BUSINESS LOAN Business loans are generally of two types: UNSECURED BUSINESS LO…
Business loans are generally of two types:
UNSECURED BUSINESS LOAN:
An existing businessman who has a three-year ITR with all the ANNEXURE also maintains a good banking transaction record, he can get UNSECURED BUSINESS LOAN up to Rs 50 Lakhs, i.e. without any COLLATERAL SECURITY. However, only a few banks provide such business loans.
NORMALLY New businessman does not have any business track record mentioned above – In this case, these commercial loans are generally provided by nationalized banks. For this segment a businessman can take advantage of the benefits provided under different types of government schemes.
SECURED BUSINESS LOAN:
The benefit of this type of Business Loan can be achieved by providing COLLATERAL SECURITY i.e. the Loan AGAINST of Residential / Commercial Property. Generally, up to 70% -80% of the value of Residential Property or 60% of the value of the Commercial Property can be availed. This type of Loan is provided by all Banks i.e. Private Banks as well as Nationalized Banks.