Getting a small business loan without security in Mumbai
It is an exciting time to be an entrepreneur. Why? Indian banks, and NBFCs are making it easier to get . Typically, there are two types of business loans in India available for a small business owner– secured and unsecured business loans. There will be occasions when a business owner wants a loan without security. Unsecured business loans or loans without security do not require any collateral – as they tend to be smaller. If you want to in Mumbai, here are some things you should know.
Factors that influence an unsecured business loan application:
Since finances are the backbone of any venture, financial institutions make it easy to get collateral free loans. Applicants usually are required to meet the following criteria, to get a :
· The applicant must be between 23-65 years old
· The business should have been operational for a minimum of 1 year and tax returns should have been filed
· The applicant must have a good credit score
· The applicant must have a good business growth plan with revenue generation
· The applicant must have chalked out a clear repayment plan
If the business meets the above conditions, the applicant needs to fill in an online business loan application form on the lending company’s website or mobile application. A loan officer will consider the above factors before disbursing the required funds. carry higher interest rates as the lender’s risk is higher. The term for an unsecured loan is also shorter.
Author Signature :
It is an exciting time to be an entrepreneur. Why? Indian banks, new-age financial institutions and NBFCs are making it easier to get quick business loans"
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