Business Loan:

Purpose: Business loans are specifically designed for business-related expenses, such as expanding operations, purchasing equipment, or managing cash flow.

Application Process: The application process involves evaluating the business’s financial health, including its credit history, revenue, and profitability. Lenders also look at the business plan and projections.

Loan Amounts and Terms: Business loans usually offer larger amounts and can have longer repayment terms than personal loans, sometimes extending to 10 years or more, depending on the nature of the loan and the business needs.