entering the required loan amount and repayment tenure. After you upload the necessary documents and submit the loan application to the bank, it will verify the information.
After your application receives approval, the bank will disburse the loan amount directly into your bank account within 24 hours.
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