Business loan in Jalandhar - SBI, HDFC, PNB, Citi, ICICI Bank, All Banks

Unsecured Business Loan Interest Rates in Jalandhar

Last Updated 21st Feb 2017
    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
Apply Business Loan Online @13.50%*

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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
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% 14% onwards
Processing fees 0.25% - 2% 2% - 3%

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 Jalandhar - 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

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

Business Loan eligibility

  • 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
    • 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

    • Adampur
    • Adarsh Nagar
    • Alawalpur
    • Ali Mohalla
    • Avtar Nagar
    • Bajwa Colony
    • Banga
    • Bashirpura
    • Basti Bawa Khel
    • Basti Danishmanda
    • Basti Guzan
    • Basti Nau
    • Basti Sheikh
    • Bhagat Singh Colony
    • Bhogpur
    • Birring
    • Bootan Mandi
    • Central Town
    • Chander Sain
    • Charanjit Pura
    • Choti Baradari
    • Civil Line
    • Dada Colony
    • Dakoha
    • Dayanand Nagar
    • Deep Nagar
    • Defence Colony
    • Dhaliwal Kadian
    • Dhan Mohalla
    • Dilbagh Nagar
    • Fatehpur
    • Focal Point
    • Garha
    • Gobind Garh
    • Gobind Nagar
    • Golden Avenue
    • Goraya
    • Green Model Town
    • GT Road
    • Guru Amar Dass Nagar
    • Guru Gobind Singh Avenue
    • Guru Nanak Pura
    • Guru Teg Bahadur Nagar
    • Harbans Nagar
    • Hardyal Nagar
    • Hari Singh Nagar
    • Hoshiarpur Road
    • Islam Ganj
    • Jalandhar Amritsar Highway
    • Jalandhar Cantt
    • Jandiala Manjki
    • Joginder Nagar
    • Kalia Colony
    • Kapurthala Road
    • Karol Bagh
    • Kartarpur
    • Khambra
    • Khurla Kingra
    • Kishanpura
    • Kostadir
    • Ladhewali
    • Ladowali road
    • Lajpat Nagar
    • Lamba Pind
    • Maheru
    • Makhdoom Pura
    • Maqsudan
    • Master Tara Singh Nagar
    • Mithapur
    • Model House
    • Model Town
    • Moti Nagar
    • Nakodar
    • New Dashmesh Nagar
    • New Jawahar Nagar
    • Paragpur
    • Phillaur
    • Pholriwal
    • Pind Nagra
    • Preet Nagar
    • Raja Garden Colony
    • Ram Nagar
    • Rama Mandi
    • Ranjit Nagar
    • Reru
    • Sainik Vihar
    • Salempur
    • Sansarpur
    • Sant Nagar
    • Santokh Pura
    • Sarabha Nagar
    • Satnam Nagar
    • Shaheed Udham Singh Nagar
    • Shakti Nagar
    • Shiv Nagar
    • Suchi Pind
    • Suranussi
    • Surya Enclave
    • Tagore Nagar
    • Talhan
    • Urban Estate Phase 2
    • Urban Estate Phase I
    • Wariana
Unsecured Business Loan News - Feb 2017
18th Feb 17 Cash credit limit for MSMEs increased to 30 percent
Chennai government has increased the cash credit limit for MSMEs to 30 percent of the turnover against the existing limit of 20 percent with a view of encouraging MSMEs to conduct business digitally. Earlier in order to encourage MSMEs to focus on digitisation, the presumptive tax liability was reduced to 6 percent from existing 8 percent for the companies conducting business digitally.
17th Feb 17 Demonetization hits micro finance industry in third quarter of FY17
Demonetisation took a heavy toll on Indian micro finance industry both in terms of volume and value of loans and disbursed which fell considerably during the third quarter of FY17. Micro Finance institutions Network (MFIN) in its report has highlighted a decline of 26 and 16 percent respectively in the volume and value of micro loans disbursed during the third quarter of FY17.
16th Feb 17 India ratings maintains stable outlook for large state run banks with their ease of access to growth capital
Domestic rating agency Indian Ratings and Research maintained a stable outlook on large scale public sector and private sector banks, citing access to high level of capital as the reason. However, they retained a negative outlook on small state run banks due to limited access to capital and large non performing assets. The agency in its report highlighted that the banks would need Rs. 91,000 crore in tier-I till March, 2019 to grow at minimum pace of up to 9 percent CAGR.
15th Feb 17 SIDBI and MCCIA sign MoU to finance MSMEs
Small Industries and Development Bank of India signed memorandum of understanding with Mahratta Chambers of Commerce to provide business loans up to Rs. 50 lakhs to MSMEs on preferential basis. The MoU will target 1,600 MSME members of MCCIA in Pune and adjoining areas. SIDBI in association with MCCIA is likely to focus on MSMEs struggling to get loans.
14th Feb 17 Muthoot Microfin Limited raises 20 million dollars from Creation Investment Capital Management
Muthoot Microfin Limited, a subsidiary of Muthoot Pappachan Group has raised an equity investment of 20 million dollars from a US based investment firm Creation Investment Capital Management. Muthoot Microfin, a MFI offering loans to women entrepreneurs, plans to utilise the funds for expanding its business. The company expects to open 500 branches in the next three years.
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