A personal loan has always been a very useful and is a beneficial source to avail. Want to start a new business? Or planning to do something new? Well, people consider applying for a business loan as a beneficial idea for this. Well, the difference over here is that in the business loan you need to have a proper business setup, which means that you should already be running a proper business, and you should have all the valuable documents, and also the business loan takes a lot of time to disburse. Well, a personal loan is the best source which can help you in this situation. AS in case of personal loan you don’t need to show any initial business plan. The best thing in a personal loan is that no one will ask you, that for what reason you need the loan, as it can be utilized as a personal loan. Also, the rate of interest of personal loan is much lower than the business loan. The rate of interest in personal loan starts at 10.99%, which is much lesser than the business loan. The second major advantage which you can avail from a personal loan, the documentation over here is also very minimal, just some basic documents and you are done. The tenure for the personal loan also goes up to 12 months to 60 months. The personal loan also can be used various other factors also apart from starting a business.