The high real estate prices in India mean that it can be very difficult for a new business to purchase its own office. Fortunately, if you are interested in purchasing an office and not renting it, there are now business loans for start-up available. Let us have a look at the loan options you can consider for funding a new office-
Unsecured Business LoanIf you are planning to start a new business and want to purchase a commercial property like office for the same, you can consider an unsecured business loan. With this type of loan, you are not required to pledge any collateral or security against the loan amount.
Such loans can also be used for business expansion and purchasing machinery for your business. Manufacturers, self-employed entrepreneurs, traders, and companies are eligible for taking an unsecured loan.
Loan Options for Existing BusinessesIf you have an existing business and want to purchase a new office for the same, there are several offerings apart from loan to start a new business. You can consider options like-
-Secured Business LoanWith a secured loan, you are required to pledge an asset like existing commercial property to get the loan. As the lender has a security against the loan amount, such loans are generally available at a lower rate as compared to unsecured loans.
-Commercial Property Purchase LoanThe next popular option for purchasing an office for your business is the commercial property purchase loan. The commercial property you want to purchase acts as collateral in such loans that are offered for tenures of up to 15 years. However, the lender will only approve around 60%-70% of the property value.
-Property Construction LoanBusinesses wanting to construct an office or headquarter of their own can also consider a property construction loan. Such loans are generally disbursed as the construction project progresses, and are offered for up to 5-8 years.
Achieving Your Entrepreneurial Goals with a Business LoanGetting a loan to start a business can help eliminate the hassles of working on other funding options to establish your business. Even if you have an existing business and want an office for the same, there are now multiple types of loans available.
Consult a reputed lender to know more about these offerings and select one that best suits your business needs.
Click here to know more and apply for a business loan
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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