Grow Your Business with Ease
From micro-businesses to large corporations, financing is the lifeblood of commerce. In India, there are various types of business loans tailored for working capital, expansion, and machinery purchase.
Types of Business Loans
- Secured Business Loans: Require collateral like property or equipment.
- Unsecured Business Loans: Based on the creditworthiness and turnover of the business.
- MSME/SME Loans: Dedicated schemes for small and medium enterprises supported by SIDBI and MSME Ministry.
- MUDRA Loans: PM MUDRA Yojana for funding micro-units.
Eligibility for Entrepreneurs
Typically, banks require a minimum 3 years of business vintage and a healthy credit score. Proof of income such as audited balance sheets and ITR filings for the last 2 years are usually required.
