May 25, 2024

In fact, the main difference that distinguishes commercial loans drawn to meet certain financial needs, as in all types of loans, from personal loans is; commercial loans are given to businesses and individual loans are given to real persons. Commercial loans, which require various guarantees when using, are a type of loan given by banks in order to meet the needs of the business owners of the company. Personal loans, on the other hand, are a type of loan that a real person can use to meet their goods, services or financial needs under certain conditions.

What is a commercial loan?

Commercial Loan Types

Commercial loans taken by businesses in order to expand themselves are divided into different types according to factors such as maturity and collateral. Let’s talk about these briefly.

Debit current account. In commercial loans of current account type, also known as revolving loan, the borrower can make continuous loan use and loan payments. Interest payments of revolving loans working with credit card logic are made in 3-month periods. Interest rates may change at the end of the year.

Spot credit. In such commercial loans, the interest rate, payment amount and maturity remain constant. It is generally used when it is not desired to be affected by interest rate fluctuations.

What are the types of commercial loans?

Open credit. Generally, it is called the loans given by the bank to the institutions it trusts, which can be obtained only against the signature of the authorized person of the institution, without asking for any collateral or assurance.

Non-cash loan. In such commercial loans, cash is not taken from the bank as a loan. What is taken instead of money is the bank’s guarantee. No interest is charged. It is a loan generally used in import and export business.

How to Get Commercial Credit?

In order to get a commercial loan, you must first have an operating company. After the commercial loan application, the bank evaluates the solvency of the business and as a result, the loan amount to be provided to the company is determined. Banks generally look at the periodic financial reports of the businesses and the past payments of the business. Just like in personal loans, a bad credit history or the difficulties that the business has in paying at different banks are factors that weaken the possibility of obtaining a loan.

How to get a commercial loan?

Internet banking is generally used to obtain commercial loans. Customers can quickly complete this process online, as applications made at the branch significantly lengthen the process. First, businesses give instructions to the bank within the framework of the contract. The bank examines the application according to the periodical financial reports of the enterprise and defines the limit. Then the bank sends an offer to the business and if this offer is accepted, the credit usage instruction is given and the necessary documents are delivered to the bank. Finally, the credit is transferred to the business account. In order to obtain commercial credit, a circular of signature, tax plate and the registration of the chamber of commerce to which the company is affiliated are generally requested, differing from bank to bank.

When taking commercial loans, businesses should take loans by considering interest rates, payment plans and opportunities offered by banks. Since the use and payment of the loans taken affect the commercial loans to be received in the future as well as the operations of the enterprise, it would be useful to conduct a comprehensive research according to the above-mentioned factors.

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