Commercial loan is provided by the financial institution as bank or lending company to a business. It is used to fund capital expenditure and operational costs which the company would not be able to afford.
Commercial loans are usually short term finance that is avail by the company to fund capital expenditure and operational cost. A progressing business has many expenses that will require considerate amount of capital.
Commercial loan can be good monetary source for your business.
The simple loan provided to business that need to be paid back within a set time frame. It has fixed interest rate, monthly or quarterly repayment schedule and includes fixed maturity date.
Bank Overdraft Facility
It refers the ability to draw funds that are greater than available in current account of company. It is considered as a source of short term funding that can be covered with the next deposit.
Construction Equipment Loans
These loans are provided to buy both new and used equipments like excavators, cranes, higher end construction equipments etc. Depending on the deal and nature of the repayment capacity the tenure of such loan varies from 12 to 60 months.
This is the modern financing method which allows individuals and companies to own certain assets and use them for medium to long term financing periods in return for previously set payments.
Commercial Vehicle Loans
This loan allows the borrower to purchase vehicles like trucks, buses, tippers, light commercial vehicles. This facility is provided to the companies which have business experience more than of two years.
Letter Of Credit
The financial institution issues a document that assures payment to the seller by providing certain document to the bank. This ensures the payment as long as services are performed.
Commercial Loans Usage
Commercial loans have transformed from fulfilling short term financial needs to the payroll management and purchasing smaller supplies. It always rise to the occasion to meet every type of business needs.
Need For Commercial Loans
It helps in the expansion of business.
It provides loan to buy equipment and loans.
Helps to buy the necessary inventory ahead of time.
It increases working capital.
It helps to consolidate debts.
It helps to consolidate debts.
How Commercial Loans Work?
This loan is granted to variety of business entities. It usually assists short term funding needs for operational cost or the purchase of equipments which facilitate the operating process. In some cases, the loan is extended to help the business to meet basic operational need such as funding for payroll or to purchase the supplies that are used in the production and manufacturing process.
Eligibility For Commercial Loan
For getting commercial loan the business must be in operation for more than 6 months. The minimum turnover of Rs. 90,000 should be fulfilled before 3 months of submitting the loan application. Your business should not be in negative location. The businesses like NGO’s, trusts and charitable institutions are not eligible to get commercial loans.
It’s All Possible With Financing Compass
Short Waiting Period For Getting Fund:
We understand your situation. Ever application received by us is our utmost priority. We try to process your application and give you our decision within days.
Flexible Repayment Option:
There is no fixed tenure to repay your loan. You can repay your loan as per your ease. You can pay monthly or weekly. If you earned a good profit in your business you can also repay the all amount at once.
Low Interest Rate:
The interest rate differs for every applicant. We use data analytics to determine interest rates as per your application.
You Can Prove Yourself To Other Creditors:
You can improve your profitability which lead to credibility of your business. This will result in raising your business credit rate which lead to increase investments and business finance.
What Our Clients Say?
Here are few reviews and comments from our clients.
The Financing Compass worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.
Financing Compass enabled me to take advantage of an incredible opportunity to relocate and expand my business, at a pivotal time. The support I received from Financing Compass staff was priceless.
Working with Financing Compass helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan.
Are You Looking For Our Services?
If you want commercial loan to start your business you can contact us. We will provide you with the best service that will benefit your business.