What are the types of business loan?

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1-Professional Loan 2-Loan for Business

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Professional loans are given to them, such as doctors, chartered accountants, lawyers.

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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. 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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The minimum age for business loan is 25 years and maximum age should be 65 years.

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To know more about Business Loan click on Learn more below.

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