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SOME FACTS AND MYTHS ABOUT BUSINESS LOAN

Posted on Friday June 14th, 2019

Nowadays business needs ample amount of money in order to expand and add new technology to the unit so as to grow business. At this point of time, business loans come with a great worth for the business owners as they provide financial assistance to the business unit so as to grow and compete in the corporate sector. The major benefit that lies with the business loan is that one doesn’t require any collateral. It is considered to be a best monetary support for a business and its owner as you get money easily on attractive rate of interest. There are some myths and facts that get countered while applying for a business loan. Everything you listen or watch is not true, so here we are discussing some facts and myths about business loan.

• Getting business loan through bank only: Many of us still believe that getting a loan is the toughest task. When it is about borrowing from a bank, we can’t make efforts. But things have been changed now. There are a number of other financiers who are indulged in providing business loans for business owners out of which they can easily choose the best one with available options.

• Rejection of loan when amount is small: The general myth is created that financial institution will not approve the loan if the amount is small. This is myth because with the emergence of various lenders, business owners can now take loan of any amount.

• Need a perfect score for availing business loan: Credit score matters the most, but it doesn’t count with that of availing Business Loan. What matters in today’s funding options include business revenue history, cash flow statements, robust business plan and other financial documents. A score alone can never paint a complete picture of loan as all these factors do.

• Time consuming process: Those days are gone when getting a loan was about long waiting periods of months. The business of lending has been altered to large extent for business persons. With the availability of online lenders, the loan process has been more streamlined and faster. Now it takes 3-4 working days for the approval of business loan.

• Online lending is unsafe: Many of individuals think that getting a loan through online lender is unsafe. With the new technologies brought up by the companies, lenders can easily check the credit worthiness of the borrower.

As online portals are getting more digitalized, it has become much easier and comfortable to get loan for the borrowers. At ShubhBank, borrowers will be able to find best business loan and can compare interest rates with all the terms and conditions. All you need to do is follow some simple steps and get your loan approved in few days. The borrowers can also use the EMI calculator to find the monthly installments for the repayment of the business loan. You can also check your eligibility for the loan and can save your time. Availing a Business Loan helps you keep the business growing to the new heights.