What is Business loan ?
Business needs funds to start or even to carry on its existing operations but the question arises from where can one get these funds. A business loan may be an answer to this question. Thus, one can approach a reputed financial institution and opt for a business loan according to one’s need and thus fulfill his /her dream of starting a business or even financing, expanding his/her existing business. These loans can be secured as well as unsecured. Secured business loans generally have lower interest rates. Apart from a business loan a financial institution may have other kind of products like overdraft facilities to take care of the business needs of the individuals.
Who is Eligible for business loan ?
Any person who is running a legitimate business with good earnings can go for a business loan. Banks have certain criteria to validate on how much and whom to give. This is on the basis on.
Type of the business- Ie Proprietorship, Partnership, Pvt Ltd or Public Ltd.
How much Business loan I can get
Based on the profit and years of business and cash flow- Banks come out with eligibility of the loan amount it can give to business. This is based on how much profit he is making and how he can manage to pay the emi with the cash flow.
What kind of properties can I mortgage for a loan?
Business loan is unsecured Loan, Toatally based on Fianacial of business. No type of collateral is required.
