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Business Loan

What is Unsecured Business Loan?

The growth of a business depends on the continuous inflow of funds. The funds can be borrowed in the form of a loan from banks and other financial institutions. Business Loans are usually unsecured in nature which means no collateral is required to avail them. Business Loan is a debt offered to the company or the self-employed professionals, to be repaid with per- the determined interest rate on or before the fixed date. Business Loan in India is available at the competitive interest rates, no security and low processing fees. Several leading banks and NBFCs including HDFC Bank, ICICI Bank, Capital First, Citibank, Fullerton India, Tata Capital, etc. are offering business loans.

Key Facts About Unsecured Business Loan

Business Loan can be better understood with the help of below table:

  Business Loan Interest Rate   Competitive interest rate starting at 12.15%
  Loan Amount 
  • Minimum Rs. 3 lacs
  • Maximum Rs. 1 crore
  Nature of Business Loan   Unsecured (No mortgage required)
  Loan Tenor   Ranges from 24 months to 60 months
  Processing Fee   Up to 2% of loan amount

 

Types of Business Loans

Some of the types of Business Loans are explained below:

  • Term Loans: Term Loans could be used for business expansion or capital infusion requirement of an organization. Generally a term loan is the loan offered for the acquisition of long-term fixed assets including land or building, machinery and other business needs.  The interest rate can be either fixed or floating and are usually have a fixed repayment schedule.
  • Special Business Loan Scheme for Women Entrepreneurs: Today banks are offering attractive business loan scheme for women entrepreneurs that includes attractive and low rate of interest. However, women entrepreneurs having business ownership of less than 50% are not eligible for the special loan schemes.
  • Working Capital Loans: These types of loans are offered to meet the daily operating expenses of the business. These loans can be further classified in secured and unsecured loans.

 

Business Loan Eligibility

There are certain important eligibility factors for Business Loan. The following factors are:

   Age 
  • Minimum- 21 years
  • Maximum- 65 years
(Age may vary from bank to bank)
   Who can apply? 
  • Sole Proprietorship
  • Partnership Firm
  • Private Limited Companies
  • Closely Held Public Listed Companies
  • Societies
  • Trusts
   Business ProfitabilityBusiness should be in profitable state for at least 3 consecutive years.
   Company Financials Complete financials including Balance sheet and Profit & Loss statement for latest 2 years, Tax audit reports.
   CIBIL Score Good CIBIL Score (650 and above)

 

Business Loan Key Documents

The following documents are required for taking Business Loan:

  Type of Document 
  Identity Proof 

Any one of the following:

  • Aadhaar Card
  • PAN Card
  • Driving License
  • Voter ID
  • Passport
  Address Proof 

Any one of the following:

  • Aadhaar Card
  • PAN Card
  • Driving License
  • Voter ID
  • Passport
  • Bank Statement (Bank Account Passbook updated and of recent three months)
  Ownership Proof Proof of ownership of residential or commercial property
(including parental property)
  Financials Complete financials including Income Tax Return of latest 2 years, Balance Sheet, Profit and Loss Statement, Tax audit reports etc.
  Other Documents 
  • Loan application form
  •  Passport Size photographs duly signed across

 

Why Take a Business Loan from mymoneymantra?

Mymoneymantra is one of the leading online platforms for financial services that can get you the best Business Loan deal with maximum advantages. MMM is the oldest market player with more than 30 years of experience of delighting the customers. The experienced and skilled team of mymoneymantra deeply analyzes your financial requirements to get you the best loan offer of the market. The service oriented professionals provide you support from the initial stage of loan process to the end stage of loan disbursement into your bank account. The key advantage of taking Business Loan from mymoneymantra is the support the team offers even after the loan disbursement. You can apply for the best loan deal with mymoneymantra and get the easy disbursement into your account.   

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