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Business Loans are the loans which does not require any collateral for the loan. This is an unsecured loan and it solely depends on the creditworthiness of the borrower. Business loans are the loans provided to you on behalf of your business profile. Unsecured business loan is similar to a personal loan. This loan helps for the expansion of an existing business. This loan is specially designed to meet all the business requirements.
Features & Benefits
Immediate financial requirements
You can avail this loan to tackle your immediate financial requirements like daily capital needs.
No collateral
You don’t have to put anything as collateral or need a guarantee for a business loan up to Rs. 45,00,000.
Nature of Loan
Short- and Long-term, Working Capital, Secured and Unsecured Loans
Financing restructuring
A business loan can consolidate your existing loans that are running at a high rate of interest. This helps you save time and effort. You need not keep a track of too many debts.
Eligibility
Below mentioned are the eligibility criteria for business loan:
- Age Criteria: Minimum 21 years at time of loan application & 70 years at time of loan maturity
- Applicant with good credit score and no past loan defaults
- Fees & Charges, Income, Business Turnover, Operational History, Business Vintage, Credit score and Profitability Criteria shall be defined by the respective financial institution
Below mentioned are the entities that can avail business loan:
- Individuals
- MSMEs
- Artisans, Retailers, Manufacturers and Traders
- Private and Public Limited Companies
- Sole Proprietorship Firms, Partnerships and Limited Liability Partnerships
- Self-employed individuals / Professionals – CAs, Doctors, Architects, Company Secretaries, Designers, etc.