Can I use Personal loan For my Business

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Can I use Personal Loans for My Business Purpose?
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And the answer is YES!  A personal loan can
surely be used for funding a small business.  So,
if a personal loan can also be used for business
purpose, the question arises which is better and
why?
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What Is A Personal Loan? A personal loan is an
unsecured loan. Unlike home loans or auto loans,
personal loans are multipurpose loans. There are
no fixed rules on usage of the borrowed amount.
Such loans can be used for any purpose including
a business purpose.
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What Is A Business Loan? A business loan is a
kind of loan which is designed especially for
entrepreneurs to invest the same in establishment
or expansion of their business. Business loans
can be availed with or without collateral. One
can take a business loan up to 30 lakhs for the
maximum tenure of 20 years.
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• Both the personal loan and business loan has
  their own pros and cons.
• Personal Loan
• A personal loan is much faster in processing.
• Personal loans are collateral free loans.
• A personal loan amount cannot be as high as a
  business loan.
• The interest rate on a personal loan will always
  be lower than a business loan.

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• Business Loan
• Business loans exclusively meant for the business
  itself hence can be used for commercial uses.
• Most business loans come with a higher value than
  a personal loan.
• Along with a high value, there are other features
  like a line of credit which makes it easy for
  both the lender and borrower.
• One can take a loan amount equal to 80 of value
  (less existing debt) of the business.

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• When A Personal Loan Becomes a Better Option?
• There are times when a personal loan becomes a
  better option to finance your business
• When You Have No Asset
• When You Need A Small Amount
• When You Are Having A Startup Business

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The Bottom Line Though both personal loan and a
business loan can be used for business purpose,
many financial experts prefer personal loans
because of the flexibility of personal loans.
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Once a personal loan is disbursed, banks never
follow up as long as the payments are done on
time. So the borrower can be stress-free.