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The major benefit of business loans in India is that it does not require any collateral or security and most of the banks sanction business loans with minimal pre-payment charges. Another benefit is that if there is a failure of repaying the loan, then the business owner will not solely face the burden of penalties but the whole company will be liquidated in order to clear the business loan.
COMPONENTS OF A BUSINESS LOAN
Business Loan amount can be from Rs.3 lakhs onwards
Simple and easy documentation
Business Loan tenure can be from 12 months to 48 months
Business loan interest rates varies from 16% to 25% which depends on the eligibility of the applicant