Hi. I am a loan officer at a private bank in India and can tell you about business loan vs personal loan. The two have a key difference that lies in the eligibility criteria needed. When it comes to personal loans, they are given to salaried individuals because of their fixed and stable income. However, business loans need justification for using funds for business purposes. I am sharing the rest of the differences between personal loan and business loan below.
Personal vs Business Loan
Here are the differences between the two:
Personal Loan |
Business Loan |
The usage is for personal purposes. |
The usage is for business purposes. |
The loan amount is limited. |
Here, a higher loan amount is guaranteed. |
It is offered to salaried applicants. |
It is offered to strong financials and business owners. |
It is an unsecured type of loan. |
It is unsecured to a certain extent and becomes secured with business assets or business properties. |
Based on your requirements, whether it is personal or for business, you should apply for the respective loan. So, this is all I have to share about the difference between personal and business loans. I hope you find the information helpful.
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What is the Difference Between Business Loan and Personal Loan?
varmala
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1 days
2024-10-29T00:13:42+00:00 2024-10-29T00:13:42+00:00Comment
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