IDFC Bank helps your company’s expansion plans with three unique loan offerings. Let’s take a look at them.
You are familiar with the adage, ‘Nothing venture, nothing gained’. This is especially true of new businesses, and those companies looking to take a quantum leap into a bigger future. The germination of a successful idea brings a lot of business prospects, but these developments need the timely infusion of funds to bear fruit.
Earlier, new businesses would be forced to borrow loans from informal sources like private moneylenders, at high rates of interest. Most banks would refuse to offer business loans to new companies that did not have a certain turnover, or which were in operation for less than five years. Today, however, leading banks like IDFC Bank offer superb business loans to companies, that help the latter further their business objectives. Business funding at the right time can help you acquire a larger office space, or a new warehouse, or hire experienced talent, or even restock your inventory and POS to aid expansion.
The IDFC Bank working capital loan – how it benefits your business
The timely provision of funds is important for companies that are struggling to get off the ground, or who wish to upscale operations. Whether your company has immediate prospects or not, or whether there are enough revenues, you must still deal with various office-related needs. The rent must be paid, staff salaries must be disbursed, power and gas bills must be paid, the pantry and stationery must be restocked, etc. All of these require working capital, and a good working capital loan can pay these costs till more business comes along.
You can apply for the following business loans from a leading bank like IDFC Bank, which encourages businesses in their expansion plans in a variety of ways. You can apply for the following loans online and avail of the loan quickly, with minimal paperwork and a quick turnaround time.
* Term loans: IDFC Bank offers competitive rates of interest on term loans for a tenure of five years, for companies with a good credit history and who have a practical business plan for the next year. This loan is ideal if you are pitching for a major long-term contract, or if you wish to expand the scope of your operations.
* FD-backed loans: IDFC Bank is one of the few Indian banks to offer the fixed deposit-backed loan. It is a business loan that allows your company to borrow up to 90% of the amount deposited in the bank as a business fixed deposit. Furthermore, IDFC Bank charges the same same rate of interest on this loan as the FD rate of interest.
* Cash/credit overdraft: These business loans are offered post verification of the company’s annual turnover for at least two years. After approval, IDFC Bank issues an advisory on the company’s working capital requirements to help them plan their finances better.