What are the types of business loan?

1-Professional Loan 2-Loan for Business

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

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

You can categorize business loans into 3 parts. 1-Overdraft Loan 2-Working Capital Loan 3-Term Loan

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

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

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

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

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