Business Loan; A Business loan is offered by various banks in India at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment. These loans allow you to repay them from 12 to 60 months. A Business loan may help you gain financing or pay off your bills but there a few things you should know before you take out a loan.
Business Loan eligibility depends on the following factors:
You need to follow below mentioned process in order to avail a business loan:
EMI is an abbreviation for "Equated Monthly Instalment" which is the amount you will pay to bank on a specific date each month till the loan is repaid in full.
The EMI comprises of the principal and interest components. These components are designed in a way that the interest component is much larger than the principal component during the initial years of your loan, while the principal component is much larger than the interest component during the later years of the loan.
You can use our EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period.
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