Unsecured Business loans

Unsecured Business Loans are loans taken by the borrower to start or enhance a business without any collateral. The borrower need not pledge any of his property or asset. There are many banks like HDFC, SBI, etc. that provide you unsecured business loan in India and of course many financial services too like karvy financial services, cholamandalam financial services, indiabulls financial services etc.

WAY2BANKLOAN – India’s largest loan distributor brings the best deals for you.

Question 1: Starting a business OR need to enhance your business?
Question 2: Looking for a loan?

If the answers to both the above questions are ‘Yes’, then look for WAY2BANKLON. We can help you avail unsecured business loans with no collateral, minimal paper work and quick approvals, 3 year term loan for proprietorship, partnership, private limited companies and limited companies based on a sound balance sheet. The eligibility criteria for unsecured business loan differ from bank to bank. However most often they consider the below factors:

1. Age – Most banks disburse business loans to individuals aged between -- to -- years.
2. Current Business Experience – Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. Some banks give a loan amount up to 60 to 80% of your median annual profits.
3. Total Business Experience – A bank will prefer if you have been engaged in sustainable business for at least 5 years to consider giving you a loan.

Working Capital for Business: Financial Services offers unsecured loans for your business needs. If you fall under the eligibility criteria and submit the relevant documentation you can get going with business loan without risking your assets and running business in constant fear of repayment of loan.

TIPS

• Always have an appropriate estimate of the working capital.
• Compare business loan from various banks. The eligibility criterion varies from bank to bank and so also the procedures and formalities.
• Please remember that the interest rates on unsecured business loans are always higher when compared to the secured business loans.
• Get a quote on the loan by filling in and submitting the details from free quote.
• You will need good credit reports / CIBIL score while applying for a loan. This is by far the main criteria to be eligible for a business loan.

Top 3 private banks that have healthy loan growth as per an article from www.business-standard.com are ICICI, Axis and HDFC Banks.

ICICI Bank offers short-term unsecured finance

• Available at reasonable cost to selected dealers of large corporates, extended for procurement of goods from corporates.
• Commonly available on a non-recourse basis, with corporate recourse available by way of First Loss Deficiency Guarantee in some cases.
• Service Charges – 0% – 2% plus applicable service taxes

HDFC unsecured business loan

• Loan limits of up to Rs.10 lakh
• Doorstep service
• With competitive interest rates
• Special offer for self-employed Doctors
• Attractive interest rates

AXIS BANK

• Competitive interest rates
• A vast segment of products suiting every requirement and budget
• Convenient, quick disposal of loans for your enterprise requirements.

Compare the best deals from Banks offering Unsecured Business Loans or simply get a free quote by providing us the required details.

Frequently asked questions on Unsecured Business loan approvals.

1. What Is Your Approval Rate?
   The approval rate is high if you fall under the eligibility criteria.
2. Is There a Fee To Have business loan Released?
   No.
3. How Long Does It Take to Get Approved?
   Approvals can happen in a matter of days.
4. How Long Does It Take To Get The Funds?
   Processing of the loans usually take 4 working days after all the documents are submitted.
5. Can I Pay the Loan Back Early?
   Yes. You can pre-pay the loan after repaying a min. of 6 EMI’s. Foreclosure charges would be applicable as per the banks term and condition.

Business Loan Eligibility Criteria

Most banks have a common set of parameters that they evaluate loan applicats with, but what exactly these parameters are depends from bank to bank.

Age

Most banks will disburse business loans to individuals aged between 24 to 65 years.

Current Business Experience

Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years. If you can show sustained billing and revenues and top it off with profit, getting a business loan should not be a problem for you. Some banks give a loan amount up to 60 to 80% of your median annual profits.

Total Business Experience

A bank will prefer if you have been engaged in sustainable business for atleast 5 years to consider giving you a loan. Your diversity in terms of business experience and so on along with good results will help you acquire your business loan.

REQUIRMENT DOCUMENTS

The following documents are required along with your Business Loan application:

SALE – PROPRITERSHIP FORM

KYC ::

(CO-APPLICENTS KYC REQUIRED IF APPLICANT IS LESS THEN 25 YEAR MORE THEN 60 YEAR , IF APPLICANT IS FEMAL)

• ID PROFF – PAN CARD
• ADDRESS PROFF – ADHAR CARD / PASPORT / UTILITY BILL / VOTER CARD (Any of one)
• PASPORT SIZE PHOTO

OWNERSHIP ::

• ELECT BILL / WATER BILL / HOSE TAX RECEPT / GAS LINE BILL

BUSINESS DOCUMENTS :: REGISTRATION + VINTAGE + ADDRESS PROFF –

• GST CERTIFICATE- COMPALSORY
• TIN NO
• CURRENT ACCOUNT- (AS ADDRESS PROFF ONLY)

INCOME DOCUMENTS ::

• LAST 2 YEAR- ITR & COMPUTATION
• LAST 2 YEAR – PROFITS & LOSS AND BALANCE SHEET
• LAST YEAR – DEBATERS & CREDITORS REPORT
• LAST 2 YEAR – AUDIT REPORTS , 3CB & 3CD – IF BUSINESS TOURN OVER MORE THEN 2 CR OR FORM AUDITED

BANK STATEMENTS ::

• LAST UPDATED 12 MONTHS ALL CURENT BANK STATEMENTS IN PDF FORMET

PARTNERSHIP & PRIVET LIMITED FORM

COMPANY KYC ::

• COMPANY PAN CARD
• 51% SHARE HOLDING LIST
• IOC , MOA OR PARTNERSHIP DEED

ALL - DIRECOTERS OR PARTNERS KYC ::

• ID PROFF – PAN CARD
• ADDRESS PROFF – ADHAR CARD / PASPORT / UTILITY BILL / VOTER CARD (Any of one)
• PASPORT SIZE PHOTO

51% SHARE HOLDING DIRECOTERS OR PARTNERS INCOME DOCUMENTS ::

• LAST 2 YEAR- ITR & COMPUTATION
• LAST 2 YEAR - PROFIT & LOSS AND BALANCE SHEET

ANEY OF ONE DIRECTOR OR PARTNER OWNERSHIP PROFF ::

• ELECT BILL / WATER BILL / HOSE TAX RECEPT / GAS LINE BILL

BUSINESS DOCUMENTS :: REGISTRATION + VINTAGE + ADDRESS PROFF –

• GST CERTIFICATE- COMPALSORY
• TIN NO
• CURRENT ACCOUNT- (AS ADDRESS PROFF ONLY)

COMPANY INCOME DOCUMENTS ::

• LAST 2 YEAR- ITR & COMPUTATION
• LAST 2 YEAR - PROFIT & LOSS AND BALANCE SHEET
• LAST YEAR – DEBATERS & CREDITORS REPORT
• LAST 2 YEAR – AUDIT REPORTS , 3CB & 3CD

BANK STATEMENTS ::

• LAST UPDATED 12 MONTHS ALL CURENT BANK STATEMENTS IN PDF FORMET