What are the types of business loan?

There are two types of business loan. 1-Professional Loan 2-Loan for Business

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Professional loan is given to them, such as Doctor, Chartered Accountant, Lawyer.

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Loan for business is given to a person who is the owner of a sole proprietorship company or partnership firm, private limited company etc. can also apply.

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You can categorize business loans into 3 parts.

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1-Overdraft Loan 2-Working Capital Loan 3-Term Loan

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Overdraft means that the bank allows the customer to borrow a specified amount. Interest is charged on this loan.

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Working capital loans are taken out to finance the daily operations of a company. This loan is not used to buy long-term assets or investments.

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Term loans are mainly given for land, machinery and equipment or commercial vehicles, working capital for business, etc.

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To know more about Loan, go below on Learn more

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