Unsecured Business Loan is the product for you if you want hassle-free, quick processing with simple paperwork and no collateral or protection to offer.
SME/MSME (small and medium-sized enterprises or small and medium-sized businesses), professionals, suppliers, service providers, and traders may all apply for an unsecured business loan.
Unsecured Business Loans are not available to start-ups because they entail a minimum of 5 years in the same line of business and operations in the same city. To be eligible for this loan, you must send two years of audited financials.
Personal loans may be used for several different purposes. A personal loan can be used for a variety of things, including weddings, education, travel, medical expenses, and other general expenses. When you need money for an event or an emergency get a Personal Loan.
The following documents are required:
- Statements from the last three months' bank accounts.
- Pay stubs for the previous three months.
- Documents proving your address and proving your identity.
Personal Loans are available in amounts ranging from a minimum of ₹ 50,000 to a maximum of ₹ 25,00,000/- depending on your eligibility.
When repaying your personal loan, you have the choice of choosing what works best for you. Depending on your salary, you can choose to pay a fixed amount of loan and interest or pay higher/lower EMIs in the beginning and lower/higher EMIs in the later months. For more details, you can contact us.
It is measured using the principal loan number, the loan's tenor, and the interest rate paid (floating or fixed). The EMI is bound to adjust after a partial payment or a change in the interest rate.
Some banks have a 6-month to a year lock-in period, while others allow you to pre-close even after the first EMI has been deducted from your account. You might also be limited to using only your own funds (rather than a balance transfer cheque from another bank) to pre-close a loan. Furthermore, banks can offer free pre-closure or charge a pre-closure fee (2-5 percent of the amount being pre-closed). Before signing the loan agreement, please seek clarification from our or the bank's loan advisor on any of these points.
Part-payment is allowed by some banks, such as Bajaj Finserv. However, there could be limitations on how many times you may part pay each year, as well as the minimum and maximum amounts you may part pay. Before signing the loan document, please ask our or the bank's loan advisor for clarifications on any of these factors.
The minimum loan amount is Rs 100,000, and the maximum loan amount is Rs 40,000,000. Higher loan amounts are contingent on a personal conversation between the bank and the borrower before a decision is made on the loan amount.
The collateral is the protection that is pledged with a bank in order to obtain a loan; the higher the collateral value, the greater the benefits. As a result, banks are more confident in offering larger loan amounts because the risk is reduced. Not all banks need collateral to approve a loan.
Make use of the Mindfin Ser, it can provide you with a list of banks that can offer business loans based on a few simple details such as your name, contact information, loan amount, type of business, and income from the business. Use this information to compare and apply. Mindfin will process your application to banks and contact you to move your request to the next stage of processing.
The following factors determine whether or not you are eligible for a business loan: The applicant's/co-credit applicant's score The borrowing entity's financial statements for the previous two years Details on the Debt Service Coverage Ratio is as follows: This information informs the lender about the borrower's ability to service the current loan's EMI.
