Unsecured Business Loan Overview
Unsecured Business Loan are available to small and medium enterprises for all your working capital needs. Capital is a vital component for the success of commerce today. Irrespective of whether a firm is in proprietorship or big organization, finance holds the key to its development, and managing finance is certainly not a child's play. Keeping all in this mind several institution have come up with Unsecured Business Loan to help budding and existing entrepreneurs. If one is not having the finances at that time, he might well opt for a Unsecured Business Loan which is designed specifically to fulfill urgent business requirements. These loans not only help in expanding a business, but also play a vital role in modernizing and improving small as well as medium scale business.
Unsecured Business Loan Features and Benefits
✔ Our expertise to get u the right Banks / Institute to fulfill your requirement.✔ Loan repayment in flexible tenures from 12 months up to 60 months.
✔ No collateral/ guarantor / security required.
✔ Speedy approvals.
✔ Attractive Rate of Interest.
✔ Special Interest Rate for professional Doctors/ CA & Architect.
✔ Minimum/Hassle free Documentation.
✔ Funds available for business expansion, working capital, child's education or home renova tion.
✔ Convenience of doorstep service.
Unsecured Business Loan Process
There are several steps in the Unsecured Business Loan process. Here are the steps in brief:
✔ Application form & Document submission
✔ Cibil report check
✔ Residence verfication
✔ Office verfication
✔ Eligibility calculation
✔ Personal Discussion
✔ Credit decision
✔ Signing of agreements and submitting post-dated cheques
✔ Disbursement
Unsecured Business Loan Eligibility
SELF EMPLOYED INDIVIDUAL:
✔ An Indian Resident
✔ You should be in business for a minimum of 3 years.
✔ In case of Self Employed, age should not be more than 70 years at the time of closure of the loan.
✔ Your current place of residence should be occupied for a minimum of 3 years in the city.
✔ You should have residence or office owned.
SELF EMPLOYED PROFESSIONAL:
✔ An Indian Resident.
✔ You should be in business for a minimum of 3 years.
✔ In case of Self Employed Professional, age should not be more than 70 years at the time of closure of the loan.
✔ Your current place of residence should be occupied for a minimum of 3 years in the city.
✔ You should have residence or office owned
Unsecured Business Loan Documents:
To qualify for a Unsecured Business Loan, most of the lending institutions in India require you to be:
| Documents |
Self Employed Properitorship Firm |
Self Employed Partnership Firm |
Self Employed Pvt Ltd / Ltd |
|---|---|---|---|
| Application Form With Photograph Duly Signed | ✔ | ✔ | ✔ |
| Clear Pancard Copy, (Applicant & Co-Applicant) | ✔ | ✔ | ✔ |
| Clear Aadhar Card Copy, (Applicant & Co-Applicant) | ✔ | ✔ | ✔ |
| Latest Residence proof (Applicant & Co-Applicant | ✔ | ✔ | ✔ |
| Latest Office Proof (Applicant & Co-Applicant) | ✔ | ✔ | ✔ |
| Last 12 Months Current Account Bank Statements | ✔ | ✔ | ✔ |
| All Loan Sanction Letter If Any | ✔ | ✔ | ✔ |
| Business Profile | ✔ | ✔ | ✔ |
| Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , GST Certificate etc ) | ✔ | ✔ | ✔ |
| GST 3B Copy of Latest One Year | ✔ | ✔ | ✔ |
| Last 3 Years ITR with CA Certified / Audited Balance Sheet And Profit & Loss Account | ✔ | ✔ | ✔ |
| MOA / AOA | X | X | ✔ |
| Partnership Deed | X | ✔ | X |
| Company Pancard Clear Copy | X | ✔ | ✔ |
| Shareholding Pattern On Letterhead | X | X | ✔ |
| Sundry Debtor & Creditor List Last 1year | ✔ | ✔ | ✔ |
Unsecured Business Loan FAQ's
What is the need for a unsecured Business Loan ?We understand that expanding and growing your business is the dream of every entrepreneur. At times, you may require an urgent flow of finance to fuel the growth of your enterprise. At Mastermind Money Solutions we believe that you need appropriate finance based on the nature and goals of your business. Whether you are looking to expand your business or want to meet your working capital and trade finance needs, business loan is the best option. Choose from a range of options which are flexible to match most of your business needs, get the Business Loan availed for your business growth.
Who are eligible for Unsecured Business Loan ?
The general factors taken into account while determining the eligibility of Unsecured Business Loan are listed below:
1. Age (Min. 21 Year)
2. Maximum 58 age at time of closure of the loan for the salaried.
3. Maximum 70 age at time of closure of the loan for the self employed.
4. Total work / business Experience 3 yrs.
5. Indian resident
Who can avail a Unsecured Business Loan ?
Following are the list who can avail for Unsecured Business Loan which is as follows:
✔ Self Employed Individuals/Professionals
✔ Proprietorship Firms
✔ Partnership Firms
✔ Private Limited Companies
What all document are required for applying for a Unsecured Business Loan ?
Following are the list of the documents required for Unsecured Business Loan:
✔ Identity Proof
✔ Address Proof
✔ Bank Statement (Latest 12 months)
✔ Last 3 yrs ITR along with other relevant docs like Balance Sheet, P&L, Audit Report (Certified by a CA)
✔ Business proof
What are the process in availing a Unsecured Business Loan ?
The process involved in availing the Unsecured Business Loan is as follows:
✔ Application
✔ Processing
✔ Documentation
✔ Sanctioning of the Loan
✔ Disbursement
What are the loan tenure options for Unsecured Business Loan ?
Business Loan generally is available for 1year to 3 Years. But some Banks and NBFC's give it for 5 years.
How much amount can I borrow in Unsecured Business Loan ?
It mainly depends on your financial profile, credit reputation, the purpose of borrowing the loan and your loan repayment ability. Lenders evaluate these factors to consider what the amount of a Unsecured Business Loan should be.
How to apply for and get a Unsecured Business Loans ?
You just need to visit our website to upload the documents or call our professionals for your Unsecured Business Loan. Mastermind Money Solutions Gives you personalize solution & helps you to meet your financial requirement.
How is the interest charged/calculated in Unsecured Business Loan ?
In Business Loan interest is calculated on a monthly reducing basis which means interest is calculated on outstanding principal amount after payment of each installment.
What security/collateral do I have to provide in Unsecured Business Loan?
In Unsecured Business Loan no security/collateral is required. This is totally unsecured form of lending where your eligibility is calculated on basis of your income.
Will an exisiting loan affect my application for a Unsecured Business Loan?
For any loan your eligibility and credit history is taken in to consideration. So in Unsecured Business Loan Your eligibility is calculated as per your income and the existing loan (obligation).
Who can be the co-applicants for Unsecured Business Loan ?
Any individual who has the ability to repay the loan as per the bank standards residing in the same city can be taken as co-applicant. This requirement varies from case to case and our sales team would help you out.
How do I repay the Unsecured Business Loan ?
In Unsecured Business Loan you can pre-pay the loan after repaying a min. of 6 EMI's to 12 EMI's. Foreclosure charges would be applicable as per the banks term and condition.
Can I pre-pay my Unsecured Business Loan ?
In Unsecured Business Loan you can pre-pay the loan after repaying a min. of 6 EMI's to 12 EMI's. Foreclosure charges would be applicable as per the banks term and condition.
How much time does it take for the disbursement of Unsecured Business Loan?
In Unsecured Business Loan the disbursement takes Approx 10 working days after all the documents are submitted. Since it is unsecured form of lending it does not require valuation and legal and hence the process is very fast.
Should I compare Unsecured Business Loan online ?
Comparing Unsecured Business Loan online depends on many factors such as your income, your obligation (existing loan) etc. In online approach you will get general comparisons while you can get a personalize solution from Mastermind Money Solutions, which will help you with the best rate of interest and services for Unsecured Business Loan.
Should I apply Unsecured Buisness Loan online ?
There is no process for applying online Unsecured Business Loan unless and until you have a relationship with the same bank. Mandatorily you need to submit relevant documents and sign the application form to complete the formalities. Mastermind Money Solutions gives you a personalized solution for Unsecured Business Loan, so why to confuse yourself with online approach if you can get better rate of interest and maximum eligibility through Mastermind Money Solutions.
Who all can apply Unsecured Business Loan Online ?
Customers having online banking can approach their respective banks for Unsecured Business Loan through net banking and get information about Business Loan. Appling online Unsecured Business Loan will give you information of your bank, and if you apply through us you will get information about other banks for better rate of interest, foreclosure charges, tenure and processing fees.
What are the drawbacks on applying for Unsecured Business Loan Online ?
Appling online Unsecured Business Loan will give you information about particular bank. And if you apply through us our professionals will get exciting offers from other banks for better rate of interest, foreclosure charges, tenure and processing fees.
What is Unsecured Buisness Loan eligibility calculation ?
Unsecured Business Loan eligibility calculator is a mechanism where you can calculate your Business Loan eligibility by sharing your information such as your income and existing loan. This loan eligibility calculator cannot get you the exact loan amount so we recommend you to get in touch with our professional team to serve you better.
How to get best rate of interest in Unsecured Business Loan ?
Rather than hunting in the market or approaching unprofessional consultants for better offers, give your few details and upload your few documents and get a personalized solution for your Unsecured Business Loan for better rate of interest in few minutes from our professional team.
How will I get best rate of interest for Unsecured Business Loan ?
Since Mastermind Money Solutions has immense experience and tied up with all multinational and private banks, we would be able to guide you and give you the best deal available inUnsecured Business Loan.
What is Unsecured Business Loan EMI calculator ?
Business Loan emi calculator is a process where you will be able to come to know the exact Unsecured Business Loan emi (installments) which includes principal and interest component according to your requirements
How can I get personalized solution through Mastermind Money Solutions for my Unecured Business Loan ?
We professional at Mastermind Money Solutions puts our best effort to give you a complete personalized solution. We take the pain of coordinating with various banks for you to give the best offer and service available in Business Loan
How to choose the right bank for my Unsecured Business Loan ?
Choosing a right bank for Unsecured Business Loan is a cumbersome process, Mastermind Money Solutions guides you properly according to your requirements and gives you a personalize solution for your Unsecured Business Loan.
How I will come to know whether my Unsecured Business Loan is sanctioned or rejeted ?
Once your Unsecured Business Loan is sanctioned or rejected you will get a sms alert or call from the bank and if you have applied through us we will coordinate with the respective banks and inform you
What is preapproved Unsecured Business Loan ?
If you are a account holder or a credit card holder with multinational or private banks with good track record and healthy transactions banks might offer you a preapproved Unsecured Business Loan. Sometimes preapproved loans are costlier affair because banks offer you at higher rate of interest, so we recommend you to call us or upload your documents for personalized solution to get best offers on Unsecured Business Loan available in the market.
Is Balance Transfer of Unsecured Business Loan suggested
It depends upon the current rate of interest of your existing Unsecured Business Loan as against the rate of interest available in the market. We recommend you to compare both the offers in our loan comparison calculator or else call us to get a personalized solution for your Unsecured Business Loan.
