For one, banks and NBFCs only offer loans over a certain threshold amount. Smaller loan amounts are not available for borrowers who don't want a huge loan. Hence borrowers end up getting a big loan even if all they wanted was a fraction of the loan amount. Additionally, the interest applicable is on the entire loan amount, which results in increased interest outgo.
So, what can one do to minimize these limitations? The answer lies in what is called a 'Line of Credit' or LOC. A line of credit is specifically aimed at borrowers who require funds at frequent intervals, and hence businesses are the ideal users for such a product.
Let us understand what a line of credit is in detail.
What is a Line of Credit?Just as the name suggests, a line of credit is a continuous mode of financial assistance wherein a borrower can borrow amounts at frequent intervals as per their needs. The applicant has to apply for a certain loan amount, and once it is approved, they need not borrow the entire approved amount in one go.
They can withdraw only the funds that they presently require and leave the remaining balance with the lender. Then further down the line, if they require more funds, they can borrow an additional amount. The interest, in this case, is only applicable on the withdrawn amount and not the total loan amount approved.
The main advantage of a line of credit is that the borrower has to pay lower interest as compared to conventional loans. Interest applicable for a line of credit is similar to how interest works for a credit card, where one has to pay interest on the used amount and not on the entire credit limit.
Say, for example, a lender sanctioned a line of credit worth Rs. 100,000 to you, and you withdrew only Rs. 30,000, then interest will only be applicable on the Rs. 30,000 and not on the entire Rs. 100,000.
Types of Line of CreditThere are two types of lines of credit that lenders offer. A line of credit can be:
- Secured: A secured line of credit can be borrowed against valuable assets as collateral. Since security is involved, interest rates for secured lines of credit are also lower.
- Unsecured: An unsecured line of credit is sanctioned without any security or collateral. Since these are riskier for lenders; they might charge you a higher interest rate.
How to Apply for a Line of Credit?Applying for a line of credit is similar to applying for a loan. You can walk into a bank or NBFC and apply for a line of credit by filling out the application form and providing all relevant documents. The lender will evaluate your monthly income, credit score, past loans, repayment history, liabilities etc.
The lender will then approve your line of credit request for a specific credit amount and interest rate, both of which will be based on your income, credit score and collateral if provided.
Benefits of Line of CreditA line of credit has many benefits over a conventional loan. Let's look at some of these benefits below:
- The interest rates for a line of credit are usually lower than that of a business loan or a personal loan.
- In the line of credit, the borrower can use any amount they wish from the approved credit limit. This is quite unlike a regular loan, where the lender decides the total loan amount, and you have to borrow it in its entirety.
- The interest is only applicable for the withdrawn amount and not on the entire credit limit in a line of credit system.
- Small business owners and self-employed individuals can really find a line of credit beneficial since they can borrow smaller amounts as per their needs, thus limiting their risk and ensuring financial assistance at the same time.
- With a line of credit system, business owners can rest assured that finances will be available if and when they need it.
- Persons that want to avoid the high-interest rates for personal loans can always look at a line of credit for their business needs.
- An LOC comes with a high credit limit that can be used at any time, unlike a traditional loan where the amount is pre-decided by the lender, and one cannot modify it later.
Frequently Asked Questions
1) How does a Line of Credit Work?A line of credit works very similarto a credit card. The lender approved a maximum credit amount that you can borrow. But you need not borrow the entire amount. You can borrow only the amount you require and pay interest on it. The remaining balance will always be at your disposal.
2) Is there a specific limit up to which I can borrow in line of credit?Yes. The lender decides your maximum credit limit based on your documents. You can withdraw as much as you want up to this limit.
3) Can I use a line of credit for my start-up?Absolutely. A start-up or a new business requires constant financial assistance, and the first few years can be uncertain. A line of credit works best here since risks can be minimized by borrowing only the required amount.
4) How to choose the right lender for a line of credit?Lines of credit are provided by many banks and NBFCs in India. Ensure you do your research and choose a lender that provides the best interest rate, has better communication, is accessible, and provides features like an overdraft facility. Apply for a line of credit with multiple lenders and choose the one that is offering you the best deal.
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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About Aditya Birla Capital
Aditya Birla Capital (‘the Brand’) is the single brand for financial services business of Aditya Birla Group. The trade logo “Aditya Birla Capital” and the URL www.adityabirlacapital.com is owned by Aditya Birla Management Corporation Private Limited (trade mark owner) and the same is used herein under the License by Aditya Birla Capital Limited (ABCL) and its subsidiary companies (collectively hereinafter referred to as “ABC Companies”). Aditya Birla Capital Limited is the holding company of all financial services businesses.
www.adityabirlacapital.com (“the Website”) is maintained and run by Aditya Birla Financial Shared Services Limited (having its registered office at 18th Floor, One India bulls Centre, Tower 1, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road, Mumbai- 400013). The information available on www.adityabirlacapital.com relates either to ABCL and/ or ABC Companies under all associated web pages/ sites which are linked to www.adityabirlacapital.com (“hereinafter referred as the Website”).
All of the ABC Companies have their own separate legal identities and webpages (details about which are embedded in their respective web pages/sites) but in this Website they may sometimes use "Group", "we" or "us" when we refer to ABC Companies in general or where no useful purpose is served by identifying any particular ABCL Affiliate.
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Authorisation to Facilities Provider
You also agree and authorize ABC Companies / its third-party service providers to contact you at the contact information provided for service related communication relating to your product or facilities offered even if your number is in National Do Not Call Registry.
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No fee or consideration or economic benefit either directly or indirectly is associated for availing the assessment through MoneyForLife Planner and therefore it is not to be considered as an investment advice or financial planning and / or investment advisory services.
You agree and understand that use of MoneyForLife Planner does not assure attainment of your investment objectives and there is no assurance that the money objectives will be achieved, as the same is subject to performance of the securities, the forces affecting the securities market and your risk profile. You are advised to consult an investment advisor in case you would like to undertake financial planning and / or investment advice for meeting your investment requirements.
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USE of APP
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No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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