Working in organization full or part time is not always easy. You have to reach in office on time and work without any break. Even, team leader can ask you to stretch the shift due to target. Are you going through with same situation? Do you have some good business plan in your mind? If yes, then time has come to deliver those plans into reality. Starting a small business is not an easy task in Pakistan. You should have proper knowledge about the market, product, machinery, etc. Most important thing is finance. Do you have proper cash in your pocket to start your own venture? More than 99% employees who are working in organization do not start their own business due to financial problem even they have great knowledge about everything. In order to help such people, lending companies introduced start up business loans.
As the name refers, start up business loans, these finances are designed to provide you a suitable jack for your business. These loans also help those young people who are studying in college or universities and have dream to start their own ventures. Loan service is available in two formats for Pakistan citizens. Today, we will share features and advantages of these finances.
Secured loan – This is a collateral based loan service provides money to homeowners and people who can deposit security against funds. The main advantage of this loan option is that entrepreneurs can easily fetch bigger loan amount for long time period. However, approval amount depends on the collateral’s market value. Generally, loan companies provide instant cash ranging from 5000-500000 for the period of 1-25 years.
Unsecured loans – This is not collateral based loan option. Therefore, loan companies provide money to tenants and students without verifying the availability of collateral. Here, loan amount is approved on the basis of business plan and borrower’s knowledge about the business. In this category, you can easily fetch an amount up to 75000 for the period of 1-10 years.
Start up business loans are beneficial for everyone because new small businesses create employment in country and help to improve the economic condition of the country. These finances can be utilized for number of purposes, for example, purchasing land, machinery, technology, raw material, etc. While applying for the business loans or commercial loans for new business, please keep in mind that you have good business plan according to the current economic situation.