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You need to be multi-skilled if you want to succeed in business. After all, running a business is not an easy task. A commercial venture has so many aspects to take care of, and any carelessness in one area may affect your whole business. The business requirements are also huge – raw material, human resources, adequate funds, business expertise and incorporation of latest technology – and all require money. Almost all of the business requirements have financial implications. Business finance, around which the whole concept of business revolves, is very much indispensable for the success of any business.

A smart way to augment your funds is to take business loans. Business loans help you to pump more funds into your business, either for starting a new business project or to enlarge the operations of an existing project. Basically, these loans can be classified into two categories – secured and unsecured business loans.

Unsecured business loans are taken to meet your short-term business requirements. Suppose you need money for one year only and you know that your regular income can easily take care of all loan obligations. In such circumstances, unsecured business loans are appropriate for you. The processing of these loans is also quick as there is no need to value the property. This saves a lot of time, resulting in quick processing. However, the rate of interest may be little higher in this case when compared to secured business loans.

Information about Star Laghu Udyog Suvidha from Bank of India is given here

Star Laghu Udyog Suvidha from Bank of India

Eligibility criteria
1. AAA and AA rated SSI borrowers having a sound track record with net profits at least during the last 3 years and annual turnover in excess of Rs.50 lakhs.

2. The unit should be enjoying limits in excess of Rs.10 lacs..

Amount
50% of Regular limits subject to a max of Rs.50 lacs

Facility
a). Short Term Loans up to and inclusive of 180 days.
b). Channel Credit (both Suppliers & Dealers) by way of Discount of Inland Bills of tenor
upto 180 days
c) Discount of Bills drawn under DA LCs of Prime Banks with usance not exceeding 180 days

Margin
Finance against Stocks 25% Discount of Bills NIL

Discount of Bills Accepted by Dealers/Beneficiaries of Services:
A further concession of 0.50% below the above rates
Sources : http://www.bankofindia.com/