How is a business loan to be repaid?
Answer
Answer
Answer
Business loans are similar to all loans in that their processing is pretty much similar.
Thus, business loans can be repaid through equated monthly instalments or EMIs from the borrower’s bank account.
The borrower or customer is required to either give post-dated cheques (PDCs) or sign an ECS (electronic clearing system) mandate in favour of the bank or the non-banking finance company (NBFC) disbursing the loan.