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By Banking Channel
Are you thinking of starting a business or growing an existing one? If yes, you are already on a journey doing what you love. However, what sometimes makes it a daunting task is finding the capital to lay the first stone or expand your business at an accelerated pace.
Most entrepreneurs look for funding from friends/family or turn to their savings but for those who can’t, there is an option. Avail a business loan through your trusted bank and /or association.
These are loans that provide a medium to long-term finance option for starting or growing business requirements. With pre-decided terms and payment schedule based on your eligibility, this is one way to help grow your business. Interest rates depend on the bank, your credit history, vintage of our venture, etc. and how much you repay depends on the amount borrowed, interest rate and tenure of the loan.
Opting for a loan for business allows you to bridge the gap for capital requirement and helps you to grow your business without dipping into your savings. Raising capital through a business loan also gives you peace of mind as your payment horizon is for the long term. Not having to worry about money also means one more thing - you can now focus on the things that matter at work/in your business.
I always believed that I could start my own business but my father wasn’t sure if he could take the risk. I opted for the SME Loans and my life changed. I now have 50 people working under me, and I am making profits to invest further
You can also transfer your loan amount between banks to save on interest payments. The savings you make on the interest can simply be ploughed back into the business to help it grow. The idea of saving money on your loan not only gives the benefit of extra money but also gives room to explore and find ways to help your business develop.
A small business availing of loans from banks is liable to tax benefits. The percentage of the profit used to repay the loan is exempted from tax under the Income Tax Act.
It is advisable to research loans offered by various lenders when availing for a business loan because it will help you save on interest and charges. Business loan interest rates differ from bank to bank and it’s important to understand the cost v/s benefit ratio.
Creating a flourishing business is what every entrepreneur dreams of, whether you are buying equipment for your existing business or raising capital for a new one. Having a business loan under your belt will help you realize these dreams faster.
Building your own business was never this simple.
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