What are the eligibility criteria for an Unsecured Business Loan?
·The business should have completed a minimum of 1 year and should be profit making
·Minimum turnover for latest year should be at least 6 Lacs
·Income tax returns for last 3 years should have been filed
·The applicant or the co-applicant must hold a Current a/c
Which types of Legal entities are eligible for loan?
·Pvt. Ltd. Co.
I have registered my business this year, but have been running it since long. Will my application be considered as eligible, with less than one year in business?
The age of your business shall be considered as per the business registration proof.
Will I get to see my eligibility once I complete the online application process?
We will provide you with an estimate of your loan eligibility, on your screen, as soon as you complete your application with us. However, the final amount sanctioned to you, will be subject to a detailed analysis of all your financial and banking documents submitted and a personal discussion with one of our credit managers.
Will I be sanctioned the same loan amount as estimated during online application?
Based on the information declared by you, we arrive to an estimated loan amount you are eligible for. However, your actual sanctioned amount is subject to a thorough analysis of your financials and banking details by our credit assessment team.
What if the required documents are not ready while making an online application?
We will not be able to estimate your eligibility unless you complete the application with your documents. If you are not comfortable submitting the documents online our executive can come to your doorstep and collect the document or you can visit our office and submit your documents in the office itself.
Is it mandatory to upload financial documents while making an online application?
No it is not mandatory but it would certainly help if you provide us all the required documents with your online application as this will help us understand you better and faster.
How quick can I receive the funding?
Once you have completed your application with all supporting documents, we can disburse the funds in your nominated account in as fast as, 3 business days.
Which all documents should I submit to avail an Unsecured Business Loan?
·KYC Documents of the Applicant and Co-Applicant
·Registration/GST certificate of the shop
·ITR of the last 3 years.
·Bank Statement of last 6 months
·Ownership proof or Rent Agreement of the shop and residence