What is Business Loan?

 

As the name Suggest, Banks/NBFCs offer Business Loan without any collateral for the purpose of expansion/enhancement of your existing business.

 

Rate of Interest

 

As a Bank/NBFC doesn’t take any collateral, the Rate of Interest in case of Business Loan is generally higher than any other Loan. The Rate of Interest at present varies from 15% to 25% depending on the profile of the customer. However it has advantage of without any collateral & quick disbursement.

 

Business Loan Eligibility

 

Business Loan Eligibility depends on the following conditions :-


1. Your total annual income
2. Your existing liabilities.
3. Your total work experience and experience in your current Business.
4. Financial documents.


* Minimum Age at the time of Application should be 21 years


Banks takes into consideration various factors such as Annual Turnover/Receipt/Commission, Gross Profit, Net Profit, Average Bank Balance, Present EMI and Various other factors .

 

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