The Business Loan is an unsecured amount that can be availed as loan. The minimum range of loan is 5 lakhs and the maximum amount of loan is 30 lakhs.
The time period is minimum 12 months to refund the loan amount and can be extended upto a time period of 48 months.
The rate of interest in the Business Loan are fi with pre-decided fixed rates.
You can very easily repay the Business Loan amount through the following methods:
• Post Dated Cheques
The Business Loan is provided to people who are self employed doctors, medical practitioners, Business entities, self employed non-professionals. You are required to have the KYC Documents, Bank Account Statement and all the identity proof for the business need to be shared with the application.
The good thing about Business Loan is the fact that you are not required to submit any kind of security collateral for the purpose of availing the Business Loan.
Generally, there is a locking period for about 6 months to an year for the purpose of refunding the Business Loans. There are options that after paying the first EMI you can very easily work towards returning the business loan amount with the upfront fees of 2%-5% that will be beneficial for the purpose of getting the loan finished in a short span of time.
It generally takes a time period of about 5-7b days to disburse the loan in an effective manner.
If due to any reason your EMI get bounced or is missed then you have to pay extra charges. Sometimes due to the severity of the occasion sometimes legal actions are taken towards the borrower.
For the purpose of Business Loan some banks allow the part payment, however, there are a lot of restrictions to carry out the payout.