BUSINESS LOANS INFORMATION

Please see information on Business Loans below.

        

Whether you are a small or larger business, you are likely to require financial support to encourage growth and expansion, regardless of the current economic climate. Find out the essential facts on business loans below...

What is a Business Loan?

A business loan is a loan usually offered to sole proprietorships, partnerships and private limited companies. This type of loan is available from many banks and lenders across India. Many business loans are unsecured and are given based on the income of your business. However, secured business loans are also widely available.

Secured Business Loans

If you are applying for a secured business loan, you will need to pledge a security as collateral on the loan. This can be business property, land, materials (products or raw materials) or even machinery. This option gives the lender a less risky agreement and therefore the interest rates are likely to be lower. You may also be able to apply for a cash advance on the loan.

Unsecured Business Loans

The unsecured business loan means you are not required to provide a security as collateral on the loan. Unsecured business loans often have shorter tenures than secured loans and higher interest rates, so keep this in mind when you are deciding on the right loan. Perhaps this option is better for short-term cash needs for your company.

The unsecured option may have some more flexible aspects too so take your time and browse around the different loan offers.

Eligibility

As with any type of loan, you will need to provide certain documentation to the lender, so that they can check if you are eligible. These will include:

  • Proof of ID
  • Proof of residence
  • Proof of income (yours and the business)
  • Proof of the business

Every lender has its own criteria, but in general you will need to be at least 21 years of age to be able to apply for a business loan.

        


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