A business loan refers to a specific loan specially taken to fulfill the needs of one’s ongoing business. The loan is given by banks and NBFCs at attractive interest rates and for longer tenures. The tenures range from 1 to 4 years. The interest rate for business loan balance transfer starts from 15%*. Each bank and NBFC offering a business loan has their own specific eligibility criteria and required documents list as per their policy requirements.
You can choose a bank or NBFC for business loan as per your needs and the one which offers you lowest interest rate in the market. But many times this happens that after a specific period into the loan, you may realize that there is some other money lender who is offering the same loan with lower interest rates than yours’ with exciting loan terms. Here you have the option to change your loan from one bank to another to avail the said benefits. But there are some things to consider before you take such a major decision:
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