Know everything about commercial loans in India

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Know everything about commercial loans in India
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What do commercial loans mean?

• It is used to finance capital expenditures in
  businesses.
• You must repay it over time, with interest.

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Understand the working of commercial loans

• Helps companies meet short-term capital needs.
• Loan terms are prespecified.

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• Different types of commercial loans available in
  India

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Term loans

• Available for a specific period, usually 12 to 36
  months.

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Overdraft facility

• If your account balance reaches zero, you can
  still withdraw funds up to a certain limit.

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Letter of credit bank guarantee

• It's a bank guarantee to the seller.
• If the buyer fails to make a payment, the bank
  will be held liable.

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Unsecured SME loans

• Funds are available without pledging any security.

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Construction equipment loans

• Secured loan used to buy construction equipment.

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SME credit card

• Small businesses can use this to meet credit
  needs.

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Commercial vehicle loans

• Used to purchase vehicles needed for business.

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Eligibility requirements for commercial loans

• Indian national between 21 and 65 years.
• Business must be operational for at least a year.
• Must have high turnover and steady revenue.

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Documents required for commercial loans

• KYC documents and income proof

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• Commercial loans are available in customised
  forms to meet different business needs. Before
  applying for one, keep the above pointers in mind.

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Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi -
110057
Tel [phone]
Email corporate_at_herofincorp.com
Website https//www.herofincorp.com/
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