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✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!    

To boost entrepreneurship through government schemes, lenders are now more willing to lend to new entrepreneurs and SMEs. This is evident in the credit growth of the MSME sector over the last five years, which has grown at a CAGR (Compound Annual Growth Rate) of 19.3%.

Collateral Free Business Loan

However, business loans typically come with a collateral requirement, which can be taxing for some borrowers. This has led to the emergence of collateral-free loans. Considering the fact, the government launched the MUDRA Yojana and the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE), both of which name the government as a partial guarantor in a loan.

A collateral-free business loan helps provide the working capital that can be used for purchasing machinery, hiring staff, or expanding your business without pledging any asset as a security against the credit. However, due to the implied lack of penalty for default, it must be noted that a loan defaulter would still face legal actions from the lender and also be subjected to a drop in their credit rating. This is true for those who take such loans without applying for government schemes and, thus, have no guarantor in case of default.

Features and Benefits of Collateral-Free Loan

  • Collateral-Free: Unlike traditional business loans, it is no longer mandatory to pledge any asset such as real estate or machinery as a security to avail credit facilities.

  • Minimal Documentation: Collateral-free loans can be availed online with minimal documentation. The documents required would pertain to KYC, identity, address and business proofs.

  • Instant Processing: The absence of the collateral requirement has led to quicker and simpler loan processing. For example, suppose you opt for the collateral-free business loan available on Finserv MARKETS, then your application would ideally be processed within 2 minutes, and your loan amount will be disbursed within 24 hours, subject to approval!

  • High Value Loans: With collateral-free business loans, one can avail of a loan of upto ₹75 Lakhs or more depending on the nature of the business.

  • Competitive and Flexible Interest Rates: Compared to other premium loan services, collateral-free business loans are offered at competitive rates, thus allowing borrowers to achieve their financial and commercial goals without the burden of high interest.

  • Flexible Repayment Options: Various lenders have different schemes and offers when it comes to loan repayment. The flexible repayment options let you make your repayments as per your financial standing. Depending upon your income, you can choose to make smaller or bigger payments towards fulfilling your loan. 

  • Online Account Management: Most lenders now offer loan management services through a dedicated online portal, which greatly eases the administrative and management process.

Eligibility Criteria for Collateral-Free Loans

  • Citizenship Criteria: Indian citizenship is compulsory to be eligible for a collateral-free business loan.

  • Employment: Individuals applying for a business loan must be self-employed.

  • Credit Score: The credit score at which your loan would get approved varies with the lender, amount, and tenor. However, a credit score of 700 or more is considered to be decent.

  • Age Limit: Most lenders only give loans to people falling within a specific age bracket. It is usually between 25-66 years of age.

  • Business History: Some lenders require the business to have a minimum functioning history of around 3 years.

Collateral-Free Business Loans Interest Rates and Charges

Interest Rate

18% onwards

Processing Fees

Upto 3% (one-time)

Convenience Fees

Convenience fee on Finserv MARKETS is as low as ₹4,499.

Bounce Charges

Bounce charges refer to the penalty applied if the payment bounces. At Finserv MARKETS, bounce charges are as low as ₹3,000.

Penal Interest

2% of the overdue EMI

How to Apply for Collateral-Free Business Loans

Below we have provided simple steps to apply for a business loan without collateral:

Step 1 - Click on the ‘Business Loan’ tab listed on the home page.

Step 2- Select the appropriate option from the list of preferred loan partners.

Step 3 - Choose the required loan amount and repayment tenor. 

Step 4 - Next, upload copies of all the relevant documents. 

Step 5 - Finally, you must submit your application. The lender will verify and approve your loan that is disbursed into your account. 

Documents Required to Avail Collateral Free Loan

  • Identity Proof and Address Proof: It is mandatory to submit your Aadhaar card/passport/driving license as proof of your identity and address.

  • PAN Card: All lenders require your Permanent Account Number (PAN) to verify the financial identity.

  • Business Registration Proof: Lenders would also require proof of business registration.

  • Bank Statements: Some lenders may assess your financial stability by checking your bank statements of the past 6 months.

So, what are you waiting for? Apply Now on Finserv MARKETS

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

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My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

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