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Business Loan

What is Business Loan?

Business loan is an unsecured loan an individual can avail for business purposes. A co-applicant is not necessary for a person to apply for business loan.

Business Loan Eligibility

  • The personal loan eligibility criteria for salaried employee is as follows.
  • Minimum age of Applicant : 21 years
  • Maximum age of Applicant at loan maturity : 60 years
  • Minimum Net Monthly Income : Rs. 15,000 per month (minimum Rs. 15,000 – Rs. 20,000 in some banks according to their loan eligibility criteria)

Processing Fees And Charges

Normally bankers charge a processing fee of 2% to 3% of the loan amount, which may vary based on credit profile.

If you repay your personal loan earlier than the agreed time frame, also other important part lenders charge with pre-closure or default penalty of about 4% of the pre-closed loan amount.

Minimum loan seasoning is six month means you cannot foreclose your loan before six months.

Business Loan FAQ

  • What is the loan amount that I can avail?
  • What is the tenure available with these loans?
  • Is the interest rate, fixed or floating?
  • What is the mode of repayment?
  • What do I need to do to avail a business loan?
  • What is the eligibility criteria for a business loan?

Ask Your Question

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