Arranging finance is the most important component of any business. It is not only essential for starting business but also to make it grow in turn capitalizing on investment opportunities. You may have an amazing plan of a business set which needs good amount of money. The challenge that an entrepreneur faces is in actually acquiring the money, and in repaying the debt which he will take. Once again banks are at your help & they will come up with products like business loans.
These business loans are designed to make available the necessary fund that is needed to start any business. You can source the loan from any bank or financial institution. These loans can be used to buy necessary equipments, recruitment of manpower, stationeries, renting office premises, expanding, modernizing or improving business etc. In fact, business loans help you cover the cost of every aspect of your business requirements.
Business loan is an unsecured loan offered to self-employed individuals including proprietors, partnership, private, public limited companies on the basis of their turnover for last two years.
The minimum loan amount is Rs. 5, 00,000 and the maximum loan amount is up to Rs. 25, 00,000 based on the bank's qualifying criteria.
So what are you thinking? Discuss in detail about your loan requirement with your bank but do not finalise before comparing rates offered by different lenders.
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