- What Is Unsecured Business Loan?
- What Are The Benefits Of An Unsecured Business Loan?
- What Are The Features Of Unsecured Business Loans?
- How To Apply For Unsecured Business Loan?
- What Are The Unsecured Business Loan Eligibility & Requirements?
- What Are The Interest Rates For Unsecured Business Loan?
- How Many Types Of Repayment Options?
- FAQs?
A business loan is a great way to stabilize your fund flow or get surplus funds for your business operations. One can categorise it into two types, i.e., secured and unsecured. An unsecured Business Loan is the one that does not require any collateral or guarantor for the disbursal of the loan. This type of business financing option is highly demanded as it doesn’t involve any risk to your asset.
The loan application process seemed to be full of complications earlier, but with an unsecured business loan online, the processing has become simpler and easier. It can be very helpful for small businesses as they don’t have enough collateral to opt for any other type of commercial loan.
What Are The Benefits Of An Unsecured Business Loan?
If you are applying through the online process, then you can be assured that your loan can be sanctioned within a few hours. One can use the funds of these unsecured business loans to buy assets, including machinery, raw material, or to increase working capital levels. Moreover, if you are planning to expand your business or make some urgent payment at the time of crisis, then unsecured small business loans can be helpful.
What Are The Features Of Unsecured Business Loans?
Availability Of Huge Capital
Get a loan amount up to 45L for your small-scale business, and you can choose the tenure as per your requirement
Hassle-Free And Fast Unsecured Business Loan
The online process to check the unsecured business loan eligibility is easy and requires minimum documentation and helps in meeting up all the financial needs to grow your business
A High Loan Amount Is Offered
With a flexible loan processing method, one can get a high loan amount for your business that is enough to meet liabilities like infrastructure as it requires a huge amount.
No Security Required
With this unsecured business loan online, you don’t need to provide any collateral as security. The loan is approved on the basis of the turnover and current liabilities of the business.
Pre-Approved Offers
For businesses with a good CIBIL score, pre-approved offers are also introduced for faster processing of the loan.
How To Apply For Unsecured Business Loan?
You can easily Avail Unsecured Business Loan in Three Simple Steps-
1. Register & Verify
Fill up your details online & verify your mobile number via OTP.
2. Share Your Documents
Once your eligibility is confirmed. Provide the required documents to our executive.
3. Get Loan
After Verification & Approval, get your funds and Start to grow your business.
What Are The Unsecured Business Loan Eligibility & Requirements?
To avail an unsecured business loan online, the business needs to meet up the following criteria:
- The applicant (business owner) should be an official citizen of the country (of age group 25-65 years).
- The business should be vintage for at least three years.
- You must have filed an ITR for the past year, and the CIBIL score should 750+
The documents that are required to be submitted:
- KYC documents (ID proof) like PAN card, Aadhaar card, Passport, etc.
- Address proof as evidence of the geographical office setup is required, and you can present an electricity bill, lease agreement, or any other document for the same.
- Ownership proof of the applicant by submitting documents like incorporation registration certificate, partnership deed, etc.
- Financial documents like account statements, audited balance sheets (2 years), etc., will be required to analyze the credit limit of the organization.
What Are The Interest Rates For Unsecured Business Loan?
The rate of interest can be as less as 18% p.a., and an additional processing fee of 2% is imposed (one time). The interest rate may vary from company to company based on the terms & conditions. You can upload your documents on the online portal. But in case if you need a hard copy of the loan related documents, including a sanction letter, foreclosure letter, etc. then it may result in an extra charge. Bounce charges and document processing charges will also be applied.
How Many Types Of Repayment Options?
You can pay your unsecured small business loans through EMIs (Equated Monthly Installments). There are two types of EMIs:
Fixed EMIs
A constant EMI amount that is predetermined and needs to be paid throughout the process
Flexible EMIs
The EMI is calculated on the interest on the used amount and not on the entire loan amount that is sanctioned and follows the reducing interest rate.
It is advised to maintain a good CIBIL score and turnover of the business for a higher loan amount. You can even take the help of experts in improving your application to avail fast unsecured business loans. Marg Pay is an Online B2B Payment Platform which is providing easy unsecured business loans to businesses. You can register at www.margpay.com & get your loan in no time.
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FAQs?
