Unsecured Business Loan Interest Rates and Offers Jun 2017
Last Updated 29th 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% |
Apply Business Loan @ 13.50%*
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 |
|
| Documents Required |
|
Unsecured Business Loan in Madurai - 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
- Aavin Nagar
- Aaviyur
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- Alagar Kovil Road
- Alanganallur
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- Anuppanadi
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- Arumbanur
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- Balarangapuram
- Bama Nagar
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- Bye Pass Road
- Chatrapatti
- Chinna Chokkikulam
- Chittampatti
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- Dindigal Highway
- Doak Nagar
- Durai Samy Nagar
- East Veli Street
- Ellis Nagar
- Gayathri Nagar
- Gomathipuram
- Goripalayam
- Iyer Bungalow
- JEMI Balaji Nagar
- K Pudur
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- KK Nagar
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- Kodikulam
- Koodal Nagar
- Krishnapuram Colony
- Kulamangalam
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- LIC Colony
- Lourdhu Nagar
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- Mahatma Gandhi Nagar
- Maistry Street
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- Melakkal Road
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- Milakaranai Village
- Minukkampatti
- Mukkampatti
- N M Sivanathan Nagar
- Nagamalai
- Nalukulam
- NARAYANAPURAM
- Narimedu
- Natham Road
- National Highway 7
- Nayakkanpatti
- Nedungulam
- NH 45B
- Nilakottai
- Othakkadai
- P and T Nagar
- P.T.Rajan Road
- Palangantham
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- Rajapalayam
- Ramaond Reserve Line
- S Alangulam
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- Sathamangalam
- Sathya Sai Nagar
- Sellur Road
- Shakti Nagar
- Sholavandan
- Sikandar Savadi
- Silaiman
- Simmakkal
- Solaipatti
- South Veli Street
- SS Colony
- Subramaniapuram
- Surya Nagar
- T Pudupatti
- T.Kallupatti
- Tallakulam
- Thai Moogambigai Nagar
- Thanakkankulam
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- Thenpalanji
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- Thiruppalai
- Thoppur
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- TVS Nagar
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- Vandiyur
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- Velmurugan Nagar
- Velvarkottai
- Vilachery
- Vilangudi
- Villapuram
- Virataipathu
- Visalakshipuram
- Vishwanathapuram
Business and/ or residence located in any of the following approved areas
