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What is Business Loan?

A business loan is a borrowed amount that is used for different business needs like expansion, purchase, inventory, and more. Whether you are a wholesaler, retailer, or manufacturer, a business loan can help you to meet your financial goals.

The interest rate of a business loan depends on various factors, such as your credit score, business turnover, loan amount, and tenure. The interest rate can range from 12% to 26% per annum, depending on the lender and the loan scheme.

Business Loan  Interest Rate

Business Loan  Documents

To apply for a business loan, you need to submit some basic documents, such as: 1. Identity proof (PAN card, Aadhaar card, passport, etc.) 2. Address proof (electricity bill, rent agreement, etc.) 3. Business proof (GST registration, trade license, etc.) 4. Income proof (bank statements, income tax returns, etc.)

Business Loan  Eligibility Criteria

To be eligible for a business loan, you need to meet some criteria, such as: 1. You should be a citizen of India. 2. You should be between 21 and 65 years of age. 3. You should have a business that is operational for at least 2 years. 4. You should have a minimum annual turnover of Rs. 15 lakhs. 5. Cibil Score should be 700 or Above.


Types of Business Loan

There are different types of business loans available in the market, such as: 1. Term loan: A lump sum amount that is repaid in fixed EMIs over a specified period. 2. Overdraft: A credit facility that allows you to withdraw funds up to a certain limit and pay interest only on the amount used. 3. Working capital loan: A short-term loan that is used to meet the daily operational expenses of a business. 4. Equipment loan: A loan that is used to purchase or lease machinery, tools, or vehicles for a business

Tips to Get business loan

Some tips to get a better deal on a business loan are: 1.Maintain a good credit score and repayment history. 2.Choose a loan amount and tenure that suits your cash flow. 3.Negotiate the interest rate and other charges with the lender. 4.Avail of the credit insurance plan to protect your loan in case of any unforeseen events.