What types of business loans are available for self-employed professionals?

Self-employed professionals generally can access various business loans tailored to meet different financial needs. Here’s an overview of the most common options:

Working Capital Loans

• For managing short-term expenses and payables
• Ideal to address temporary cash flow issues

Equipment Financing

• Allows purchasing equipment without tapping cash reserves
• The equipment often serves as collateral

Unsecured Business Loans

• Get financing without collateral
• Approval depends on credit score and financials

Personal Loans for Business Use

• Based on your personal credit score
• Flexible option for small funding needs

Business Line of Credit

• Get a pre-set borrowing limit to draw from as required
• Only pay interest on the utilised amount

Business Term Loans

• Fixed repayment tenure
• Eligibility depends on the business’ creditworthiness