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Tata Capital > Blog > How a business loan can take your business to the next level

Loan for Business

How a business loan can take your business to the next level

How a business loan can take your business to the next level

Every entrepreneur works hard to grow his business, but often the big difference between a fast-growing company and others is the availability of funds. It’s simple, money is required to earn more money. Be it buying more inventory to supply a large order, setting up new facilities, or just working capital, access to easy, convenient, and flexible source of funds at the right time will take your young business to the next level.

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However, onerous documentation, confusing charges, high-interest rates and stiff payment terms can actually be quite a burden. This is why business loans are a great financing option if you are ready to pay a monthly amount over time clear the loan. They provide the fuel to finance ‘greatness’, and boost your business’ growth potential.

Lender aligned to borrower’s needs

Your business may suddenly require Rs 25 lakh, but you cannot mortgage any asset to raise the sum or even bring a guarantor. Don’t worry this is a more common situation than you may think. Collateral-free business loans can solve the problem if the lender is happy with your eligibility, income and repayment capacity.

However, it is vital that the lender’s interests are aligned with your business needs. This means repayment in form equated monthly instalments or EMIs cannot be so heavy that your profits drop due to a business loan.

To compete with bigger rivals and well-funded counterparts, your business needs flexibility and the right lender will allow you to structure the business loan repayment schedule as per your i.e. borrower’s convenience. A repayment plan tailored to your business’ cash flows can drive your venture to the next orbit.

Lightning-fast disbursals

Business loans are often needed at a short notice. For instance, your client’s trusted supplier has faced some last-minute issue, and the highly profitable order is now given to your business. Within 7 days, you require Rs 50 lakh to fulfil this deal. Time is of essence here, because disbursal needs to happen within 3 days and 4 days to send the order.

However, a tardy approach from financial institutions in this kind of a situation may pose a roadblock to success. For those lenders, it may be just another loan, but for your business, this loan can help you achieve 25% of this year’s revenue target in one-shot! What you require is lightning-fast speed, without spending any extra money.

The best lenders understand that borrowers are hard-pressed for time. This is why the best business loans can be availed online. All one needs to do is apply for a loan through the company’s website by filling out a form with relevant information and hit submit, along with necessary documents. Immediately, credit appraisal teams at the right lender will start work so that the loan amount can be sent to your bank account within 72 hours. 

Complete transparency with a human face

Financial deals done racing against time can be opaque. For instance, some lender can incorporate hidden clauses and charges that are realised at a later date. Even seasoned businessmen miss the devil in the detail, especially when they are desperate for a quick business loan.

It’s extremely important to deal with lenders that believe in values and ethics. Complete transparency in form of full disclosure of charges, fees, terms and conditions is important. But more important is the lender’s desire to explain even the minutest things before asking you to sign on business loan documents.

Explanation of repayment terms, fees and charges related to foreclosure or part-repayment, and being sympathetic to your business’ situation are very important. A business loan is like a marriage, and it has to be between two similar-minded parties. This means good business loan providers will not only be on your side while giving the loan but constantly support you during the loan tenure when you encounter problems. Taking the right business loan from the right lender can really take your business to places. Ease of access, speed and affordability from a lender that understands you and your business’ requirements has the power to transform the growth-path.

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