Business Loan that is not secured by property such as land, commercial and residence property called an unsecured loan. As an unsecured loan has no link with the personal assets, so we suggest that an unsecured business loan is the fruitful one for any business person or companies. The lender takes more risk while offering this type of loan.
The business owners do not like to tie their financial problem with his or their personal property or other securities. They believe that their business should be self-funding. So, most of them opt for unsecured business loan not backed by collateral. The loan amount is decided on the size of the business as well as banking credibility of the customer. The lenders ask for statements of the borrower’s bank account and other details as the lender take risk offering business loan.
At Mantra4money we provide you an option to release your nice home from your business loan. A question arises. Will your business qualify? As it is not secured by collateral, it is approved on your credit rating and previous financial history. If your business suffers a bad credit or has a poor credit history here our experts will guide you to move on every step.
What type of business loan is suitable for small business owners? Large companies have assets, so they can opt for secured business loan while small companies or business runners should opt for unsecured one. Bad credit does not become a hurdle. Business cash advance is an alternative to the small business owners as its repayment is flexible.
Unsecured business loan is offered to
• Sole Proprietors / Proprietorship firms
• Partnership Firms
• Pvt. Ltd. Companies
• Professionals
Get your loan quickly here. Forget about the formalities you have to deal with the banking professionals of any institutions and funds. We have associate partners and offer loans to our clientele who want to grow up in their business. Our loan consultants will chalk out your difficulties to get the commercial business loan from the most fast-growing lenders in the industry. Our associate partners are ICICI Bank, HDFC, Axis, Kotak Mahindra and SCB. You can opt for any institution that you choose.
*Wide range of product to choose.
*Doorstep service at your comfort.
*Zero charges – No extra charges, fees or commissions to you.
*Simple procedure, minimal documentation and quick approval.
*Attractive interest rates.
*Expert advice on your needs and suitability.
*Provide transparency and rapid decision making, with no confusion.
*Compare prices and Features of various banks/ insurers.
*Calculate your Emi , Eligibility , Life cover and so on.
*Provide comprehensive choice than any of our competitors.
*Quick and transparent processing.
Every customer’s eligibility is different. Access your eligibility with our simple calculator.
*To qualify for a loan you must be An Indian resident.
* You must be at least 24 years of age at the commencement of the loan.
* The loan must terminate before or at 65 years of age.
* You must be self-employed or professionals with a regular source of income.
| Self Employed Properitor | Self Employed Partnership | Self Employed Pvt Ltd |
|---|---|---|
| Application form with photograph signed by applicant | Application form with photograph signed by all partners | Application form with photograph signed by all directors |
| Identity, residence and age proof | Identity, residence and age proof | Identity, residence and age proof |
| Vat registration copy | Vat registration copy | Vat registration copy |
| PAN card copy of the applicant | PAN card copy of company and partners | PAN card copy of company and directors |
| Proof of business existence | Partneship deed copy | Moa |
| Co Profile | Co Profile | Co Profile |
| Last 3 years Income Tax Returns with computation of Income | Last 3 years Income Tax Returns with computation of Income | Last 3 years Income Tax Returns with computation of Income |
| Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account | Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account | Last 3 years CA Certified/ Audited Balance Sheet and Profit and Loss Account |
| Last 6 months bank statements | Last 6 months bank statements | Last 6 months bank statements (self and business) |
| Working loan and limit details with sention letter | Working loan and limit details with sention letter | Working loan and limit details with sention letter |
| Banks/Rates | Business Loan Interest Rates | ||
| Self employed professional | Self employed | Processing Fees Negotiable |
|
| ICICI Bank | 14% to 16% | 18% to 20% | 2% |
| HDFC Bank | 15% to 17% | 17% to 22% | 2% |
| Kotak Bank | 16% to 18% | 18% to 22% | 2% |
| Dhanlaxmi Bank | 16% to 17% | 19% to 22% | 2% |
| Money Line | 16% to 17% | 18% to 24% | 2% |
| Fullerton India | 16% to 18% | 18% to 24% | 2% |
| Bajaj Capital | 15% to 17% | 19% to 22% | 2% |
| Citi Bank | 15% to 17% | 18% to 20% | 2% |
| Standard Chartered Bank | 16% to 17% | 18% to 21% | 2% |
Step 1 – Choose the lenders.
Step 2 – Determine your Loan Eligibility .
Step 3 – Get ready all your required documents.
Step 4 – Apply for Loan by filling the application form with all requisite documents.
Step 5 – Verification -The lender will verify the information and documentation provided by you along with checking your credit history. The lender can also ask for additional documents.
Step 6 – After verification and credit check lender calculate your eligibility and get the loan Sanction.
Step 7 – Once loan get sentioned lender issue a loan agreement with all terms and conditions.
Step 8 – Applicant sign the loan agreement and give post-dated cheque or ecs for repayment.
Step 9 –Disbursal of loan.
What is a business loan?
The bank offers loan for the business owners who want to set up a new business or manage the finance of an existing business. The banks provide both secured and unsecured business loans. Secured loan is backed by collateral and unsecured one does not need any collateral.
Who can apply for a business loan?
Business loan is offered to both small and big business. Usually, the following can avail this type of loan:
• Self Employed Individuals/Professionals
• Sole Proprietorship Firms
• Partnership Firms
• Private Limited Companies
Is there any age factor (borrower & business) for applying a business loan?
The minimum age required for application is 24 years and the borrower must not exceed 65 years. The business for which loan is applied must have minimum 3 years current business experience and total business experience should be minimum 5 years.
Does the bank ask for annual income of the business or the working professional?
If the applicant is a company then the business must have annual income of RS 1,50,000. The working professional should have an annual income of Rs 1 lakh. Then they can apply for this loan.
Which documents do I need to submit at the time of application?
Generally the bank asks for documents like identity proof, address proof, last 6 months bank statement, latest ITR along with Balance Sheet, P& L, and audit report certified by a CA.
What are the repayment tenure options?
The tenure of a business loan is from 1 year to maximum 5 years.
How much days would it take for final disbursement of the loan?
Usually it would take around 7 working days for processing of the loan after submission of all documents.
What are the options for repayment of loan?
You can repay your loan through Electronic Clearing System or post dated cheque.
Does the bank accept part pre-payment? Could I prepay my loan?
The loan can be prepaid after payment of 6 times EMIs . The bank may apply foreclosure charges as per the terms and conditions.
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