Unsecured Business Loans FAQs

A business loan is taken for meeting short term requirements of business, purchase of equipment, sudden business needs or any other purposes of business needs.

Business loans can be granted upto Rs.1 Crore. It depends on internal policies of the FIs

It is repayable over a tenor of maximum 3 years.

As the name suggests, since it is unsecured, the indicative interest rate varies between 18% p.a. to 22% p.a.

Any business- proprietorship, partnership, private and public limited company, with profitable financials can avail this loan.

This facility is unsecured. However, depending on the financial stability of the company, the guarantee of the individual promoters/directors may be requested by the bank/FI.

Repayment is made through bank accounts with the bank, security PDCs or direct debit into the account.

Clauses for prepayment of loan differs between banks.