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Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need. A business loan is debt that the company is obligated to repay according to the loan's terms and conditions
Here's how to get a business loan in five steps:
- Pinpoint why you need the money. Ask yourself how this loan will help your business.
- Find the right loan. Choose a type of business loan based on your needs.
- Find the best lender for you. ...
- See if you have what it takes to qualify. ...
- Get your documents ready and apply.
What do you need to get a business loan?
To qualify for a small-business loan, you may have to provide collateral to back the loan. ... SBA loans require “adequate” collateral for security on all loans, plus a personal guarantee from every owner of 20% or more of the business. A personal guarantee puts your credit score and your personal assets on the hook.
What is business lending?
A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
From where I can get a business loan.
There are many banks which can offer a business loan to eligible business owners.
The list as follows:
- HDFC Bank
- ING Vysya Bank
- Bajaj Finserv
- ICICI Bank
- Standard Chartered Bank
- Fullerton India
- RBL Bank
Business Loan Interest Rates October 2017
||Bank Interest Rates