For business

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A business loan is a loan taken for investments in a business set up. It is essentially borrowing money for a set purpose and entails repayment with a fixed interest rate.

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You can take a business loan to fund your business investments and projects. A business loan can help your business venture to prosper at a faster pace and you can finish stagnant projects immediately.

What is a business loan?

Eligibility Criteria for Corporate Loan As a loan applicant, you need to have an established business for at least 5 years. The company should have made profit in the last 2 years. The company should have a strong credit rating, along with a record of successful business.

Eligibility Criteria: The minimum age of the applicant is 21 years in case of self-employed individuals, the minimum age for the salaried is 26 years. The maximum age limit is 60 years in case of salaried applicant. The maximum age limit is 65 years for self-employed applicants. The applicant should have monthly income of at least ₹30,000.

Borrowing money is one of the most common funding sources for small businesses according to the U.S. Small Business Administration. ... Borrowing funds to pay start-up costs benefit business owners because they do not have to rely on personal credit, savings and credit cards to fund new business purchases.