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The term Business Loans is fairly generic and there is a vast spectrum of the different types of finance options that a business can access. However, in the current context, under Business Loans we are largely referring to unsecured income-based loans for self-employed individuals or companies.
Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower.
Such loans can extend from Rs. 50000 to Rs. 3crores and have a repayment period of 1-5 years. They are ideal for businesses looking at funds for capital expenditure, business development, expansion, short-term cash flow mismatches etc.
They are not as flexible as overdrafts and other credit lines which usually support day-to-day working capital requirements but given the unsecured nature of the product, they are relatively easy to avail with simple paper work and speedy processing. Most importantly the borrower does not need to lock in any asset or security as collateral. However, that also means that Business Loans are usually costlier than other forms of secured business finance.
Your eligibility is determined after looking at the following:
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