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Apply For An Unsecured Business Loan & Fulfill Business Goal Or Requirement.

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By Author: sana poonawalla
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Businesses do need big ideas to run successfully in these competitive times. To remain at the leading edge of your industry, quick and timely financing is required since you might need to invest in the following activities to help your business grow:
- Scaling up your operations
- Expansion of existing office space
- Opening new branch
- Purchasing the latest equipment/tools
- Stocking up on inventory/raw material for bulk orders
- Meeting your overheads
- Upgrading to the latest technology

Unsecured business loans can help you meet all of the above expenses and much more.

You can apply for an unsecured business loan up to ₹ 30 Lakhs from an NBFC without any collateral requirements. Yes, they do not ask for any collateral or security and add up to your stress. Also, the foreclosure of your business loan is absolutely free. You are not charged for either pre-payment or part payment of your business loan.

These loans are offered at an attractive rate of interest. NBFCs’ interest rates are low as compared to banks. Unsecured business loans are easily available with minimum documentation. You can get loan approval quickly in just 2 working days. Hence, the process to apply for the loan is extremely simple, thereby enabling easy access to loans.

While many business owners want to obtain a business loan, they may be unsure if they meet the requirements. It doesn’t help that the internet is flooded with an overwhelming amount of information on small-business loan requirements. Before making the final decision on your business loan provider, make sure the various factors are compared with other banks and NBFCs. The factors that should be considered are interest rate, which type of interest rate method is used, processing fee and other charges, EMI, what are eligibility criteria, is there a need for collateral or not, how reliable the lender is, what minimum requirement criteria are and so on.

The eligibility criteria to apply for an unsecured business loan are as follows -

- Your age should be between 22 and 67 years
- Minimum business stability of 3 years is required
- Minimum annual business turnover of ₹ 10 Lakhs

Following are the documents required to apply for an unsecured business loan -

- PAN Card, Address Proof, GST Registration Certificate (if applicable) and other applicable registrations of Firm or Company
- PAN Card, Aadhaar Card, Electricity Bill / Rent Agreement / Index II of Proprietor / Partner / Director
- Income Tax Returns (ITR) along with computation for the last 2 years.
- Profit/Loss Statement and Balance Sheet for the last 2 years to get an idea about income tax.
- GST Returns.
- Current Bank Account Statement for the last 6 months.

Many people are turning to NBFCs in times of financial crunches due to their less stringent rules and regulations. Their leniency in the eligibility criteria makes it easy to apply for the loan during an unforeseen and urgent crisis.
Do inquire to get a clear picture before taking a loan.

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