Unsecured Business Loan
Unsecured Business Loans are the loans which does not require any property as collateral for the loan
Unsecured Business Loan
Unsecured Business Loans are the loans which does not require any property as collateral for the loan. This loan solely depends on the creditworthiness of the borrower. Business loans are the loans provided to you on behalf of your business idea. Unsecured business loan is similar to a personal loan.This loan helps for a start-up or for the expansion of an existing business. This loan is specially designed to meet all the business requirements.
Unsecured funds do not run on a term or a fixed end date. You do have to meet certain sanction rules. Payments should be made as per the agreed terms. By recognizing these terms it gives you access to unsecured loans as per your need. In these loans, financial institute always looks for the source of income and other financial resources. Because it gives a guarantee to that financial institution regarding the payment
Benefits of unsecured loans
- No Collateral, you don’t require any collateral for unsecured business loan. That means no risking your property to secure your drea
- Easy application process
Eligibility Criteria For Unsecured Business Loan?
Self-employed individuals, Proprietors, Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.
Business should have a minimum turnover of Rs. 40 lakhs
Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience.
Those whose business has been profit making for the previous 2 years
The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum
The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity
List Of Documents Required For Business Loan:
- ID Proof: Any Two from Passport, Pan card, Voters ID Card and Driving License.
- Address Proof
- Proof of Continuity of Business: – 5 years old banking page,
- TIN/VAT RC, Service Tax regn.
- Bank Statement 6 Months
- ITR & Statement Of Computation of Income – for last 3 Years
- CA Certified or Audited P/L Account and for turnover >60 Lacs cases Audit report along with schedules of P&L and Balance Sheet – for last 3 years
- Ownership Proof of Residence or Office
- All running loan tracks or schedule
Why Should You Apply From Us
- Collateral free
- Maximum loan sanction
- Funds in 3 days
- Interest between 18% to 24%
- Simple online process
- Overdraft facility
- Balance transfer
- Credit plans for your requirements