The beauty so to say or advantage of business loans is that much like personal loans, you can use the funds acquired in accordance to your own current need and not just by set usage purposes as set by a bank of NBFC. For example, right from getting an overdraft in order to meeting a working capital requirement to funding for the purchase of commercial assets, expanding the business to getting export credit for pre & post shipment finance, the money you loan from the bank can be used in accordance to the need and requirement of your business. Hence, it becomes important to talk to your bank about the purpose of your business loan. Doing so helps in the bank of NBFC coming up with a personalized solution to suit your needs even under the business loan umbrella.
While business loans as a term sounds daunting and tough to have it approved by business loan service providers, the real scenario is quite different. The market has various banks offering business loans starting at an average interest rate of 15% going upto about 30%. The rate of interest varies from bank to bank, the amount being loaned and the duration for which the loan is being taken.
On an average, the sum that one can borrow from a bank / NBFC as a business loan can go as low as INR 75 thousand or even as high as INR 45 lakhs to be repaid between a period of 1 – 7 years.
Processing fees as applied by banks, again, vary on a case to case basis but average between 2 – 3%.
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