How can I get an unsecured business loan? - Letsdiskuss
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Sophia Williams

Digital Marketing Manager | Posted 11 Dec, 2018 |

How can I get an unsecured business loan?

Sumit Nair

@Sumit | Posted 25 Oct, 2020

There are numerous finance providers like SME corner through whom you can get an unsecured business loan. They offer customized unsecured business loans that meet your requirements of small and medium business loans. All you need to do is apply for a loan online, upload your most recent bank statements, Check eligibility and then receive funds without any hassles.

james peter

Employee | Posted 16 Aug, 2019

Hi, there are some eligibility criteria you need to fulfill to get an unsecured business loan and these unsecured loans are without collateral or guarantor as well so check with the different financial providers to know more details. 

Firstly you need to have a good credit file with any identity proof and proper business papers to assurance them with guaranteed repayments without any failure.

Avichal Singh

Project Manager at The Economic Times | Posted 22 Dec, 2018

Business loan is like personal loans and both the loans are classified as unsecured loans in India. The eligibility criteria for unsecured business loan differ from lender to lender and so the procedures and formalities. The interest rates on unsecured business loans are always higher when compared to the secured business loans.

Most banks disburse business loans to individuals aged between 24 to 65 years. Current Business Experience – Banks will prefer that your business has been showing stable signs of growth at least for the last 3 years.

You may easily get a quote on the loan by filling in and submitting the details from free quote online. Moreover, you may log in to any loan aggrators’ websites like PaisaBazar, BanBazaar, Apnaloan etc. These websites will make you fill in a couple of details about your and your requirements. From there, you will be able to compare options of sources where you can get loan you desite. Proceed with what you wish is best option for you. You will need good credit reports / CIBIL score while applying for a loan, which is the main criteria to be eligible for a business loan.

Also read my other articles on getting loans if your credit score is not up to the mark.
Where can you get loan if you have a bad credit
What are the best home improvement loan?