Business income generates livelihood for entrepreneurs hence it’s nurturing, growth & expansion is of utmost priority. Short term business loan is required at many stages like for setting up new business or expansion in form of working capital or term loans.
Generally, Business loans are unsecured no collateral is required, but one must possess any commercial or residential property for being eligible for business loan.
How can a Business Loan benefit –
Basic eligibility for a Business LoanDifferent lenders have varying criteria for loan approval, but there are a few basic rules:
A self-employed individuals / business owners in the age group of 23 to 65 years
| Rate of interest | 18% to 24% + |
| Professional segment | 11% to 16% |
| Minimum and Maximum loan amount | 3 lakhs to 100 lakhs |
| Minimum Current Work Experience | 2 years for Self Employed |
| Minimum and Maximum Age | Min age – 23 years Max age – 65 years at the time of loan maturity |
