It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 2-3 working days.

The business loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.

Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 6 EMI payments. It is advisable that you check with your bank before you apply for the loan.

Yes, there are a couple of different additional charges. Most banks charge an applicant a processing that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.

The interest you pay on your business is tax deductible that is generally subtracted from your gross income. As per the Income Tax Act, 1961, you can avail deduction on business loan interest that is paid from business profits. It is predefined in the Income Tax Act that money utilized in the form of business loans is not the same as business income, earning revenue or profit for the business. However, Principal amount is not the interest on business loan, business expenditure or a part of business expense. Therefore, the principal amount on business loan is not tax deductible

These factors include your income, repayment potential, credit score, etc.

No, the Goods and Services Tax (GST) is not levied over the interest rate on a business loan.

Business loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.

An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.

Anyone running a public or private , sole proprietorship, partnership and LLP entity involve in manufacturing, services, and trading can apply for a business loan as long as promoter attains the minimum age of 24 years at the time of loan application.

Promoter who have been in the current business for a minimum of 3 years, with 5 years total business experience are eligible for business loan