Business loans are of great help to entrepreneurs who wish to set up their new venture or expand an existing one. The loan amount availed through business loans can be utilized for various purposes such as upgrading infrastructure, meeting working capital needs, undertaking marketing activities, purchasing machinery, etc. Thus, a business loan can help entrepreneurs take their business to greater heights. A common issue faced by entrepreneurs while availing a business loan is the unavailability of sufficient collateral to pledge. Since business loans are usually secured loans, entrepreneurs are required to provide security while availing the loan amount. However, with some leading financial institutions entrepreneurs can avail unsecured business loans easily through a hassle-free online application process. Let us have a look at the features of unsecured business loans and how you can apply for it with leading financial institutions.
Unsecured business loans
- Unsecured business loans are the ones wherein you do not have to provide any security to the lender while availing the loan amount. This keeps your valuable assets safe in case you happen to default on the business loan. However, it is always advisable that you make timely repayment of your business loan to keep your credit score intact and be financially disciplined.
- You can easily avail an unsecured business loan up to Rs. 30 lakhs at Finserv MARKETS. The eligibility criteria is simple, application process is quite smooth and the loan comes with attractive features such as flexible repayment option, competitive interest rate, prepayment facility, less processing fees, etc.
- The repayment tenure of the unsecured business loan at Finserv MARKETS ranges from 12 months to 60 months. You can opt for a tenure that best suits your needs.
- With the help of an online EMI calculator, you can get an estimate of your monthly EMIs. This will help you plan your monthly budget efficiently, thereby allowing you to make timely loan repayment.
How to apply for an unsecured business loan?
To apply for an unsecured business loan, you must first visit the official Finserv MARKETS website.
Go to the Finserv MARKETS customer portal and fill in the online application form by providing your personal and employment details.
Specify the loan amount and the tenure that you wish to opt for.
Follow the above-mentioned steps and you will be easily able to get your loan within 24 hours.
The lender will review your application and verify your documents. If everything is found to be satisfactory your loan application will be approved and the amount will be credited in your bank account within 24 hours.
Make sure that you check your business loan eligibility before starting the application process. This will help you in reducing the chances of rejection of your loan application. Also, try to improve your credit score before availing a business loan. With a high credit score, you will be eligible for a higher loan amount at a reduced interest rate. You can improve your credit score gradually by making timely repayment, clearing outstanding dues, and utilizing your credit card wisely.
Apart from the business loan at Finserv MARKETS, you can also consider applying for a Mudra loan under the Pradhan Mantri Mudra Yojana (PMMY). Launched in the year 2015, PMMY aims at providing financial support to small and medium scale businesses. Under PMMY, you can avail an unsecured loan up to Rs. 10 lakhs. The types of loans provided under PMMY are mentioned below:
- Shishu Loans – Rs. 50,000
- Kishor Loans- Rs. 5,00,000
- Tarun Loans – Rs. 10,00,000
You can apply for any of the loans depending upon your business requirement. Let us have a look at the steps regarding how to apply for Mudra loan.
You can apply for a Mudra loan with the help of public and private sector banks, NBFCs, small banks, rural banks, scheduled banks, and co-operative societies, registered under the PMMY scheme
How to apply for a Mudra Loan?
To apply for a Mudra loan, you must visit the Finserv MARKETS website.
Fill in the Mudra loan application form.
Upload all required documents and specify the loan details
Once you complete the above-mentioned steps, the lender will review your application and sanction the loan amount within a short time.
Since Mudra loans are supported by the government, lenders usually do not check your credit score before approving the loan amount. Hence, this type of loan is ideal for small businesses that do not qualify for business loans due to their low CIBIL score. The repayment tenure of Mudra loans ranges from 3 to 5 years and you can settle for the loan term according to your convenience. In case of any query while availing the Mudra loan, you must not hesitate and seek the help of a financial advisor to make a well-informed decision.
You can also consider applying for an unsecured business loan at Finserv MARKETS. You will receive the loan amount quickly and this will help you to carry out your business operations without any hindrance.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”