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About Business Loan

A business loan is an unsecured loan. You can get it to fulfil your business urgent needs. Business loans help you in expand your existing business, raise production, buy new materials, and many more which is related to your business. Business Loan enables you to make the required payment on time and smoothening your day to day tasks.

An unsecured business loan is a funding solution which requires no personal or business asset as collateral but is rather based solely upon the creditworthiness of the small business borrower. The lender is aware that the borrower might default and not be able to repay the loan and it is this risk which attracts the Higher Rate of interest than on a secured business loan.

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There are 2 type of Rate of Interests in Unsecured Loans.

Achieve all your goals and aspirations; with the right financial help and get exactly when you need it.

Normal Rate

This start from 15% to 20 %. It is pending upon the Banks and NBFC.

Structure Rate

Bank’s offer the structure rate for 3 years to the customer. Like they offer 3 different EMI of each 12 months to the customer.

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Features of Business Loan

This loan is generally sanctioned for 12 months to maximum 48 months.

Proprietorship/ Partnership/ LLP/ Pvt Ltd

This loan is for all business person whether you are a Proprietorship, Partnership, LLP or a Pvt Ltd company.

Collateral free

You may be able to get the Business Loan without providing collateral upfront.

Quantum of loan

Unsecured business loans are available upto Rs. 2 crores, depending upon financial eligibility of a borrower. Higher the eligibility, higher will be the loan the borrower will get.

Flexible Repayment

Generally, the loan tenure is between 12 months to 60 months. depend upon the Bank/NBFC and the borrower financials.

Business Loan - Eligibility

Any self-employed or professional, Privat companies and LLP are eligible for a Business Loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Must show cash profits in consecutively past two financial years.

Credit Rating

Applicant should have the bank specified credit score.