Apply for Unsecured Business Loan starting @ 13%

Apply for Unsecured Business Loan

Apply online for an Unsecured Business Loan with us at lowest interest rates. Choose from a wide range of Banks/NBFCs

  • Loan Amount - Rs. 1 Lakh to Rs. 1 Crore
  • Loan Tenure - 6 months to 5 years
  • Interest Rates starting from 13%

The documents required for availing an Unsecured Business Loan are:

  • Business Registration Proof
  • Income Tax Return (ITR)
  • 6 Months Current Bank Account Statements
  • KYC ( PAN card & Aadhaar card)

What is a Business Loan?

To operate a business, you may need funds for investments, pay for other costs and manage business expenditures constantly. For such purposes, you can take a business loan for financial assistance. You can now apply for business loan online at loanbaba.com, and get funds up to Rs. 1 crore. By taking unsecured business loan, you do not require submitting security or collateral to bank/NBFC (non-banking financial company) that approves your loan.

Why Choose a Business Loan?

If you have returns on capital more than the loan payout, and are in need of funds for your company, then you can consider applying for a business loan. Many people choose such loans because it helps them manage innumerable expenses important for their business. Here are some reasons why you may want to choose business loans in your city:

  • To generate profits or revenue, investment is important, and if you lack fund for business expansion or run its operations, you can consider a loan.
  • If you want to add on or upgrade the facilities, premises and equipments, you can do with additional funds.
  • Some may even want to fund their company with business loan for peak seasons or day-to-day activities.

Points to Consider Before Applying for Business Loan

Some of the important factors to consider before you apply for an unsecured business loan, India:

  • A good credit score is one of the important aspects for business loan eligibility. You can check your Credit score and report for free from CIBIL at loanbaba.com.
  • Know your APR (Annual Percentage Rate), which is the cost of the loan in terms of rate of interest per year.
  • Compare business loan offers and providers to get a good idea of best loan offer for you.
  • Even if you are eligible for the loan, without submission of proper documents, the loan cannot be sanctioned. Thus, you must keep all the necessary documents prepared with before applying online.
  • Note the terms and conditions provided by the financial institution regarding repayment tenure, interest rate, loan amount, additional charges etc.

Features and Benefits of Business Online Loans

Here are the key highlights and benefits of taking a business loan at loanbaba.com:

  • Borrowing amount starts from Rs. 1 lakh for collateral free business loans. Maximum amount is Rs. 1 crore.
  • You can get right sized loan for small, medium and large sized businesses.
  • Easy and simple online documentation and application.
  • Tenure ranges between 6 months and 5 years.
  • Interest rate starts from 13%, but depends on the applicant’s profile.
  • This loan can have co-applicants, which can help raise the approval chance for the loan.
  • All business related purposes/expenses can be fulfilled with such loans.

Categories and Types of Business Loans

There are many types of loans for business, which are offered by banks and NBFCs today. Here are some of the popular ones:

  1. Term Business Loan for Business: The term loan for business can be either for short tenure or long tenure. A short term loan is up to 1 or 2 years, and a long term loanbaba business loan is up to 5 years. The loan can be either secured or unsecured.
  2. Letter of Credit: The loan providing bank issues a letter of credit to the customer, stating that the person will receive complete payment when all the terms and conditions pertaining to delivery and sale are completed. Important documents in question here are those related to transportation, insurance, commercial documents like lading bills, invoice, inspection certificate, legal documents etc.
  3. Overdrafts: It means an overdrawing from applicant’s current account. A suitable rate of interest is charged if the overdrawn amount falls in limits of the preceding agreement.
  4. Bill Discounting: For business loan urgent need, one can apply for bill discounting, which gives instant cash back on large purchases by means of receiving discount on credit sales. The applicant has to submit important documents that validate the transactions, such as lading bills, invoices, transportation receipts etc.

Loans Online For Business: Women Entrepreneurs

There are several special schemes for unsecured business loan from NBFCs and banks to women entrepreneurs. Business loans for women are granted at discounted interest rates. These are offered to women who exhibit entrepreneur skills and meet specific requirements. Training, consulting and counselling regarding business may be provided to customers of such loans. Women who want business loan under special schemes should own at least 50 percent or more of the company.

Mudra Yojana Business Loan

Government business loan scheme are offered to medium-sized and small-sized businesses. These funds are provided by the government of India. The loan amount is transferred to the borrower’s bank account. You can apply for a business loan of such type at our website.

Eligibility Criteria for Business Loan Online

If you need to opt for “online business loan apply”, then you have to meet certain eligibility criteria by the banks/NBFCs:

  • You can be self-employed individual, service provider, manufacturer or the application must be from a limited or private limited firm.
  • The business must have completed at least 3 years of operation.
  • Your age must be between 21 years and 65 years.
  • You should be able to submit Income Tax Return statement of the last 3 years.
  • You must meet the minimum business turnover and profit requirement, per annum as specified by the funding institution.

Documents Required to Apply for Business Loan

To apply for unsecured business loans, you must be able to provide the following documents:

  • Business proof, last 3 years income tax statements, practise certificate.
  • Bank account statements, ownership proof of the possessions used for business purposes.
  • Your and the co-applicant’s (if any) KYC documents, residence proof, recent photographs.
  • Identity proof such as Voter ID card, Aadhar Card, PAN Card

Business Loan Interest Rates in India

The interest rate of business loan in India will differ from a funding institution to another, but is based on common factors mentioned below:

  • The financial position of the company and the applicant.
  • Credit score of the applicant.
  • Age, income profile of the applicant.
  • Loan scheme chosen.
  • Relationship of the applicant with the chosen bank/NBFC.
  • Security provided (in case of secured business loans only).

Know which factors affect the rate of interest for business loan- click

Checklist to Apply for Business Loan

Business loan allows you to get funds for almost all your company needs. However, to be well-prepared for your loan application, consider the following checklist.

  1. Repayment History: Your credit worthiness will depend on your current and past financial health. Make sure you have all the documents to verify your credit score/CIBIL score and revenue/profit from the business.
  2. Processing Time: At our website, it takes less than 2 minutes to complete the loan application. Loan disbursal and processing depends on the rules and approval time taken by the funding institution.
  3. Eligibility: Get free advice and guide from us to find out your eligibility for business loan. Each bank/NBFC may have its own set of eligibility criteria.
  4. Loan Amount and Tenure: What is the maximum loan granted? What is the best tenure available for the loan? What affects the loan amount? You can get answers to such questions by comparing business loans at our website.
  5. Interest Rate and Other Charges: It is important to know the interest rate and other charges for the chosen business loan scheme, such as those for processing loan, prepayment, penalties etc.
  6. Documentation: Understand the documents needed for business loan application online.
  7. Foreclosure: Does the financial institution allow foreclosure? If so, what are the rules and charges for the same?

Top Providers of Business Loan India

Here are some of the top providers of business loans in India:

Business Loan EMI Calculator

Our free-to-use business loan EMI calculator is dynamic. It promptly tells you the equated monthly instalment you have to pay over a period of time.

  • You can even get complete payment schedule charted and amortization schedule.
  • EMI amount will consist of the principal loan amount and the interest rate applied, to be paid every month.
  • Enter the loan amount needed; use the slider to adjust interest rate and loan tenure to get the exact EMI amount.

Why Opt for Loanbaba To Apply for Your Business Loan?

Loanbaba.com is a one-stop destination for your financial needs. We have a variety of business loan offers from top banks and NBFCs in India. There is something for everyone, and no one returns disappointed!

  • Collateral free business loans within a short-span.
  • Easy to compare, select and apply for the loan with chosen bank/NBFC.
  • Transparent policies, correct information for all loan schemes available.
  • Best loan amount with maximum tenure and lowest interest rate offered.
  • Your information is secure with us and not shared with any unconcerned party.
  • Chat live with our team for loan support or any related queries.
  • All business loan plans at one window, less than 2 minute online application.
  • Paperless loan application, no hardcopy of documents needed.
  • No branch visits required, complete loan procedure is done online.

Factors that Influence the Business Loan Amount

There are several factors that dictate the business loan amount you are eligible for, which are mentioned below:

  • Annual profit of the business.
  • Number of years of business’s operation.
  • Revenue generation and cash flow of the business.
  • Profit made by the business.
  • Repayment capacity of the loan applicant.

Guidelines  to Compare Business Loans at Loanbaba.com

You can compare business loans online at loanbaba. It is simple and easy, because our website has a rich user-friendly interface that allows you to get information on best banks and NBFC for unsecured business loans.

  • Visit loanbaba.com and click “Business Loan”
  • Fill in details of your business loan requirement.
  • On the same page, you will find banks/NBFCs offering loans.
  • You can find all the business loan details of the specific financial institutions.
  • Complete the loan application and apply.
  • You can also use business loan eligibility and EMI calculator as stated above to understand how much you will have to repay in instalments.
Personal Loans Interest Rates of Top Banks
Bank Loan Amount Personal Loan Interest Rates* Lowest EMI per lakh for Max Tenure

SBI Bank

Rs. 1 Billion Max 11.20% - 16.30% Rs. 2,187 for 60 months

HDFC Bank

Rs. 50 Lakhs Max 15.50% - 18.30% Rs. 2,405 for 60 months

ICICI Bank

Rs. 40 Lakhs Max 12.15% - 16.65% Rs. 2,237 for 60 months

Axis Bank

Rs. 50 Lakhs Max 15.50% to 24% Rs. 2,405 for 60 months

RBL Bank

Rs. 10 Lakhs Max 20.00% - 22.00% Rs. 2,649 for 60 months

Kotak Bank

Rs. 75 Lakhs Max 16.00% - 19.99% Rs. 2,432 for 60 months

Capital Float

Rs. 50 Lakhs Max 16.00% – 24.00% Rs. 2,432 for 60 months

Lendingkart

Rs. 1 Crore Max 18.00% - 27.00% Rs. 2,539 for 60 months

Bajaj Finserv

Rs. 30 Lakhs Max 14.00% - 20.00% Rs. 2,327 for 60 months

Standard Chartered

Rs. 50 Lakhs Max 11.49% onwards Rs. 2,199 for 60 months

Deutsche Bank

Rs. 50 Lakhs Max 18.00% onwards Rs. 2,539 for 60 months

Edelweiss

Rs. 50 Lakhs Max 14.00% onwards Rs. 2,327 for 60 months
Frequently Asked Questions for Business Loans in India
  • add1. How long does it take to get a business loan from a bank?

    The duration of loan disbursal differs from bank to bank. It also depends on how soon your loan is approved or when you have applied for the loan. If you have applied for the loan on a non-business/working day, it may take longer to get the loan approved/disbursed. If you meet the eligibility criteria and have all necessary documents in place, you can get the loan disbursed within a few days.

  • add2. Can I get a small business loan without collateral?

    Today, most of the banks and NBFCs offer unsecured business loans. Collateral may not be necessary if you have a convincing business and profit generation. Apply for unsecured loan for business at loanbaba.com.

  • add3. How do I get business loan?

    You can get business loan online now at loanbaba.com:

    • No need to visit the banks and NBFCs personally or pay fees to agents to get the loan processed. Loanbaba allows you to get over these hassles with a simple one-page online loan application, and facility to compare bank/NBFC offers for business loan.
    • You can apply with the financial institution by completing the loan application and get quick disbursal of funds to your bank account.
  • add4. Is the rate of interest fixed or floating?

    In most of the business loan schemes, the interest rate is fixed. However, to check for interest rate type: fixed or floating, consider comparing the loan offers at our website for further details.

  • add5. How can I speed up my business loan application process?

    You can speed up business loan application by following the below-mentioned steps:

    • Maintain a good credit history and score, so that the bank/NBFC approves your loan easily.
    • Apply for a realistic loan amount. Do not ask more than what you can get. Apply for an amount, which can comfortably repay.
    • Produce personal documentation proof, such as residence proof, ID proof, age proof etc along with documents about your company to be uploaded online during application for business loan.
    • If you have a good relationship with the lending institute, you can apply for loan with that particular bank/NBFC for better loan offers.
    • Look for a co-applicant, if you think doing so will increase your chances of getting the loan sanctioned.

Business Loan EMI Calculator

Business Loan Eligibility Calculator

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