Corporations are constantly changing and they are upgraded and expanded to evolve in the field of business to provide to the needs of their customers. While there is a huge demand for any type of service and financing the research or to manufacture the product or tend to the service requires finance and the financing has to happen at the right time. Corporations cannot wait till they have made that kind of money through their business to evolve and grow, that might take a long time and the service and the product might be outdated by the time the corporation gets it out.
Corporate loans are the loans available to the existing businesses or industrial houses who need to generate funds or working capital which is the objective of the business. Corporate loans are offered to applicants who have their business established for at least 5 years and in the last 2 years has made profit and has a strong credit rating and has a proven track of successful business. If the business had taken loans previously, then the repayment status is looked into while sanctioning the loan.
Business houses and corporations can turn to the banks to finance the money for their business. There are variety of loans that are available in the market to choose from. The greatest challenge however is to find the right loan option that will suit their specific requirement. Some businesses might require Unsecured Loan that is based on its creditworthiness and some might require loan to acquire an asset. The reasons can be anything, you need to go in the market and look for the specific corporate loans that are offered that cater to your needs.The following are the top 5 banks that offer corporate or business loans:
HSBC offers business finance based on the nature and goals of your business and help you find the right loan for your business. The bank also offers loan for business property to help expand and grow your business by obtaining the right office premises at the right location. Loan against property is offered to meet the financial requirements at the time of need to make the most of a business opportunity. Home loans for business is offered to make a good investment. Business overdraft is another facility offered by HSBC to finance urgent requirements.
ICICI Bank offers Smart Business Loan to its existing customers to meet working capital finance requirement. It is an unsecured overdraft facility of up to Rs.25 lakh. The customers eligible are sole proprietorship firms, partnership firms, private limited companies and public limited companies. The interest is charged on the outstanding amount only. Customer will have to pay minimum 5% of the utilised credit every month. This loan is available for manufacturers, service providers and traders.
Union Bank of India offers corporate loans to meet the cash flow requirement and for other general purposes. Visit the nearest branch to know more about the loan.
Kotak Mahindra offers Business Loans to help you grow your business and diversify it. It offers you loan ranging from Rs.3 lakh to Rs.75 lakh. And the processing is quick and hassle free and requires minimum paperwork and the repayment option is flexible and it can be done with easy EMI options. Self-employed businessmen, manufacturers, service providers can apply for this loan.
HDFC Bank offers business loans to self-employed, individual proprietors, private limited companies and partnership firms that are involved in manufacturing, trading or service industry. Loan of up to Rs.15 lakhs is offered and it has flexible repayment options ranging from 12-36 months. The interest rate offered is as low as 15.25% on existing loan transfers and the processing fee is set at 0.99%.