Business loan is basically a type of Unsecured Loan.

The Business Loan is created to fulfil the needs of the persons having small or large businesses.

Business Loan is used to increase the business and to meet everyday needs like cash flow etc.

If you apply for the business loan you can get an amount, which you have to pay within a time interval in the form of EMI.

Some aspects of the Business Loan:

1. Interest rate for the business loan starts from 5%.

2. No starting limit for the loan.

3. The maximum limit for loan is 1 crore rupees.

4. Repay time is 12 months - 5 years. 

The fee or fee loan amount of business loan varies bank to bank, it depends on the interest rate and time span in which the person agrees to repay the amount.

EMI of Business Loan calculated by the formula as given:

E= P*r*(1*r)^n/[(1+r)^n-1]

 where,  E= EMI

P= Loan amount

r= Interest rate

n= Time duration in which the person repay the amount with interest