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What is Business Loans ? |
Commercial or Business loans is popular category of loans offered by almost all banks in both public as well as private sector. The main aim of a commercial loan is to help traders, businessmen and professional, start or expand their commercial activities. Such loans are provided to facilitate trade and smooth functioning of business. Loans to self employed professions such as CA, Architects, and Doctors are also a part of this category. These loans are available at attractive interest rates and low EMIs to widen the customer base.
Types of Business Loans
i. Professional Loans:
Leading banks are catering to the need of self employed professionals like Doctors, Chartered accountants, Interior Decorators, Architects, Company Secretary etc. by offering them professional loans at lucrative rates. Manufacturing/ trading/processing units are not eligible for such a loan. These loans are unsecured in nature.
ii. Trade Loans:
Present day trading involves heavy initial investment and pooling in continuous financial resources. Banks are providing trade loans to traders / businessmen to help them set up or expand their business. |
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