Businesses share a major component in India’s economic sector. To encourage businessmen in growing their enterprise beyond its local boundaries and capacities, many banks and NBFCs in India offer quick business loan.
These loans are offered to small businesses, medium businesses and even to bigger conglomerates. A business loan starts from Rs. 1 lakh to crores. One can get a business specific loan like manufacturers, producers, retailers, doctors etc. can get a loan as per their professional needs.
One can get a business loan to fulfill their various business related needs like buying equipments, hiring extra staff, expanding business to another location, developing infrastructure or for working capital needs. Mostly people take unsecured business loans. Many banks and NBFCs also offer secured business loans as per their policies.
Business loan interest rate is determined as per the loan tenure, the required loan amount, the financial history of the business/businessman, their credit score and capacity to repay the loan. Two types of interest rates are offered by banks and NBFCs for business loan: fixed interest rate and floating interest rate.
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