If you have finally made up your mind to set up a business of your own or are looking for funds to expand your existing business, you need to take a business loan from one of the banks or financial institutions. Many people turn to their friends and relatives or sell off their assets to invest in their business. This, in turn, often sours their relationships with their friends and family members. Selling an asset is also not a good idea. The best option is to borrow money from a financial institution. This is because of the benefits associated with it and it is best that you check with one of the top Business Loan Consultants in Mumbai.
Banks provide business loans for various purposes
Term Loans: Term loans are of two types: short-term and long-term loans. They are useful to businesses that have a well-defined and time-bound funding requirement. Such loans come with fixed/floating interest rates. Depending on the amount borrowed, they may be provided with/without collateral security. These loans can be employed for various purposes such as meeting working capital requirements, leasing larger office premises, or buying new machinery.
Professional loans: Professionals such as doctors, lawyers, and chartered accountants who want to become self-employed or set up their own practice are provided with loans by most banks and financial institutions, depending on their credit history.
Overdraft and Working Capital Loan: Most lenders provide overdraft facility and working capital loans to sole proprietorships, partnerships, and private limited companies. Overdraft facility is provided on the basis of some collateral security, credit history, business cash flow, repayment history, and relationship track record with the lender. A working capital loan is also provided against collateral security and carries a lower rate of interest compared to overdraft.
As banks offer a variety of loan products for businesses depending on the nature of their activities, it is highly recommended that you approach one of the most reliable business loan consultants in Mumbai to know clearly as to which option is best suited for you.
Advantages of Working with A Business Loan Consultant
As all business loans are not the same, it requires financial expertise to identify which one is best suited for your specific purpose. You may be good in your field of activity, but you may not have the required expertise in financial aspects.
Relationship with banks and financial institutions
Most of the well-established business loan consultants in Mumbai would main a good relationship with the top lenders. This means that you can get loans quickly and easily if your credentials are in order.
Support all the Way
The loan application forms are often elaborate and you are likely to get confused, especially if you are applying for the first time. If you are following a busy schedule because of your current business, you may not have the time to fill out the forms and organize supporting documents. Business loan consultants in Mumbai can be of great help in this regard.
Finwizz, a top business loan consultant in Mumbai, has well-established operations in many other key cities in the northern, eastern, western, and southern regions of India. The financial services provider offers a basket of options because of the relationship they have built with premier banks and financial institutions in the country.