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Unsecured loans for businesses provide budding entrepreneurs and MSME owners with working capital. These unsecured business loans for MSMEs can be used for various purposes, such as:

  • Purchase, renting, or repairing of machinery and professional equipment

  • Upgrading technology

  • Stocking up on inventory

  • Hiring seasonal workers

  • Purchasing raw materials for big orders


Thus, they are incredibly useful for those in need of funding for launching or expanding their businesses.

Features and Benefits of Unsecured Business Loans

No Collateral Required

Unsecured business funding does not require you to pledge your valuable assets as collateral.

Quick Loan Approval and Disbursal

Get unsecured business loans with instant approval online on Bajaj Markets.

Ample Financing

Unsecured business loans allow you to borrow a huge sum, unlike other unsecured loans.

Attractive Interest Rates and No Hidden Charges

With a good credit score, you can get competitive rates on unsecured business loans. 

A strong business history helps too, and you can see all applicable charges online.

Flexible Repayment Plans and Schemes

Hybrid-Flexi business loans allow you to lower EMIs by 45% initially. 

Choose from flexi or term loans on Bajaj Markets.

Comfortable Tenures

Most lenders offer flexible tenures to repay the loan, which ranges from 12 to 60 months.

Unsecured Business Loans: Interest Rates and Charges

Following is a list of unsecured business loan interest rates and charges levied by lenders:

  • Interest Rate

It is the percentage of the amount charged by the lender for lending the unsecured business loan for MSME growth. It usually varies depending on the loan amount, tenure, and the borrower’s history of repayment and credit.

  • Processing Fees

This is a fee that is charged by the lender to cover the expenses incurred during the loan process.

  • Convenience fees

These are the fees charged by lenders, which are paid to digital payment companies for transactions.

  • Bounce Charges

Bounce charges refer to the penalty applied in case the payment cheque bounces.

  • Penal Interest

It refers to the penalty applied on the loan EMI if not paid on time. It is usually around 2% of the overdue EMI.

Eligibility Criteria for Unsecured Business Loans

Here are the details about basic unsecured business loan eligibility criteria:

  • You should be an Indian citizen

  • A good CIBIL score is a must

  • You must be between 25-65 years of age

  • You must have a business vintage of at least 3 years

  • You need to be self-employed


Remember, when it comes to an unsecured business loan, instant approval depends on you meeting all the eligibility terms. 

Documents Required to Apply for Unsecured Business Loans

Document requirements for unsecured business loans differ from one lender to another. However, the following are some of the most common requirements: 

  • Identity proof and address proof of the applicant (Aadhaar card/ Passport/ Driving licence)

  • Permanent Account Number (PAN) Card

  • Business registration Proof

  • Bank statements for the past 6 months

  • ITR form along with certified copies with details such as balance sheet, profit & loss statement, etc., for the previous 2 years

How to Apply for an Unsecured Business Loan in 5 Simple Steps

Here is how you can apply for unsecured lines of credit by following these simple steps:

  • Choose a Lender

    Factoring in all charges and interest rates, find a suitable lender.

  • Check the Eligibility Criteria

    Visit the website of the chosen lender and check the eligibility criteria of the lender for an unsecured business loan.

  • Check your Credit Score

    Check your credit score online and match any discrepancies in the report. You can check your credit score on the Bajaj Markets website for free. A minimum credit score 685, but scores above 750 are ideal to receive an unsecured business loan.

  • Collect all Documents

    Compile and upload all the necessary documents required by the chosen lender.

  • Proceed with the Online Application

    Fill in your business details accurately and honestly so that your loan application does not get rejected.

Availing an unsecured business loan with instant approval helps enterprises grab opportunities and meet working capital gaps to keep the business running. 


The best way to get quick approval is to meet all the eligibility terms and submit the required paperwork. 


If you require an unsecured business loan for MSME growth, then look no further than Bajaj Markets. The unsecured business loans available on Bajaj Markets are processed quickly and disbursed within 24 hours. 


They also come with simple qualifying criteria and flexible repayment plans that can be customised to your needs. 

Latest News Updates

PNB's Exposure to Unsecured Loans is Within Regulatory Limits, According to the MD & CEO

Officials from Punjab National Bank recently discussed the company's future objectives in an interview. According to Mr Actual Kumar Goel, managing director and chief executive officer of PNB, they will concentrate more on unsecured loans in FY24. They will lend money to local banks serving rural areas.

- June 19, 2023

FAQs on Unsecured Business Loans

The maximum amount that you can get as an unsecured business loan will vary depending on the lender you choose. While some lenders may provide loan amounts of up to ₹50 Lakhs, others may offer up to ₹75 Lakhs.

When it comes to an unsecured business loan, instant approval is possible only when you meet all the requirements. So, choose the lender first and then check the eligibility criteria. 


The lender will require you to have a minimum credit score, and you shouldn’t apply if you don’t meet the mark. Now, collect all the required documents and complete the application process.

Since these loans are not secured, banks and NBFCs offer unsecured business loans at higher interest rates than secured loans. 

An unsecured business loan is a type of credit where the borrowing individual or firm is not required to pledge any valuable assets as collateral.

No, you cannot avail of an unsecured business loan for new businesses if it hasn’t been operational for at least a few years. 

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