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Unsecured Business Loan Interest Rates and Offers Aug 2017

Last Updated 21st Aug 2017

Unsecured 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

Unsecured Business Loan

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

Unsecured Business Loan in Gurgaon - Process

  • 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 required 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 and/ or residence located in any of the following approved areas
    • Ambience Island
    • Ansal Esencia Sec 67
    • Aralias
    • Ardee City
    • DLF Phase I
    • DLF Phase II
    • DLF Phase III
    • DLF Phase IV
    • DLF Phase V
    • Duplex Houses
    • Garden Estate
    • Greenwood City
    • HUDA Sectors
    • Jalvayu Vihar
    • Jharsa Road HIG
    • Jharsa Village
    • Laburnum
    • Licensed Colonies
    • Malibu Town
    • Mayfield Garden
    • National Media Centre
    • Nirvana Country
    • Palam Vihar
    • Parsvnath Exotica
    • Rosewood City
    • Saraswati Vihar
    • Sec tor 58 to 113 except Sec 67
    • Sector 1
    • Sector 1 to 36
    • Sector 10
    • Sector 10
    • Sector 10A
    • Sector 12
    • Sector 12A
    • Sector 14
    • Sector 15
    • Sector 17
    • Sector 17 Sukhrali
    • Sector 2
    • Sector 21
    • Sector 22
    • Sector 22A
    • Sector 23
    • Sector 23A
    • Sector 27
    • Sector 28
    • Sector 3
    • Sector 30
    • Sector 31
    • Sector 37 and 37D
    • Sector 38
    • Sector 38 to 57
    • Sector 39
    • Sector 3A
    • Sector 4
    • Sector 40
    • Sector 41
    • Sector 42
    • Sector 42
    • Sector 43
    • Sector 45
    • Sector 47
    • Sector 48
    • Sector 49
    • Sector 5
    • Sector 50
    • Sector 51
    • Sector 52
    • Sector 52
    • Sector 53
    • Sector 53
    • Sector 54
    • Sector 55
    • Sector 56
    • Sector 57
    • Sector 58 to 67
    • Sector 68 to 113
    • Sector 7
    • Sector 7 Extn
    • Sector 9
    • Sector 9A
    • South City 1
    • South City II
    • Suncity
    • Sushant Lok 1
    • Sushant Lok II
    • Sushant Lok III
    • The Verandas
    • Unitech World Spa
    • Uniworld Resorts
    • Uppal Southend
    • Vatika City
    • Vipul World
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