Loan given to self-employed, professionals or company without any collateral security is called a business loan.
Businesses need money for several reasons, right from working capital needs to expansion plans to opening up a new branch or for innovation in the existing business.
The sanction of business loan is based largely on the creditworthiness of the borrower and the firm. The bank or the financial institutions will first take a look at your firm’s and your credit score and analyze your credit rating before offering loan. They will also look at your financial statements
The word Unsecured Business Loan means when a self-employed person apply for a loan based on his income not providing any kind of security against the loan.
It takes 7 working days once documentations are completed
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
In business loan bank do offer loan for 1 year to 3 year.
Taking a business loan fulfills your urgent requirement of working capital in business.