Unsecured Business Loan is an unsecured loan available to Traders, Small & Medium Enterprises, Service Providers and Professionals for all your working capital and Business Expansion needs. You can raise funds without any security /collateral with fast approval and minimum documentation.
The Business Loan is just what you need to address your diverse financial needs – be it venturing in to new business lines or expanding current business, you can now look forward to getting the financial support you need, without any hassles.
This Loan is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan.
• Self Employed Businessmen: This loan is provided to Self Employed Businessmen like manufacturer, Service Provider or trader. He / She can use this fund in expansion or Working Capital Purpose of their business.
• Self Employed Professional: Professionals have always been a priority for the bank. This is a specialized product designed for professionals like Doctors, Chartered Accountants and Architects. The process does not involve much of documentation.
|Proof of Identity||PAN Card, Valid Passport, Voter ID Card, Aadhar Card|
|Proof of both residence||Valid Passport, Voter ID Card, Aadhar Card, Latest Utility Bill like Electricity / Telephone Bill|
|Proof of income||
All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
These loans range from Rs. 5 Lacs to 100 Lacs. The Loan Amount is based on your Income and Repayment capacity.
Salaried, Self Employed Professionals and Non-Professionals can avail funding from 12 to 60 Months.
On submission of your entire documents in accordance with the Bank requirements it takes 7 Working Days. All loan approvals are at the discretion of the Bank.
To obtain the loans there is no need to provide any security or collateral.
Part Pre Payment is not allowed in Unsecured Business Loan
Prepayments are not allowed for a period of 6 months from the date of your first EMI. Before processing for foreclosure, all outstanding dues must be cleared. So we request you to first check for and clear any remaining amount that may be payable towards your Loan by requesting a foreclosure statement.
You can choose to repay the loan anytime after 6 months of availing the loan at a prepayment penalty of 4% to 5% on the principal outstanding of your Loan.
We request you to carry with you the following documents to complete the process: