Small Business Loan for Unemployed

Small business loans for the unemployed are given to those individuals who want to set up a small-scale business venture of their own but are currently not working with a company. Such kinds of loans help young and educated professionals or non-professionals kickstart their entrepreneurial journey with the help of some initial capital. This article contains every detail one will need regarding small business loans for the unemployed.

Business Loan for Unemployed: Interest Rates

The interest rates at which some of the most well-known Indian financial institutions offer small business loans for the unemployed are as follows:

Key Features of Small Business Loans for Unemployed

Some of the defining characteristics of small business loans for the unemployed are as follows:

 

• The loan amount can be as high as ₹20 Lakhs.

• The loan can be repaid over the course of up to 5 years.

• No collateral is required to secure a business loan for the unemployed.

• One can apply for a business loan for the unemployed easily.

• Business loans for the unemployed are offered at attractive interest rates.

• Business loans for the unemployed are disbursed quickly.

• Business loans for the unemployed attract no processing fees.

Small Business Loans for Unemployed - Eligibility

One can easily avail a small business loan for the unemployed, provided they fulfil the following eligibility criteria:

 

• The applicant must be an Indian citizen and above 18 years of age.

• The applicant must have a good credit history and credit score (700 or above).

• The applicant must have a good business plan.

• The applicant must have not defaulted on any loans in the past.

How to Apply for Unemployed Loans

To apply for a small business loan for the unemployed, one must follow the steps given below:

 

1. First, the individual must visit Bajaj Markets in order to compare and choose from different available loan schemes.

2. Then, he or she must fill and submit the loan application form they will see in front of their screen after selecting one of the options.

3. Next, they will have to submit the required documents correctly.

4. The concerned bank will then verify their small business loan application before approving it.

5. Once approved, the loan amount will be disbursed into the bank account of the applicant in a short span of time.

Documents Required for Loan application for Unemployed

At the time of applying, one will have to submit the following documents:

 

• Identify Proof that includes Passport, Aadhaar Card, PAN Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.

• Proof of Business includes Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill (not more than 3 months old), etc.