These are of two types – Secured & Unsecured
What is an Unsecured Business Loan ?
The growth and sustainability of a business depend on the continuous inflow of funds. The funds might be required to expand the business or purchasing equipment. The funds can be borrowed in the form of a loan from banks and other financial institutions. Business Loans are typically unsecured in nature which means no collateral or security is required to borrow a loan. Business Loan is a debt provided to the company or the self-employed professionals or business owners that are to be repaid along with the principal amount. The rate of interest is usually pre-determined by the lending institutions. A Business Loan in India is offered at competitive interest rates, with a low processing fee, and without any security or collateral. Several leading banks and NBFCs including HDFC Bank, ICICI Bank, IDFC First, Citibank, Fullerton India, Tata Capital, and so forth are offering business loans.
Types Of Business Loans in India
- Term Loans: Term Loans could be used for business expansion or capital infusion requirement of an organization. Generally, a term loan is the loan offered for the acquisition of long-term fixed assets including land or building, machinery, and other business needs. The interest rate can be either fixed or floating and are usually have a fixed repayment schedule.
- Special Business Loan Scheme for Women Entrepreneurs: Today banks are offering attractive business loan scheme for women entrepreneurs at low rates of interest. However, women entrepreneurs who have business ownership of less than 50% are not eligible for special loan schemes.
- Working Capital Loans: These types of loans are offered to meet the daily operating expenses of the business. These loans can be further classified as secured and unsecured loans.
Eligibility Check …………….
Documents Required – Check List …………..
Why BL from VIVA ?
VIVA is the leading online platform for financial services that can get you the best Business Loan deal with maximum advantages. VIVA is the oldest market player with more than 29 years of experience of delighting customers. The experienced and skilled team of VIVA deeply analyses your financial requirements to get you the best loan offer in the market. The service-oriented professionals provide you support from the initial stage to the end stage of loan disbursement. The key advantage of taking a Business Loan from VIVA is the support the team offers even after the loan disbursement. You can apply for the best loan deal with VIVA today.