Loan given to self-employed, professionals or company without any collateral security is called a business loan.
The sanction of business loan is based largely on the creditworthiness of the borrower and the firm. The bank or the financial institutions will first take a look at your firm’s and your credit score and analyze your credit rating before offering loan. They will also look at your financial statements for the past 3 years, bank statements, Nature of business, its current and expected returns and the market trend.
Businesses need money for several reasons, right from working capital needs to expansion plans to opening up a new branch or for innovation in the existing business.
A. The word Unsecured Business Loan means when a self-employed person apply for a loan based on his income not providing any kind of security against the loan.
A. It takes 7 working days once documentations are completed
A. No in unsecured loan generally banks don’t allow joint application.
A. No need of giving any security apart from security cheques.
A. Processing fee in business loan varies bank to bank, normally it’s start from 2.00% to 3.00% of loan amount.
A. In business loan bank do offer loan for 1 year to 3 year.
A. Surly prepayment can be done after 6 months from the date of loan taken & bank will charge 3.00% to 4.00% penalty. Part-payment is not allowed in business loan.
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