MYLOANS

BUSINESS LOAN / PERSONAL LOAN

Business Loan :

if you have a businesshen You may want additional funds to your company. To meet these needs, you can take business loan also take Business Loan / Personal Loan Businesses need ample amount of investment to fund for start-up expenditures or pay for business extensions. For such purposes, companies take out business loans for their financial assistance. It is a debt which a company is obligated to pay back within a specific tenure according to the terms and conditions of the granted loan.

Start-up Business loans can be taken for a variety of essential requirements like starting up a new firm, business expansions, dealer and vendor financing etc.The major benefit of business loans in India is that it does not require any collateral or security and most of the banks sanction business loans with minimal pre-payment charges.

Another benefit is that if there is a failure of repaying the loan, then the business owner will not solely face the burden of penalties but the whole company will be liquidated in order to clear the business loan.

Personal Loan :

A personal loan is a loan taken by an individual to fund any personal expense like, for example, a wedding, to make renovations to the home or even for a vacation. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used - the borrower has full freedom to use the money for any purpose they want.

There are two attractive features of a personal loan:

1) Complete flexibility of end-use. There are no restrictions on how you should spend the loan amount. This in contrast to a home loan or auto loan where the loan amount can only be used to buy a property or a vehicle respectively. You have the freedom to use the money in any way you want.

2) Lack of collateral. A personal loan is an 'unsecured loan', meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some customers who may not be able to raise the cash required as collateral.