Small Business Loan

1. Small Business Loan

2. A business loan is a well-known lending product provided by various banks, Non-Banking Financial Companies, and Financial Institutions to meet the financial requirements of self-employed customers and enterprises. It can be used by individuals, MSMEs, business owners, entrepreneurs, professionals (CAs/Doctors), and several other business entities. Typically, a business loan are majorly classified into two categories named secured loans and unsecured loans. Secured loans are the types of loans which require collateral/security that an applicant needs to submit with the lender at the time of loan application. However, in the case of unsecured loans, there is no need to submit any collateral/security with the banks or NBFCs as unsecured are collateral free loans.

3. Key features of a business loan • Repayment tenure from 12 to 60 months.  • The mode of application is online and offline.  • A maximum loan amount of unsecured business loans is up to Rs. 5 lakhs.  • No collateral required by the banks.  • Term loan and working capital loan to fulfill the need of business. A business loan is availed for the purpose of financing business related expenses, such as purchase of new equipment or machinery for a business or buying office space, upgrading infrastructure Modern business tools and state-of-the-art equipment are an extraordinary way to expand your business but finding the right financing sometimes requires time.