Commercial Loan types
Commercial loans can be used to purchase equipment (Equipment Finance), expand the size of the business or increase the investment in the business (Expand or Invest in Business).
Line of Credit
A credit line loan is a common commercial loan. It refers to a credit facility that a credit institution grants a certain amount of credit to customers. The customer can recycle the amount for a specified period of time. The credit line loan provides you with a way to use funds at any time. It can provide short-term capital turnover for enterprises, improve the speed of capital flow of enterprises, and improve the efficiency of capital use.
Commercial Loan interest rate
Commercial loans have both a Variable Rate and a Fixed Rate. Variable interest rates provide greater flexibility for corporate funds, but as interest rates continue to change with market interest rates, the amount of repayments is uncertain. Choosing a fixed interest rate means that the company can repay the fund in accordance with the prescribed repayment amount within a fixed period, so that the flow of funds can be better managed.
What you need for loan application
- Applicant’s Identification documents
- The most recent tax return and business financial statements
- Applicant’s individual tax return and notice of assessment for last two years
- Specific requirements will vary depending on the loan institution and the applicant
For details, please contact our loan specialist on 1300 990 166.