Business Loan is generally unsecured loans offered by different banks and financial Institutions based on someone's financials. Business Loan is a term loan availed for different tenures between 1 year to 5 years period depending on bank and customer's business profile and healthy financials.
This loan offered to self employed professional and self employed non professionals like Proprietorship, Partnership, Private Limited and even Limited Companies. When someone is starting a new business or expanding his/her business, he/she opts for business loan and approach a reputed financial Institution for his/her or Company's immediate cash infusion.
This kind of funding does not require any kind of collateral or guarantor and the loan approval process is very less comparing to mortgage loan or cash credit facility.
Eligibility Criteria for business loan:-
➤ Age of the customer or Vintage proof of the company.
➤ Financials of the customer like yearly sales, profit, cash flow and obligations at the time of login.
➤ Profile of the customer Repayment history with any bank or financial institution.
➤ Repayment capability based on the financials of the company/customer.
➤ Attractive rate of interest and schemes for professionals like Doctors, Chartered Accountants, Architects etc
