India is known to have the third-largest number of start-ups across the globe. With this rigour of entrepreneurial energy and passion for business, it is natural to require access to affordable capital. Small businesses thrive on funds and can continue growing only when they have sufficient backing of funds.
Funds or loans come in different forms and sizes, but the primary ones that are often required by borrowers are business and personal loans. These two loan types are different and are required for different purposes. A lot of times though, personal loans can be used for business reasons. For that reason, it is important to understand if one should do this and if yes, under what circumstances it makes sense to use a personal loan for your business.
Young entrepreneurs often find it difficult to choose between a business loan and a personal loan. While there is no right or …