Types of Bank Funding
The Most Common Types of Bank Loans for Businesses available in the market today are as under:
- Long Term Loans (Loans for More than 1 year)
- Short-Term Loans (Loans for Less Than 1 year)
- Cash Credit Facilities to Trading Business (Also Called as CC)
- Equipment / Plant Financing
- Invoice Financing
- Merchant Cash Advances
- Business Credit Cards (For Temporary Requirements)
- Overdraft Facility for Non Trading Business
- Gold Loan
- Loan Against Financial Securities or Shares
Bank Guarantee
Bank Guarantee is when a Bank offers surety and ensures that the liabilities of a debtor will be met as per the contractual obligations.
The different types of Bank Guarantees are mentioned below:
- Bid Bond Guarantee.
- Performance Guarantee.
- Advance Payment Guarantee.
- Foreign Bank Guarantee.
- Financial Guarantee.
- Deferred Payment Guarantee.
How to Apply for Business Loan?
Business Loans are offered by almost all banks and other non-banking financial institutions. As per your business needs and requirements you can easily apply for the business loan either online or by visiting the institution.
Documents Required for Applying Business Loan:
- KYC Documents: Like Proof of Identity, Address Proof and DOB Proof
- Latest Bank Statement of Minimum Past 1 Year
- Income Tax Returns along with the Financials of Past 3 Years
- Copy of Business Address proof like trade license and electricity bill
- Copy of GST Registration along with latest 1 year returns (If applicable)
Benefits of Bank Loans
- For Setting up of New Projects
- Helps in Increasing Operating Cash Flows
- Helps in Growing and Expanding the Business Organisations
Services Offered by Us
Following are the Services provided by us at the time of Enquiry.
- Collection Of Data
- Document Preparation
- Recommending the Ideal Product
- Assisting in getting a Bank Loan
Procedure for Enquiry
Fill Enquiry
Form
Associate will call
and discuss in length.
Make
Payment
Complete Documentation
& Requirements
Registration
Complete
Why Palankarta?
Palankarta gives an end-to-end service for getting Bank loans.
Experienced Financial
Professionals
Deliver Service
on Time
Cost
Effective
Assured Customer
Satisfaction
No Hidden
Fees / Charges.
Frequently Asked Questions
FAQ
General Questions
Funding is the act of providing resources to finance a need, program, or project.
While this is usually in the form of money, it can also take the form of effort or time from an organization or company.
Generally, this word is used when a firm uses its internal reserves to satisfy its necessity for cash, while the term financing is used when the firm acquires capital from external sources.
Getting Funding for business from Banks
It is simply the rate at which bank borrows money from depositors or in other words banks have to pay some money to its depositors to keep their money for further lending purpose.
Deposits are called funds of bank & the cost to lend those funds, is called cost of funds in banks.
Eligibility Criteria:
- The minimum age of the applicant should be of 24 years. The maximum age of the applicant should not exceed to 65 years.
- The business should be making profit for the last 1 year.
- The current business should be at least 48 months old.
- The applicant should have at least 60 months of business experience.