A business loan is required to expand the business or to fulfill day to day working capital requirement. There are many types of business loan option available in India. These loan options are term loan, Short-term loan, a line of Credit loans, personal loan for business and Pradhan Mantri Mudra Yojana (PMMY).
Term loans are the best option available for the businessman, as the loan amount can be availed in a lump sum and can repay it in a specific period of time. The short-term loan is provided for the short period only, tenure ranging between 3 months and 18 months. The most useful loan available for a businessman in the market is a line of credit loans. It is intended for a purchase of inventory and payment of operating costs for working capital. Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by Mr. Narendra Modi, the prime minister of India. This scheme helps in uplifting and developing the MSME sector belonging to the non-farming industry. All types of banks offer this loan to MSME businesses under three stages – Shishu, Kishore, and Tarun. Shishu loan is allowed up to Rs. 50,000, Kishore loan is provided from Rs. 50,000 to Rs. 5 lakhs and Tarun loan are offered from 5 lakh to 10 lakh for established businesses which want to expand. So, these are the kind of business loans available in the market. You can choose a loan based on your requirements and best offers available.
Term loans are the best option available for the businessman, as the loan amount can be availed in a lump sum and can repay it in a specific period of time. The short-term loan is provided for the short period only, tenure ranging between 3 months and 18 months. The most useful loan available for a businessman in the market is a line of credit loans. It is intended for a purchase of inventory and payment of operating costs for working capital. Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by Mr. Narendra Modi, the prime minister of India. This scheme helps in uplifting and developing the MSME sector belonging to the non-farming industry. All types of banks offer this loan to MSME businesses under three stages – Shishu, Kishore, and Tarun. Shishu loan is allowed up to Rs. 50,000, Kishore loan is provided from Rs. 50,000 to Rs. 5 lakhs and Tarun loan are offered from 5 lakh to 10 lakh for established businesses which want to expand. So, these are the kind of business loans available in the market. You can choose a loan based on your requirements and best offers available.
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