Description
Meet your urgent funds requirements to enhance your business by availing unsecured business loan.
Business Loan sanction to disbursement timeline is from 24 hours to 72 hours considering all documents submission.
Features :
- Most banks and NBFCs offer both secured and unsecured business loans
- Business Loan interest rates vary across the lenders and are offered on the basis of credit profile of the applicant, nature of business, type of business loan offered and nature of collateral/security
- Existing business loan borrowers of many banks and NBFCs can avail top-up loans over and above their existing business loans.
- Many lenders also offer overdraft facilities to their existing business loan borrowers.
- Existing as well as new customers of some lenders can apply for pre-approved business loans with instant loan disbursal and minimal documentation.
- Many lenders offer concessional interest rates to women borrowers.
- Applicants can also apply for business loans through online mode with quick approval, minimal documentation and swift loan disbursal
Eligibility :
- Age – 21 years at the time of loan application and 65 years at the time of loan maturity (may vary across lenders)
- Minimum Business Vintage – 3 years (may be 5 years for some lenders)
- Minimum Business Turnover – Rs 90,000 to more than Rs 250 crore
- Credit Score – 750 or above (some lenders may offer business loans to applicants having lower credit score )
- Minimum Income – Rs 1 lakh p.a.
- Eligible Entities – MSMEs, Proprietors, Limited Liability Partnership firms, Private Limited Companies, Public Limited Companies, self-employed individuals, self-employed professionals (doctors, CA, CS, architect, etc.) individual corporations, etc.
Unsecured Business Loan may vary from lender to lender depending on the credit profile of the applicant, nature of the business, loan facility availed by the applicant and the type of collateral/security pledged by the borrower. The interest rates offered by top Business Loan lenders are mentioned below.
