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Any loan offered by a financial institution to a business is a commercial loan. And this loan is utilised for commercial purposes. As such Luke Glendening Jersey Womens , banks and non-banking financial institutions do not offer these loans to individuals, unless they represent a business, and need to secure said loan for acquiring property for the business.

The business entity and the financial institution engage in a debt funding agreement for this purpose. Corporations can use this loan for any business expense that they need to undertake 鈥?working capital, manufacturing operation expenses etc. Consequently, commercial loans are also known as business loans.


Here are some stand-out features of commercial loans:


1. Interest Rates based upon Collateral
If you are considering a commercial loan then you can get low business loan interest rates by opting for a secured loan wherein you have to provide a collateral or some security to the lender. But if you do not want to provide any collateral, then you can get an unsecured loan. The interest rates will be higher in this case.


2. Varying Interest Rates
Commercial loan interest rates can be of two types 鈥?fixed or floating. Fixed interest rates on business loans mean that the interest rate will be fixed throughout the tenure of the loan. But if you have a floating interest rate on your commercial loan Henrik Zetterberg Jersey Womens , then the interest rate will fluctuate and change with the fluctuations in the market.


3. Repayment
Repayment of commercial loans can be done in a variety of ways 鈥?post-dated cheques, Electronic Clearance System, Standing Instructions etc. Also, since you can choose from a variety of different tenures, if necessary, you can opt for a convenient payment plan that works well for both parties 鈥?the lender as well as the borrower. This flexibility is standard practice in the case of small business loans.

4. Recovery of Hypothecated Asset
Hypothecation is the term for when you pledge a vehicle or any other asset with the lender as a form of collateral. Once you make the last payment for the loan amount Anthony Mantha Jersey Womens , the hypothecated asset is back under your ownership, and you can revoke the lender鈥檚 lien on the asset.


5. Short Tenure
These loans are provided for a short-term, ranging from 30 days to a year. If you need to apply for a longer tenure, then you can choose that option. But that will depend upon the lender. In the case of loans for commercial construction or equipment purchase, a longer term makes sense.

6. Purpose
You can take a business loan for any purpose that pertains to your business such as securing equipment for your factory unit, securing commercial property for your office space Jimmy Howard Jersey Womens , acquiring assets, or even maintaining working capital, etc. Sometimes, small business loans can be taken for tiding over cash flow issues.

7. Business loans for self-employed individuals
Lawyers, doctors and accountants are usually self-employed individuals who run their own practice. Banks and non-banking financial institutions provide small business loans for them as well. Further, if you are a self-employed professional or non-professional Justin Abdelkader Jersey Womens , you can secure a loan for business, provided you are doing so to acquire assets or materials for a parent company.

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