When you’re looking for financial support to grow your business or meet personal needs, understanding what are 7 types of loans available can help you make the right choice. Whether you need funds for property purchase, business expansion, or machinery investment, selecting the appropriate loan type is crucial for your financial success.
At CreditCares, we help business owners across Kolkata and West Bengal access the best financing options from over 50 banks and NBFCs. In this comprehensive guide, we’ll walk you through the seven most popular loan types that can transform your financial situation.
Understanding Different Loan Categories
Before we explore what are 7 types of loans, it’s important to understand that loans are financial products designed to help individuals and businesses meet specific funding requirements. Each loan type serves a unique purpose with different interest rates, repayment terms, and eligibility criteria.
According to the Reserve Bank of India, the Indian lending market has grown significantly, with more customized loan products becoming available for various business and personal needs.
1. Loan Against Property (LAP)
A loan against property is one of the most popular secured loan options where you pledge your residential or commercial property as collateral to obtain funds. This type of loan offers substantial amounts at competitive interest rates.
Key Features of Loan Against Property
Loan Amount: You can borrow up to 60-70% of your property’s market value. For instance, if your property is valued at ₹1 crore, you could potentially access ₹60-70 lakhs as financing.
Interest Rates: The loan against property interest rate typically ranges from 7.35% to 12.50% per annum, making it one of the most affordable borrowing options available.
Tenure: Repayment periods extend up to 15-20 years, allowing you to manage your cash flow effectively with manageable monthly EMIs.
Types of Properties Eligible
You can obtain finance against property on:
- Residential properties (apartments, independent houses)
- Commercial properties (offices, shops, warehouses)
- Industrial properties and land
Benefits of Fast Loan Against Property
The advantages of securing a fast loan against property include:
- Lower Interest Rates: Compared to unsecured loans, LAP offers significantly reduced interest rates
- Higher Loan Amounts: Access substantial funding for major business or personal expenses
- Flexible End-Use: Unlike home loans, LAP allows you to use funds for any legitimate purpose
- Tax Benefits: In certain cases, the interest paid may be tax-deductible
NBFC Loan Against Property Options
Many businesses prefer NBFC loan against property options because NBFCs offer:
- Faster processing and approvals
- More flexible documentation requirements
- Loan against property no income proof options for certain applicant categories
- Collateral loan against property with competitive terms
For business owners with irregular income or those who are self-employed, getting a loan against property without CIBIL complications is possible through specialized NBFC partners we work with at CreditCares.
External Resource: Learn more about property valuation from Investopedia’s Real Estate Guide
2. Business Loan
Small business loans are essential financing tools for entrepreneurs looking to start, expand, or sustain their business operations. These loans provide working capital, help purchase inventory, or fund business expansion plans.
Understanding Business Loan Options
When exploring what are 7 types of loans, business loans stand out as one of the most versatile options for entrepreneurs. The best business loans are tailored to meet specific business requirements.
Types of Business Financing
Term Loans: These are standard business loans where you receive a lump sum amount upfront and repay it over a fixed tenure with regular EMIs.
Quick Business Loans: For urgent funding needs, quick business loans provide rapid approvals within 24-48 hours with minimal documentation.
Small Business Funding: Specially designed for micro and small enterprises, these loans offer amounts ranging from ₹1 lakh to ₹50 lakhs.
Business Loan Features
Loan Amount: Ranges from ₹50,000 to ₹5 crore based on your business turnover, credit profile, and repayment capacity.
Interest Rates: The best business loan rates start from 9% per annum for businesses with strong financials and good CIBIL scores.
Tenure: Repayment periods vary from 1 to 5 years depending on the loan amount and lender policies.
Eligibility for Instant Business Loan
To apply for business loan successfully, you typically need:
- Minimum 2 years of business operations
- Annual turnover of at least ₹10-15 lakhs
- CIBIL score above 650 (though businesses with bad credit can still access financing through specialized channels)
- Proper business registration and GST compliance
The process to apply for a fast business loan has become simpler with digital documentation and online applications. At CreditCares, we streamline the entire process from loan application to disbursement.
Working Capital Loan Benefits
A working capital loan helps manage day-to-day business operations, including:
- Purchasing raw materials and inventory
- Managing payroll during lean months
- Handling unexpected business expenses
- Bridging cash flow gaps
Working capital loans for small business come with flexible repayment options, allowing you to repay as your business generates revenue.
Low Interest Business Loan Strategies
Securing a low interest business loan requires:
- Maintaining a strong credit history
- Demonstrating consistent business profitability
- Providing adequate collateral when applicable
- Building relationships with multiple lenders
External Resource: The MSME Development Act provides comprehensive information on business loan schemes and government support.
3. Overdraft Loan (OD)
A business overdraft is a flexible credit facility that allows you to withdraw more money than what’s available in your current account, up to a pre-approved limit. This is one of the most convenient answers to what are 7 types of loans for managing short-term cash flow.
How Overdraft Account Works
An overdraft account functions like a safety net for your business. You only pay interest on the amount you actually use, making it a cost-effective solution for temporary funding needs.
Types of Overdraft Facilities
Secured Overdraft: Backed by collateral such as property, fixed deposits, or securities
Unsecured Overdraft: Based on your creditworthiness and relationship with the bank
Key Features of Business Overdraft
Instant Overdraft: Many banks now offer instant overdraft facilities with minimal paperwork for existing account holders.
Best Overdraft Bank Options: Leading banks like HDFC, ICICI, and SBI offer competitive overdraft rates, but NBFCs often provide more flexible terms.
Interest Rates: Typically range from 9% to 14% per annum on the utilized amount only.
Limit: The overdraft limit depends on your business turnover, banking relationship, and collateral provided.
Benefits of Instant Overdraft Loan
- Pay Only for What You Use: Interest is charged only on the withdrawn amount
- Flexibility: Draw and repay funds multiple times within the approved limit
- Quick Access: Get an overdraft facility approved within 2-3 days
- No EMI Burden: Unlike term loans, there’s no fixed EMI obligation
When to Get an Overdraft
You should consider getting a business overdraft facility when:
- Your business experiences seasonal cash flow fluctuations
- You need funds for short-term opportunities
- You want a financial cushion for emergencies
- Your business requires working capital flexibility
The difference between CC and OD account is important to understand, as both serve working capital needs but work differently in terms of collateral and usage patterns.
External Resource: Learn about overdraft management from Investopedia’s Banking Guide
4. Cash Credit Loan (CC)
Cash credit is a short-term borrowing facility provided by banks and NBFCs to businesses for managing working capital requirements. When discussing what are 7 types of loans, CC facilities are crucial for manufacturing and trading businesses.
Understanding Cash Credit Facilities
A cash credit facility allows businesses to borrow money against their current assets like inventory, receivables, or stock. This revolving credit facility ensures you always have access to funds for operational needs.
Key Features of Credit Cash Loan
Loan Amount: Sanctioned based on a percentage of your current assets, typically 60-80% of the value of stock and receivables.
Interest Rates: Online cash credit loans come with competitive rates ranging from 9.5% to 13% per annum on the utilized portion.
Security: Usually secured against inventory, book debts, or other current assets.
Tenure: CC facilities are typically sanctioned for 12 months and renewable annually.
Benefits of Low Interest Money Loans
The advantages of cash credit include:
- Continuous Access: Withdraw and repay funds multiple times within the limit
- Working Capital Support: Perfect for businesses with regular inventory purchases
- Cost-Effective: Pay interest only on the amount used
- Improves CIBIL: Regular usage and timely repayment enhance your CIBIL MSME Rank
Who Should Opt for Cash Credit?
Cash credit facilities are ideal for:
- Manufacturing businesses with regular raw material purchases
- Trading companies with high inventory turnover
- Businesses with seasonal demand patterns
- Companies requiring continuous working capital
Difference Between CC and Overdraft
While both are working capital solutions, the CC and OD account difference lies in:
- Collateral: CC requires stock/inventory as security, while OD may be unsecured
- Purpose: CC is specifically for business operations, OD can be for general purposes
- Interest Rates: CC typically offers slightly lower rates due to security provided
For businesses looking to improve CMR and get loans, maintaining a well-managed CC account is essential.
External Resource: The Indian Banks Association provides detailed guidelines on working capital facilities.
5. Machinery Loan
Equipment financing and machinery loans help businesses acquire essential equipment, machinery, and tools without paying the full amount upfront. This is a vital component when understanding what are 7 types of loans available for business growth.
Types of Machinery Finance Options
New Machinery Purchase: Loans for buying brand new equipment and machinery
Used Equipment Financing: Lower-cost financing for pre-owned machinery in good condition
Machinery Upgradation: Funds for upgrading existing equipment to newer technology
Key Features of Business Equipment Financing
Loan Amount: Typically covers 70-90% of the equipment cost, with some lenders offering 100% financing.
Machinery Loan Interest Rate: Ranges from 9% to 14% per annum depending on the equipment type and business profile.
Tenure: Repayment periods extend from 3 to 7 years based on the equipment’s useful life.
Collateral: The equipment itself serves as primary security, with additional collateral required for higher amounts.
Types of Equipment Eligible
You can obtain an equipment finance loan for:
- Manufacturing machinery and industrial equipment
- Construction equipment and heavy machinery
- Medical equipment for hospitals and clinics
- Agricultural machinery and farming equipment
- IT equipment and computers
- Commercial vehicles and transportation equipment
Benefits of Small Business Equipment Financing
The advantages of machinery finance include:
- Preserve Working Capital: No need to block your cash reserves
- Tax Benefits: Depreciation benefits on the equipment
- Quick Approval: Faster processing compared to other business loans
- Flexible Repayment: EMIs aligned with your business cash flow
Construction Equipment Loans
For businesses in the construction sector, construction equipment loans are essential for acquiring:
- Excavators and bulldozers
- Cranes and material handling equipment
- Concrete mixers and batching plants
- Road construction machinery
Business Machinery Loans Application Process
To apply for a loan for machinery purchase:
- Identify the equipment and supplier
- Submit business financials and GST returns
- Provide quotation or proforma invoice
- Complete KYC and documentation
- Get approval and equipment delivery
Many lenders now offer MSME machinery loan options with minimal documentation for businesses with good CIBIL scores.
Improving Your Approval Chances
If you have a CMR Rank 10, securing machinery finance might be challenging. However, with the right approach and support from experienced consultants like CreditCares, you can still access funding.
External Resource: Learn about equipment depreciation from Income Tax Department
6. Home Loan
Home loans are long-term borrowing facilities designed specifically for purchasing, constructing, or renovating residential properties. When exploring what are 7 types of loans, home loans remain one of the most sought-after options for individuals and families.
Types of Home Loans Available
Purchase Loan: For buying ready-to-move-in apartments or independent houses
Construction Loan: For building a house on owned land
Home Improvement Loan: For renovating or extending your existing property
Plot Loan: For purchasing residential land for future construction
Balance Transfer: For shifting your existing home loan to another lender for better rates
Current Home Loan Interest Rates
As of 2025, mortgage rates in India range from 7.35% to 9.50% per annum. The best home loan rates are available for:
- Customers with CIBIL scores above 750
- Salaried individuals with stable employment
- Borrowers with low debt-to-income ratios
- Women borrowers (many banks offer 0.05% concession)
To check mortgage rates today, you should compare offers from at least 3-4 different lenders.
Key Features of Home Loans
Loan Amount: Typically 75-90% of the property value, with some lenders offering up to 95% financing for first-time buyers.
Tenure: Repayment periods extend from 5 to 30 years, allowing borrowers to manage EMIs comfortably.
Tax Benefits: Significant tax advantages under Section 80C (principal repayment) and Section 24(b) (interest payment).
Housing Interest Rates Today
Current mortgage rates are influenced by:
- RBI’s repo rate decisions
- Your credit score and profile
- Loan amount and tenure
- Lender’s internal policies
Home Loan Documentation Requirements
Essential documents include:
- Identity and address proof
- Income proof (salary slips, ITR, bank statements)
- Property documents
- Form 16 for salaried individuals
- Business proof for self-employed applicants
For a complete guide on documentation, refer to our loan application requirements.
Tips for Getting the Best Home Loan
Improve Your Credit Score: A higher CIBIL score can save lakhs in interest over the loan tenure. Use our free credit report service to track your score.
Compare Multiple Lenders: Don’t settle for the first offer. Compare rates, processing fees, and other charges.
Choose the Right Tenure: While longer tenures reduce EMI, they increase total interest paid.
Consider Floating Rates: In a declining interest rate scenario, floating rates can be beneficial.
Understanding Different Credit Scores
Your credit score type significantly impacts your home loan approval and interest rate. Lenders typically prefer scores above 700 for competitive rates.
External Resource: Check CIBIL’s official guide for maintaining a healthy credit score for home loans.
7. Construction Loan
Construction finance is a specialized loan product designed to fund the construction, renovation, or expansion of residential, commercial, or industrial properties. Understanding construction loans is essential when learning what are 7 types of loans available for property development.
What is Construction Finance?
Construction finance is a loan provided to fund building projects from start to completion. Unlike home loans where you receive the full amount upfront, construction loans are disbursed in stages based on project progress.
Types of Construction Financing
Residential Construction: For building independent houses or villa projects
Commercial Construction: For constructing office buildings, retail spaces, or commercial complexes
Industrial Construction: For setting up factories, warehouses, or industrial facilities
Renovation and Extension: For major property modifications and additions
Key Features of Home Construction Loans
Loan Amount: Typically covers up to 75-80% of the estimated construction cost, with higher percentages available for certain projects.
Interest Rates: Construction financing rates range from 7.35% to 12% per annum depending on project type and borrower profile.
Tenure: Repayment periods extend up to 30 years, with a typical construction period of 12-24 months.
Disbursement: Funds are released in installments after verification of each construction stage.
Construction Loan Disbursement Process
Stage 1 – Plinth Level (20%): After foundation and plinth work completion
Stage 2 – Lintel Level (30%): Upon completion of walls up to lintel level
Stage 3 – Roof Level (30%): After roofing work is completed
Stage 4 – Final (20%): Upon complete finishing and occupancy certificate
Benefits of Land and Construction Loans
- Stage-wise Payment: Pay interest only on disbursed amounts
- Flexible Repayment: Option to start EMI after construction completion
- Higher Funding: Better loan-to-value ratios compared to plot loans
- Multi-purpose Use: Can be used for both land purchase and construction
How to Apply for Construction Loan
To secure new construction lenders, you’ll need:
- Approved building plan and permissions
- Detailed cost estimates from architect/engineer
- Property documents (if land is owned)
- Income proof and CIBIL report
- Construction timeline and contractor details
Construction Loan Financing Options
The best construction loan financing comes from:
Banks: Offer lower rates but stringent approval criteria NBFCs: More flexible with approvals and documentation Housing Finance Companies: Specialized in property financing
Land Construction Loan vs Home Loan
A land construction loan differs from a regular home loan because:
- It covers both land cost and construction expenses
- Disbursement happens in stages
- Interest rates may be slightly higher
- More documentation is required
Construction Finance Eligibility
To qualify for construction finance:
- Age: 21 to 65 years
- Income: Minimum ₹25,000 per month for salaried, ₹3 lakh annual profit for self-employed
- CIBIL Score: Preferably above 700
- Property: Clear title with proper approvals
Many borrowers combine construction loans with home loans for maximum financial leverage. At CreditCares, we help you structure the most cost-effective financing solution.
External Resource: Review Ministry of Housing guidelines for construction norms and approvals.
Commercial Property Loan
While we’ve covered the seven primary loan types, it’s important to mention commercial property loans as they bridge multiple categories. Commercial real estate financing helps businesses acquire office spaces, retail outlets, warehouses, and other commercial properties.
Types of Commercial Property Financing
Commercial Property for Sale: Loans for purchasing existing commercial properties
Commercial Property for Lease Financing: Special financing for properties meant for rental income
Commercial Real Estate Near Me: Localized financing options for nearby commercial developments
Commercial Real Estate Loan Features
Loan Amount: Up to 60-70% of property value
Interest Rates: Slightly higher than residential properties, ranging from 8.5% to 11%
Tenure: 10 to 15 years typically
Purpose: Purchase of shops, offices, godowns, or industrial spaces
Finding Commercial Real Estate Near Me
When searching for commercial property for lease or purchase in Kolkata and surrounding areas:
- Check popular business districts like Salt Lake, New Town, Rajarhat
- Consider connectivity and infrastructure development
- Evaluate rental yields and appreciation potential
- Verify property titles and legal clearances
For those looking to invest in commercial real estate, securing the right financing is crucial. CreditCares specializes in helping businesses find and finance commercial property investments across West Bengal.
Choosing the Right Loan Type for Your Needs
Now that you understand what are 7 types of loans available, how do you choose the right one? Here’s a quick decision guide:
For Business Expansion
Choose: Business Loan or Loan Against Property Why: Lower rates, higher amounts, flexible usage
For Working Capital
Choose: Overdraft Loan or Cash Credit Why: Pay interest only on usage, revolving facility
For Equipment Purchase
Choose: Machinery Loan Why: Preserve working capital, equipment acts as collateral
For Property Purchase
Choose: Home Loan or Commercial Property Loan Why: Long tenure, lowest rates, tax benefits
For Construction Projects
Choose: Construction Finance Why: Stage-wise disbursement, pay for actual construction
Factors to Consider Before Taking Any Loan
1. Interest Rates and Total Cost
Don’t just look at the interest rate. Consider:
- Processing fees (typically 0.5% to 2% of loan amount)
- Documentation charges
- Prepayment penalties
- Late payment charges
2. Loan Tenure
Longer tenure means:
- Lower EMI but higher total interest
- More time to repay but longer debt commitment
- Better cash flow management but higher overall cost
3. Eligibility and Documentation
Ensure you meet:
- Age criteria (usually 21-65 years)
- Income requirements
- Credit score benchmarks
- Business vintage requirements (for business loans)
4. Repayment Flexibility
Look for:
- Part-payment options without penalties
- Moratorium periods
- EMI holiday options
- Balance transfer facilities
5. Lender Reputation
Choose lenders with:
- Transparent terms and conditions
- Good customer service
- Clear communication
- Fair practices
How CreditCares Helps You Get the Best Loan
At CreditCares, we simplify the loan process by:
1. Expert Consultation
Our loan consultants understand your specific requirements and recommend the most suitable loan type from the 7 types of loans available.
2. Wide Lender Network
We partner with 50+ banks and NBFCs, giving you access to the most competitive rates and terms.
3. Documentation Support
We help you prepare and organize all required documents, making the application process hassle-free.
4. Credit Profile Enhancement
If your credit score needs improvement, we guide you on specific actions to boost your profile.
5. Quick Processing
Our established relationships with lenders mean faster approvals, often within 24-48 hours for pre-approved cases.
6. End-to-End Service
From application to disbursement, we manage the entire process, keeping you informed at every stage.
Common Mistakes to Avoid When Taking Loans
1. Not Comparing Options
Taking the first loan offer without comparing can cost you lakhs in extra interest.
2. Ignoring Fine Print
Always read terms and conditions carefully, especially regarding penalties and charges.
3. Borrowing More Than Needed
Higher loan amounts mean higher interest burden. Borrow only what you genuinely need.
4. Choosing Based Only on EMI
A low EMI with longer tenure can significantly increase total interest paid.
5. Neglecting Credit Score
Not checking your credit score before applying can lead to rejections and wasted time.
6. Multiple Applications Simultaneously
Applying to many lenders at once can harm your credit score and signal desperation to lenders.
Impact of Credit Score on Loan Approval
Your CIBIL score plays a crucial role in determining:
- Loan approval chances
- Interest rates offered
- Loan amount sanctioned
- Tenure options available
Credit Score Ranges and Their Impact
750-900 (Excellent): Quick approvals, best rates, maximum loan amounts
700-749 (Good): High approval chances, competitive rates, good terms
650-699 (Fair): Moderate approval chances, standard rates, may need co-applicant
Below 650 (Poor): Difficult approvals, higher rates, often requires collateral or co-applicant
For businesses, the CIBIL MSME Rank (CMR) is equally important. Understanding how to improve CMR can dramatically improve your loan prospects.
External Resource: Learn about credit scoring models from Experian’s Credit Education
Understanding Loan Documentation
Different loan types require different documents, but common requirements include:
Personal Documents
- PAN Card
- Aadhaar Card
- Voter ID/Passport/Driving License
- Photographs
Income Documents
For Salaried:
- Last 3 months’ salary slips
- Form 16
- 6 months’ bank statements
For Self-Employed:
- Last 2 years’ ITR with computation
- Audited financials
- GST returns
- 12 months’ bank statements
Property Documents
- Sale deed/Agreement
- Property tax receipts
- Approved building plan
- Encumbrance certificate
- NOC from builder/society
Business Documents
- Business registration certificate
- GST registration
- Partnership deed/MOA-AOA
- Business bank statements
- Existing loan statements
For a comprehensive checklist, refer to our guide on loan documentation.
The Loan Application Process Simplified
Step 1: Assessment
Evaluate your funding requirement, repayment capacity, and choose the appropriate loan type.
Step 2: Research
Compare offers from multiple lenders on interest rates, fees, and terms.
Step 3: Check Eligibility
Use online eligibility calculators or consult with CreditCares to understand your approval chances.
Step 4: Documentation
Gather all required documents as per the lender’s checklist.
Step 5: Application
Submit your application online or through a consultant.
Step 6: Verification
Lender verifies documents and may conduct property valuation or business visit.
Step 7: Approval
Receive sanction letter with loan terms, amount, and interest rate.
Step 8: Disbursement
Complete final formalities and receive funds in your account.
The entire process typically takes 7-15 days for most loan types, though unsecured loans may be faster.
Loan Prepayment and Its Benefits
Prepaying your loan can save significant interest costs. Here’s what you should know:
Benefits of Loan Prepayment
- Reduces total interest burden
- Improves credit score
- Frees up monthly cash flow sooner
- Reduces debt-to-income ratio
When to Consider Prepayment
- When you receive a bonus or windfall
- When interest rates are falling
- When you have surplus funds
- Before applying for another major loan
Prepayment Charges
- Home loans: Usually no charges after initial lock-in (3-5 years)
- Business loans: May have 2-4% prepayment penalty
- Personal loans: Check specific terms, as charges vary
External Resource: The RBI guidelines on prepayment provide consumer protection on this aspect.
Tax Benefits on Different Loan Types
Home Loan Tax Benefits
- Section 80C: Deduction up to ₹1.5 lakh on principal repayment
- Section 24(b): Deduction up to ₹2 lakh on interest for self-occupied property
- Additional ₹1.5 lakh under Section 80EEA for first-time homebuyers
Business Loan Tax Benefits
- Interest paid is fully deductible as business expense
- Processing fees can be claimed as business expense
- Helps in reducing overall tax liability
Education Loan Tax Benefits
- Section 80E: Full interest deduction for 8 years
- No upper limit on interest amount
Machinery Loan Tax Benefits
- Depreciation benefits on the equipment
- Interest is tax-deductible as business expense
Understanding Co-Applicants and Co-Signers
Adding a co-applicant or co-signer can significantly improve your loan approval chances.
Benefits of Co-Applicant
- Combines income for higher eligibility
- Can compensate for lower credit score
- Better interest rates
- Shared repayment responsibility
Difference Between Co-Signer and Co-Applicant
- Co-Applicant: Joint borrower with equal responsibility and ownership
- Co-Signer: Guarantor who pays only if primary borrower defaults
FAQs About the 7 Types of Loans
Q1: What are 7 types of loans most commonly used in India?
The seven most popular loan types are Loan Against Property, Business Loan, Overdraft Loan, Cash Credit Loan, Machinery Loan, Home Loan, and Construction Loan. Each serves specific financial needs with unique features and benefits.
Q2: Which loan type has the lowest interest rate?
Home loans and loan against property typically offer the lowest interest rates (starting from 7.35% p.a.) because they are secured loans with property as collateral. However, rates vary based on your credit profile and lender.
Q3: Can I get a business loan with a low CIBIL score?
Yes, it’s possible to get a business loan even with bad credit, especially through NBFCs and with proper collateral. However, you may face higher interest rates. Working to improve your score before applying is advisable.
Q4: What is the difference between overdraft and cash credit?
The main difference between CC and OD is that cash credit requires collateral (usually inventory/stock) and is specifically for business working capital, while overdraft may be unsecured and can be used for various purposes.
Q5: How long does it take to get loan approval?
Approval time varies by loan type. Unsecured loans can be approved in 24-48 hours, while secured loans like LAP or home loans take 7-15 days due to property valuation and documentation verification.
Q6: Can I prepay my loan without penalty?
It depends on the loan type and lender. Home loans typically allow prepayment without penalty after 3-5 years. Check your loan agreement or consult your lender about specific prepayment terms.
Q7: What documents are required for a loan against property?
You need identity proof, address proof, income proof (salary slips/ITR), property documents, bank statements, and photographs. The exact list varies by lender.
Q8: Is machinery loan available for used equipment?
Yes, many lenders offer machinery loans for used equipment, typically covering 50-70% of the equipment value. The equipment should not be too old (usually within 5-7 years).
Q9: How does CMR rank affect business loan approval?
Your [CIBIL MSME Rank](https://creditcares.in/cibil-msme-rank-1-to-10-explained-what-each-rank-means-for-
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