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

Unsecured Business Loan Interest Rates in Lucknow

Last Updated 24th Jan 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%*

I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry

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 Lucknow - 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
    • Ratnakar 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

    • Adil Nagar
    • Aishbagh Road
    • Alambagh
    • Alamnagar
    • Aliganj
    • Alinagar Sonhara
    • Amar Shaheed Path
    • Amausi
    • Aminabad
    • Anora Kala
    • Arjunganj
    • Asharfabad
    • Ashiyana
    • Bakshi Ka Talab
    • Balaganj
    • Balmikinagar
    • Bangla Bazar
    • Banthra Sikander Pur
    • Bhagu Khera
    • Bharavara
    • Bijnor Road
    • Butler Colony
    • Cantonment
    • Charbagh
    • Chinhat
    • Chowk
    • Civil Lines
    • Daliganj
    • Deva Road
    • Devariya
    • Dubagga
    • Faizabad Road
    • Faridi Nagar
    • Fazullaganj
    • Gomti Nagar
    • Gosainganj
    • Gulistan Colony
    • Hardoi By Pass Road
    • Hasanganj
    • Hazratganj
    • Husainabad
    • Husainganj
    • IIM Road
    • Indira Nagar
    • Itaunja
    • Jail Road
    • Jankipuram
    • Jankipuram Extension
    • Kakori
    • Kalli Pashchim
    • Kalyanpur East
    • Kalyanpur West
    • Kamta
    • Kanausi
    • Kanpur Road
    • Kathigera
    • Khadra
    • Khujauli
    • Khurram Nagar
    • Krishna Nagar
    • Kumhrava
    • Kundari Rakabganj
    • Kursi Road
    • Lalbagh
    • Lalkuan
    • LDA Colony
    • Lonapur
    • Madiyava
    • Madwana
    • Mahanagar
    • Malhaur
    • Malihabad
    • Maunda
    • Mohanlalganj
    • Mohibullapur
    • Mohmmadpur Majara
    • Mubarakpur
    • Nagram Road
    • Naka Hindola
    • Naubasta Kala
    • New Hyderabad
    • Nilmatha
    • Nirala Nagar
    • Nishat Ganj
    • Old Labour Colony
    • Omaxe City
    • Paliya
    • Para
    • Preeti Nagar
    • Purseni
    • Qaiserbagh
    • Rabindra Palli Colony
    • Raebareli Road
    • Rajajipuram
    • Rajendra Nagar
    • Saadatganj
    • Sanjay Gandhi Puram
    • sarfaraz ganj
    • Sarojini Nagar
    • Sector B
    • Sector H
    • Shaheed path
    • Sharda Nagar
    • Shivaji Puram
    • Sikanderpur Khurd
    • Sisandi
    • Sitapur Road
    • Siwlar
    • South city
    • Sultanpur Road
    • Sushant Golf City
    • Takrohi
    • Telibagh
    • Thakurganj
    • The Mall Avenue
    • Tiwaripur
    • Transport Nagar
    • Triveni Nagar
    • University Road
    • Vasant Kunj
    • Vibhuti Khand
    • Vikas Nagar
    • VIP Road
    • Viraj Khand
    • Vrindavan Yojana
    • Wazirbagh Mohallah
    • Wazirganj
    • Yahiyaganj
Unsecured Business Loan News - Jan 2017
24th Jan 17 Indian NBFCs raises Rs. 29, 000 crore via NCDs during FY 17
Indian NBFCs have raised a total funding of Rs. 29, 000 crore via non convertible debentures (NCDs) in the current fiscal year. Under the arrangement, DHFL raised funds worth Rs. 14, 000 crore through NCDs in the current financial year. The funds will be utilised for financing expansion plans, retiring debt, supporting working capital requirements and for other corporate investments. NCDs are loan linked bonds that are not convertible into stock and carry higher rate of interest than that of convertible debentures.
23rd Jan 17 Utkarsh Micro Finance to launch its small bank on 23rd January, 2017
Utkarsh Micro finance is set to initiate its banking operations from 23rd January, 2017. The new small bank expects to set up 490 branches by March, 2018. Utkarsh is the third company to start its banking operations with a small bank license.
21st Jan 17 Panel of 12 members to promote growth of MSME sector in Andhra Pradesh
District administration of Andhra Pradesh has set up a committee of 12 members to promote the growth of MSME sector. The plans to hold discussions with representatives of large industries to identify the measures required to promote MSMEs growth in the state of Andhra Pradesh.
20th Jan 17 Pay Pal enables MSMEs to expand their overseas business and launches PayPal Entrepreneur contest
PayPal, a leading online payment platform enables MSMEs to extend their business operations overseas through its web portal. The medium and small enterprises can register their business along with their bank accounts on the PayPal portal to perform transactions with different sellers. Under the arrangement, PayPal has also launched a PayPal Entrepreneur Contest for MSMEs.
19th Jan 17 Government to increase the corpus of MSE credit guarantee fund
Central government of India is likely to augment the corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) by Rs. 5, 000 crore. Under the scheme, the business loan limit will increase from Rs. 1 crore to Rs. 2 crore. The scheme is likely to be extended to loans offered by NBFCs. Currently, it is available only on loans offered by banks. The CGTMSE trust provides fund to banks for lending to MSMEs and is funded by Central Government of India.
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.