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Commercial loans are required to make investments, buying inventories or setting and expanding business. But businessmen are always skeptical about it due to certain misconceptions. Following are some real facts about business loans:

- Business loans do not take six or more months to get approved. If you are prepared with all the necessary documents, it should not take 2-3 weeks to approve.

- Counseling for business is not mandatory. If you need it at all, it is a free of cost service provided by the money lenders themselves.

- Interest rate depends upon your negotiation with the bankers. Practically, it has nothing to do with the size of your business. You can haggle to get a decent rate if dealing with a big bank as they have more power.

Contrary to the popular belief, getting smaller business loan is easier.

Filed by admin at 12:10 pm under finance
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