Description
A Business Loan as the name suggests is the type of financial aid that a person takes for the purpose of Business. In India, the interest rate on Business loans starts from 8.5% P. A and can go up to 30% P.A. Business Loan Interest rate depends on the type of loan and the eligibility of the borrower.
A Business Loan can be secured i.e. a loan that required assets to be pledged as security to the bank. The interest rate on Secured Business Loan is lower and the borrower will have a longer tenure period on the loan.
On the other hand, unsecured business loans are also called signature loans. These loans are approved on the basis of your eligibility criteria and creditworthiness. A person with a CIBIL Score above 700 can apply for the unsecured Business Loan.
The person who met the eligibility criteria for the business loan can get the loan hassle-free at a lower interest rate. Hence, it is advisable to complete the documentation and maintain the debt-to-income ratio for getting a loan. Read the terms and conditions for the loans prior to getting your loans approved easily within hours
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