Small business loans are available in the financial market for any length of time. Short term small business loan often do not require any collateral. It is unsecured type of business loan. Although the rate of interest is higher in this case, but still this loan is appropriate for your temporary financial needs. Moreover, you can get such a loan within very short time making it all the more suitable for business needs.
Secured small business loan, which require collateral, offers you many advantages. You get a big loan amount at low rate of interest with long repayment tenure. The only flipside that works against you is the fear of collateral being repossessed by the lender. It may happen in case you fail to repay the loan amount and the lender forecloses the property put forward by you as collateral.
Any businessman who wants to take small business loan should preferably undertake a research for his own good. Information on the availability of various loan deals in the market and interest rates applicable thereon will help you get the feel of the market. You can easily apply for a business loan through online application form. Once the lender gets back to you, you can negotiate to get a better loan deal. Information about Tatkal Vyapar Suvidha Loan from State Bank of Bikaner and Jaipur is given here
“TATKAL VYAPAR SUVIDHA”- SCHEME FOR PROVIDING SPECIAL CONTINGENCY LOAN FACILITY TO RETAIL TRADERS AND SMALL BUSINESS
To meet additional funds requirements over and above the normal requirements for various purposes such as for maintaining higher stocks, for making advance payment to suppliers, payment of sales tax and other taxes etc.
All traders and small businesses enjoying credit facility with the Bank.
QUANTUM OF FINANCE & PERIOD
20% of fund based working capital limits for a maximum period of 45 days in each instance, to be extended only twice a year.
GENERAL PURPOSE TERM LOANS TO SSI SECTOR
State Bank of Bikaner & Jaipur provides term loan to Small Scale Industries for meeting general commercial purpose such as shoring up of NWC, capital expenditure, substitution of high cost debt, research and development expenditure, quality upgradation to ISO standards, etc.
The SSI unit that takes the loan should not have any history of default in payment of interest/installments of the principal. The unit should have earned pre-tax profits in each of the immediately preceding 3 years.
QUANTUM OF LOAN
Upto Rs.50 lacs.
Minimum margin of 25% for loans for acquisition of land and building, construction of building , upgradation and renovation of offices, showrooms, godowns, purchase of equipments, vehicles, etc.
Extension of hypothecation charge over current & fixed assets is required as Primary Security. Further in case of borrowers availing loan of more than Rs.5 lacs, the possibility of additional collateral security such as immovable property or third party guarantee may be explored. In all cases, personal guarantee of Prop./Partners/Promoters have to be furnished.
The General Purpose Term Loan shall be repayable normally in three years and in deserving cases upto 5 years as per normal cash generation cycle.
Sources : http://sbbjbank.com/