Question

What I Can Do You wanted to put up a business and planning to apply for a loan for your starting capital. The lending company where you inquire offers Flexi Loan for new entrepreneurs but the type of interest to be used is compound interest. Flexi Loan is a program wherein the new entrepreneur will propose the term of loan and payment subject for the approval of the management. Suppose you are a new entrepreneur, make a proposal for your loan using a compound interest environment.

Loan Proposal
Name:
Business to put up:
Brief Description of Business:
source of funds:
amount of loan:
Nominal rate:
frequency of conversion:
time in years:
Compound interest:

Answer 1

You can avail a Startup business loan from a bank or a financial body in order to raise funds to start a business of your own or expand your current business. The rate of interest charged by the bank will depend on the loan amount availed by you and the repayment tenure.

Step-by-step explanation:

Business Loan Details

Interest Rate Up to 21% p.a.

Loan Amount Up to Rs.75 lakh

Loan Tenure Up to 5 years

Processing Fee Up to 6.5% of the loan amount +