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Sheena Sharma published in Business

Which is The Right Between Business Loan vs Personal Loan for Business?

A business loan is a way to source the funds needed by the companies for their business. It may be of two types – secured business loans or unsecured loans.

A personal loan is a way to source funds that an individual can use for varied purposes. It is of one type only – unsecured loans.

Before comparing personal loan and business loan, it is first crucial to understand the personal loan and business loan both in isolation.

What are the documents required for business loans and a personal loan?

The documents required for a business loan are as follows:

  1. Identify proof
  2. Address proof
  3. Bank statement copy
  4. Income tax return copy
  5. GST registration certificate
  6. Passport photographs

The documents necessary for a personal loan are:

  • An identity proof
  • An address proof
  • Business proof
  • Income proof

What is the loan eligibility criterion for business loan & personal loan?

The business loan eligibility criteria are as follows:

  1. Companies should have a good credit score.
  2. The age of the applicant should be at least 18 years and 65 years at maturity.
  3. The business should be in operation for at least two years.
  4. The business should be profitable.

The eligibility for a personal loan are as follows:

  1. The credit score of the individual should be equal to or more than 750.
  2. The applicant should be self-employed.
  3. The age of the individual should be at least 21 years.
  4. The individual should meet the income criteria of the financial lender.
  5. The individual should be salaried for at least 2 years.

Which is the right between a business loan vs a personal loan for a business?

Below are the parameters to choose amongst a business loan and a personal loan for business:

1. Credit Score:

It is the most important factor in getting a personal loan and it should be 750 or more. Whereas in business loan, the credit score is not the only deciding factor.

2. Interest Rate:

The business loan interest rate is not fixed as in the case of a personal loan.

3. Loan amount:

An individual can avail of a loan of up to Rs. 50 lakhs under a personal loan. Whereas an individual can avail an unsecured business loan up to 7.5 lacs, from Ziploan.

4. Disbursal Time:

Once the individual submits the required documents, the personal loan is disbursed in a few days. Whereas business loans from Ziploan are been disbursed within 3 working days*.

5. Repayment Tenure:

The loan repayment tenure ranges from 1 to 6 years in personal loan. While in a small business loan, the business loan repayment period is anywhere between 24 to 36 months.

6. Purpose:

Companies can use the business loan only for business-related expenses. Whereas an individual can use a personal loan either for personal use or business use.

To summarize the article, the applicant first needs to analyze the purpose of taking a personal or business loan. Later, check and compare the above-stated features of both the loans and choose the one best suited for them. When the funds required are more and when the company is looking for expansion plans, one should always opt for a business loan. It should not be taken without any requirement, else, the loan turns out to be a burden or a liability, while missing paying its EMIs will badly impact the credit score and will negatively affect in non-eligibility for future loans even when the applicant will have a genuine need of it.

Frequently Asked Questions:

1: What is MSME loan?

MSME loans are the financial help required by Micro, Small and Medium Enterprises.

2: What is the MSME loan interest rate?

MSME loan interest rate is the rate payable monthly by the MSME upon sanctioning of the MSME loan.

3: How to get MSME loan?

MSME loans being an online business loan, one may apply on the online website of the financial lender.

4: Is an SME loan the same as MSME loan?

Yes.

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Foodgasm Food Recipes New Zealand published in Food

Green Papaya Salad (Som Tam)

This delicious vegan recipe for Thai Green Papaya Salad is everything you could possibly want from a salad: crunchy, sweet, sour, spicy, and salty. Also known as Som Tam, this yummy, healthy salad is sure to put some pep in your step.

This delicious vegan recipe for Thai Green Papaya Salad also known as Som Tam is everything you could possibly want from a salad: crunchy, sweet, sour, spicy, salty and healthy. Easy to make and delicious to taste.

Serving Suggestions For Green Papaya Salad:

  • Serve garnished with chopped roasted peanuts and cilantro.
  • Som tam tastes awesome as it is. But you can choose to serve it as a side or as a starter with a Thai main course.
  • The papaya salad flavors pair well with pan fried tofu, fried rice, stir fried noodles, grilled or sautéed mushrooms, tofu steaks, or fresh, blanched, sautéed or roasted vegetables like carrots, potatoes, brussels sprouts, corn on the cobs, cabbage, green beans, cauliflower, bell pepper or lettuce.

  • Storage For Green Papaya Salad

    • The salad will keep in the refrigerator for up to two days. You can eat it cold or let it come to room temperature before serving.

    Notes

    1. Tamarind: If you are unable to find dried tamarind, substitute ½ to 1 tablespoon of packaged tamarind paste or sauce, depending on how sour it is.
    2. Soy sauce: Tamari or coconut aminos are acceptable substitutes for soy sauce.
    3. Alter the pungency: You can use piri piri peppers in place of bird’s eye chiles depending on what you have available. Also, feel free to increase or decrease the amount of chillies depending on your heat tolerance.
    4. Salt: While I prefer sea salt, you can opt to use kosher salt, Himalayan pink salt or table salt instead.
    5. Sweeteners: You can opt to use sweeteners like coconut sugar, raw sugar, jaggery, brown sugar that also work well in the recipe.
    6. Long Beans & Carrots – We do not eat raw beans, so I do not include them in my recipe. However, if you want a more traditional Thai green papaya salad, feel free to add them. You can also add grated carrots if you like.

    For Full Recipes Please Click Here

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Emily Jones published in Food

Top 5 Signature Cakes In Lahore That You Must Try

Cakes are a universal language of enjoying a celebration. It is a dessert that you will find at all kinds of parties. Each party has its theme and modern trends dictate that the cake should also be decorated in a way that is a part of that theme too.

What is a Signature Cake?

Each bakery has its signature cakes that have helped them secure a place in the industry. These signatures cakes are truly a work of art and the absolute best the bakery has to offer. If you are planning to ever compare two more bakeries with their cakes, the way to do that is to compare their signature cakes. On that, you will see their skill, passion, and the quality of the products used.

Here is a list of the top 5 signature cakes you must try even if you are not a big cake fan:

1- Signature Wedding Cakes – Sweet Affairs

If you are looking for a bakery to help you with your wedding cake, look no further than Sweet Affairs. Sweet affairs signature wedding cakes are an absolute delight. You will never see a cake that is so beautifully decorated like this. Sweet affairs are famous for their long list of wedding cakes.

Sweet affairs have a long list of delivering great cake wedding cakes to the customers. The cakes are decorated with rose flowers made from fondant. There is also a small model of bride and groom on top of the cake that makes it even more special.

The bakery is a bit expensive, but the creativity and taste of these cakes certainly make paying the price worth it.

2- Black Forest Cupcake – Mini Treats

Mini treats are famous for their signature cupcakes. These cupcakes are unmatched in their taste and designs. As the name suggests, these cupcakes are no less than mini treats. You can find a wide range of cupcakes, but the best one in my opinion is the Black Forest Cupcake. The cake is filled with chocolate. You will never forget the taste of their cupcake once it gets in your mouth.

You can also visit their website and look at the large catalog of cake designs. You can place an order for any one of those and the cake will be delivered to your place, saving you from all the trouble of going to the shop. It helps you save a lot of time.

3- Caramel Delight Cake – Cake Valley

If you are a fan of caramel cakes, then you must try this Carmel Delight cake of cake valley. Cake valley has completely mastered the art of making Caramel cakes and it is quite evident from the cake too. The cake is an excellent combination of caramel and chocolate that can not be found anywhere else. All the decoration on the cake is done with caramel to make the cake even better.

Recommend Signature Cakes – Cakes and Bakes

Cakes and bakes have two signature cakes that are an absolute delight to try. One is the Two Heart Cake. This is the best cake for you to show how much you care about your partner. The cake is made with absolute care and passion. On the top of the cake, two red-colored hearts made from found art are placed personifying the love between you and your partner.

The other one is the Tipple Chocolate Cakes. The cake has a triple layer of chocolate inside it that makes it the best chocolate cake ever. The design of the cake is in such a manner that you will see spirals from the top. The spirals look great with each piece being cut from the cake.

Cakes and Bakes have also given the feature of home delivery to its customers. If you are looking for Signature Cake Near Me, you can also check out Cakes and Bakes as they have branches all around Lahore. You can place an order online for one of their signature cakes and then get ready to enjoy it without having to leave your home. Cakes and Bakes also has a wide range of party supplies available at their branches, so that you get them without wasting time searching for them in the market.

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