When starting a business, it’s essential to have the right financial support to ensure that you can keep your business afloat and grow it effectively. One option to consider is taking out a business loan. However, choosing the right business loan can be a daunting task, and there are several factors to consider before making a decision. Abhay Bhutada , a renowned financial expert and Managing Director of Poonawala Fincorp advises that entrepreneurs must assess their current and future financial needs before opting for a business loan. With this in mind, let's delve deeper into the key factors you should consider when selecting a business loan. Interest Rates The interest rate is the cost of borrowing money and is essential to choose a loan with a competitive interest rate. While some lenders may offer lower rates, they may also have additional fees that can add up, making the loan more expensive in the long run. Always compare interest rates from various lenders and determine which
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