Secured Business loans
There are 2 types of Business loans:
- Secured Business Loans: A 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet.
- Unsecured Business Loans: Working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies.
Secured Business loans
Secured Business Loans are loans taken by the borrower to start or enhance a business with collateral. The borrower needs to pledge any of his property or asset. The debt is hence secured against the collateral provided. In the event of borrower failing to re-pay the loan, the lender takes the possession of the collateral. There are many banks like HDFC, SBI, etc. that provide you Secured business loan in India and of course many financial services too like karvy financial services, cholamandalam financial services, Indiabulls financial services etc.
Andromeda Loans – India’s largest loan distributor brings the best deals for you.
Question 1: Starting a business OR need to enhance your business?
Question 2: Looking for a loan?
If the answers to both the above questions are ‘Yes’, then look for Andromeda Loans. We can help you avail Secured business loans. Working capital funding in rupees as well as foreign currency for proprietorship, partnership, private limited companies and limited companies
- Age – Most banks disburse business loans to individuals aged between 24 to 65 years.
- Current Business Experience – Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. Some banks give a loan amount up to 60 to 80% of your median annual profits.
- Total Business Experience – A bank will prefer if you have been engaged in sustainable business for at least 5 years to consider giving you a loan.
- Keep records of your property / asset’s worth.
- Understand the risks of losing an asset. Always consult a financial advisor
- If you have a good business credit and sure of securing a business loan – Negotiate
- Get a quote on the loan by filling in and submitting the details from free quote.
Top 3 private banks that have healthy loan growth as per an article from www.business-standard.com are ICICI, Axis and HDFC Banks.
ICICI Bank offers Secured Business finance
- Overdraft facility for retail businesses with vintage of 6 months or more
- Cash Credit/Overdraft/Export Credit and Non fund based facilities for manufacturers, traders and Service providers with vintage of 1 year or more
- Term Loans for purchase of commercial assets & business expansion needs
HDFC Bank offers Secured Business finance
- Funds available for business expansion, working capital, child’s education or home renovation
- Speedy approvals
AXIS BANK offers Secured Business finance
- Competitive interest rates
- A vast segment of products suiting every requirement and budget
- Convenient, quick disposal of loans for your enterprise requirements.