If you are on the lookout for funds to grow your business but you do not have enough security to provide the lender, you need to put an end to your worries. With unsecured business loans, you can get access to funds and grow your business. There are two types of loans – secured and unsecured. In a secured loan, you need to provide a security to the lender. The loan amount will be based on the market value of the asset. Your asset will remain hypothecated with the lender until the loan is repaid. In an unsecured loan, you do not need to provide any security to get access to funds. You can apply for the loan even if you do not own any assets at all. The loan amount will be based on your profile and it has a quick approval.
Business unsecured loans.
All business owners are eligible to apply for unsecured business loans. Different lenders have varying criteria about the turnover requirement or credit score. You can get information about the same online. Simply compare the terms of different lenders and then make a decision. You need to start by identifying the purpose of borrowing and then deciding on the amount you need. Based on this information, you will be in a position to make a loan application.
Procedure and Process for Loan
The loan application procedure is simple and hassle free. You only need to fill up the application form and submit requisite documents. You will be asked to provide the business registration documents, audited financial statements, ITR, bank statement and KYC of the partners. Since there is no hypothecation of a property and no requirement for the valuation of a property, your loan application will be approved in no time. You will get an approval in 10 working days and the amount will be disbursed immediately.
The loan has high approval amount and flexible repayment tenure, thus making it easy for you to make the repayment on time. Use the EMI calculator to get an estimate of the EMI payable on the loan. The calculator is available for free online. You only need to provide the loan amount and tenure to get a quick estimate. You can change the inputs until you reach an optimal output. You need to be very practical when agreeing on an EMI amount. If you need a higher tenure, you need to ask your lender for the same.
Unsecured business loans help take your business to new heights. You can use the funds to introduce new products in the market, to purchase new machinery or to invest in infrastructure. There are no restrictions to the end use of the loan. It is important to thoroughly understand the terms and conditions of the loan before you sign on the dotted line. The customer executives will be happy to help you and will ensure that you make the right decision. The loan will help take your business to its potential and take you closer to the long-term goals.