I want to know about which business loan to take for my new business.
I am planning to take a business loan for my new business but do not know which one to go for. Can you guide about the types of loans that are available to start a business?
Some type of loans you can apply for to start a new business:
Though a secured loan requires some asset to be given as security, it has lower interest rates than an unsecured loan. A new business cannot go for an unsecured loan as the lender will require information like business profitability.
Loan against securities
If you have invested in mutual funds, demat shares, and insurance policies, you can avail loan against these if only approved by a bank.
This is a loan which can be availed to buy fixed assets like new machinery. Term loans have a fixed repayment schedule which is between 2-10 years.
Loan against property
This loan is taken by giving any property as collateral to the bank.
This loan is taken against any gold jewelry or coin, and the maximum amount most of the banks lend is not more than 20 lakhs.
You can go for a type of loan according to your requirements.
If anytime you are in need of unsecured business loan, do get in touch with Gromor!