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It is an unsecured loan taken by an individual or entity from a bank or a non-banking financial company (NBFC) based on his business income to meet their business financial needs.
A business loan is a lifeline for those who are struggling with liquidity issue, financial sickness, and working capital. It also helps business to expand and open new business line etc.
There are many types of business loan, which can be suggested according to the requirement and availability.
• A company should be minimum 1 yr old.
• There should be a business set-up.
• There should be an active company account.
• A valid copy of Passport, Resident visa, and Emirates ID of all the partners.
• Trade license.
• MOA or AOA.
• 6 months bank statement of the company account.
• Tenancy Contract.
• 3-5 Sales and purchase vouchers.
You can choose from a number of payment terms from 12 to 84 months, depending on your loan amount.