Every entrepreneur will agree to the fact that you need funds to grow your business. Money is the lifeblood of a business and if you do not have access to funds, it can become difficult to sustain the business. It is not possible to get funds from family and friends time and again. This is where financial institutions offer a lending hand. You can apply for an unsecured business loan and get access to funds in no time. As the name suggests, the loan is unsecured and you do not need to provide any asset as hypothecation against the funds.
Before you apply for the loan, it is best to identify the purpose of borrowing and the amount you require. This will put you in a better position to make the loan application. Every lender has a varying eligibility criteria you need to be aware of. You can compare the same online before you make a loan application. The biggest advantage of an unsecured loan is the quick process and approval. Since there is no hypothecation of the property, there is no requirement of property documents and there is no need for the tedious process of hypothecation. This means that the loan application is processed and approved at the earliest.
Once you zero in on the lender, you simply need to fill up the application form and submit documents as required. Most lenders require you to provide an identity proof, address proof, proof of existence of business, bank statements, income statement and balance sheet, projected income statement and balance sheet and ITR. You might need to provide Articles of Association and Memorandum. The loan application will be processed within 10 to 15 working days and you will get access to funds in no time.
You can use the funds for any purpose in the business. There is no restriction on it. The loan has high approval amount and flexible repayment tenure. You can compare the interest rate online before you make the application. Choose a lender with low interest rate so that the EMI amount is low and the monthly outflow is in control. Consider the cash flow situation before you proceed with the loan. Understand the terms and conditions of the loan thoroughly and then sign on the dotted line. You can use the EMI calculator to get an insight into the EMI payable on the loan. The calculator is available online and is easy to use. All you need to do is provide the loan amount and tenure to get a quick estimate.
An unsecured business loan will help take your business to new heights. Whether you want to enter a new market or introduce a new product in the industry, the loan will help you. It is best to choose a reliable lender for the loan and inquire about the processing fees. The customer executives will be happy to help you throughout the process. Take your business to its potential and turn your aspirations into a reality with the business loan.
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