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Unsecured Business Loan Interest Rates and Offers Jun 2017

Last Updated 23rd Jun 2017

Business Loan Interest Rates

An unsecured business loan is a loan provided to businessmen, business women, self employed professionals and SMEs without any collateral or security. This money can be used for:

  • Business expansion and growth
  • Buying machinery or equipment or fixed assets
  • Meeting working capital finance requirements
  • Building or constructing office premises or factory building
Product Features Loan Against Property Unsecured Business Loan
Maximum Loan amount Up to 60% of the property value Rs. 10 lakhs to Rs 5 crore
Loan Tenure 5 - 15 years 1-3 years
Interest Rate 13.50% – 15% 13.50% onwards
Processing fees 0.25% - 2% 2% - 3%
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When should you opt for unsecured business loan and not loan against property?

  • You are unable to or not willing to provide a collateral or security such as property or deposit
  • You need money for a relatively shorter period of time
  • You need the money real fast and with minimal documentation within 3 - 15 days
  • You need flexible eligibility norms based on annual turnover or cash profits as opposed to reported income or profits

Key Features

Parameter Description
Eligible Entities Self proprietorships, partnership firms, private limited companies, doctors, self employed professionals with a minimum annual turnover of Rs 25 lakh for manufacturers and Rs 50 lakh for traders
Minimum Loan Amount Rs 5 lakh
Maximum Loan Amount Up to Rs 1 crore, in select cases up to Rs 5 crore
Interest Rate 14-22%, floating rate of interest
Loan Tenure 1-3 years. Few lenders offer loans of up to 5 years in select cases
Processing Fees 2-3%
Prepayment Penalty As per the loan agreement
Loan Amount Eligibility
    Lenders use multiple ways to estimate the eligibility
  • Turnover product, where an industry margin of up to 15% is applied on the turnover to estimate the income of the borrowers
  • DSCR product where eligibility is estimated using the debt repayment capacity of the borrower
  • Other Surrogate income products for loan amount of less than Rs 10 lakh
Documents Required
  • Last two years Income Tax Returns that have been filed on time
  • Bank Statements of last six months
  • VAT number, registration certificate etc
  • Professional degree and registration number

What is the process for obtaining unsecured business loan?

  • Compare loan offers of multiple banks to identify the best loan deals available on MyLoanCare. Key parameters one should compared are loan amount eligibility, interest rate, processing time and other terms such as prepayment penalty and processing fees.
  • Apply for the identified bank loan and submit required documents. Our loan advisor will ensure that it becomes a hassle free experience for you
  • Appraisal of the loan application by bank or NBFC. A credit manager will make a visit to your office or factory premises.
  • Credit approval by the bank or NBFC
  • Loan disbursement to your account after signing of loan agreement.

Documents For Business Loan

Documents for Business Loan Application
  • Signed Application Form
  • Identity Proof (PAN)
  • Residential Address Proof
  • Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.
  • Last 12 months bank account statement (self and business)
  • Certificate and Proof of Business Existence
  • Business Profile
  • Office address - ownership/ lease / rent agreement/ utility bill

Businesses Eligible for Business Loan

  • Small businesses, SMEs, Small and mid size Corporate
  • Self proprietorships, partnership firms, private limited companies, trusts, societies etc
  • Manufacturing firms, traders, wholesalers, retailers, exporters, distributors and resellers
  • Service Providers such as Chartered Accountants (CAs), interior architects, consultants, interior architect, schools, playschools and educational institutions
  • Self Employed professionals such as doctors, CA, MBA, engineers & architects and people with professional degrees

Business Loan Eligibility Calculator

  • Minimum business track record of 3 years with ITR and proof of business existence
  • Minimum turnover of Rs 25 lakh
  • Profit making entity with a minimum profit of Rs 1 lakh
  • Clear CIBIL report and track record
  • Bank account with any of the following banks

    • Abhyudaya Cooperative Bank
    • Ahmedabad Mercantile Cooperative Bank
    • Akola Janata Commercial Cooperative Bank
    • Allahabad Bank
    • Almora Urban Cooperative Bank
    • American Express
    • Andhra Bank
    • Au Financiers
    • Axis Bank
    • Bandhan Bank
    • Bank of Baroda
    • Bank of India
    • Bank of Maharashtra
    • Bharat Cooperative Bank
    • BNP
    • Canara Bank
    • Capital Local Area Bank
    • Catholic Syrian Bank
    • Central Bank of India
    • Citibank
    • Citizen Credit Cooperative Bank Ltd
    • City Union Bank
    • Corporation Bank
    • Dena Bank
    • Deutsche Bank
    • Development Credit Bank
    • Dhan Laxmi Bank
    • Equitas Housing Finance
    • Federal Bank
    • HDFC Bank
    • HSBC Bank
    • ICICI Bank
    • IDBI Bank
    • IDFC Bank
    • India Shelters
    • Indian Bank
    • Indian Overseas Bank
    • IndusInd Bank
    • ING Vysya Bank
    • Jalgaon Janata Sahakari Bank Ltd
    • Jammu And Kashmir Bank
    • Janakalyan Sahakari Bank Ltd
    • Janalakshmi Bank
    • Janaseva Sahakari Bank
    • Janaseva Sahakari Bank Borivli
    • Janata Sahakari Bank
    • Kalyan Janata Sahakari Bank
    • Kapol Cooperative Bank LTD
    • Karnataka Bank
    • Karnataka Vikas Grameena Bank
    • Karur Vysya Bank
    • Kerala Gramin Bank
    • Kotak Bank
    • Lakshmi Vilas Bank
    • Lendingkart
    • Magma Finance
    • Mahanagar Cooperative Bank
    • Maharashtra State Cooperative Bank
    • Manappuram
    • Mizuho Cooperative Bank Limited
    • Muthoot
    • Nagar Urban Cooperative Bank
    • Nagpur Nagarik Sahakari Bank Limited
    • Nainital Bank
    • New India Cooperative Bank Limited
    • Nkgsb Cooperative Bank Limited
    • OBC
    • PNB
    • Punjab and Sind Bank
    • RBL Bank
    • Religare Finvest
    • SBBJ
    • SBI
    • South Indian Bank
    • Standard Chartered Bank
    • State Bank of Hyderabad
    • State Bank of Mysore
    • State Bank of Patiala
    • State Bank of Travancore
    • Syndicate Bank
    • Tamilnad Mercantile Bank
    • Tumkur Grain Cooperative Bank
    • UCO Bank
    • Ujjivan
    • Union Bank of India
    • United Bank of India
    • Vasai Vikas Sahakari Bank Limited
    • Vijaya Bank
    • Westpac Banking Corporation
    • Woori Bank
    • Yes Bank
    • Zila Sahakari Bank Limited

    Business Loan Offers in Your City

    Why MyLoanCare???

    Nowadays, banks give various offers on to give the best rates to individuals. To get with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on . MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free with ultimate cashback and refer and earn benefits. So, apply for today and enjoy the benefits.

Related Topics
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Business Loan News - Jun 2017
  • 2017-06-23 : TSIIC ties up with Syndicate Bank to extend loans for projects news
    Telangana State Industrial Infrastructure Corporation (TSIIC) has announced its tie up with Syndicate Bank to extend loans for executing projects and establishing industrial parks in the state. Under the arrangement, financial aid will also be extended to companies and industrialists setting up facilities through TSIIC.
  • 2017-06-22 : Axis Bank plans to raise Rs. 35,000 crore for expansion news
    Axis Bank is planning to plans to raise funds worth Rs. 35,000 crore by tapping both the Indian as well as overseas markets on a private placement basis. In its annual report for FY16-17, the bank has reported that it might raise additional funds to maintain its capital to risk weighted assets ratio. The bank may also issue debt securities denominated in Indian rupees or any other permitted foreign currency including long-term bonds, green bonds, and non-convertible debentures.
  • 2017-06-16 : Lendingkart Finance targets to lend Rs. 1,500 crore to SMEs news
    Lendingkart Finance, a leading service provider of business loans is planning to increase disbursements in working capital loans during the current financial year. The company is targeting to disburse capital loans of worth Rs. 1,500 crore to small and medium enterprises (SMEs) this year as compare to Rs. 500 crore last year.
  • 2017-06-12 : Bajaj Finserv business loan witnesses a growth of 18 per cent news
    Bajaj Finserv Ltd has witnessed a 18 per cent growth in its business loans during the current quarter of FY17 as compared to Rs. 1,086 crore for the corresponding period a year ago. Simultaneously, the NBFC has managed to disburse loans of Rs. 1275 crore to SMEs during the current quarter. The growth in the demand of its business loans is driven by the increase in the number of SMEs for meeting operational as well as expenditure demands.
  • 2017-06-09 : IndusInd Bank raises 225 million dollar loan for MSME lending news
    Indusind Bank has entered into an agreement with overseas private investment corporation (OPIC) to raise 225 million dollar loan. With this agreement, OPIC will extend its support to the bank in increasing its micro, small and medium enterprise (MSME) lending portfolio.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.