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Where can I Get an Unsecured Small Business Loan?
Posted on Tuesday, February 14th, 2023 | By IndusInd Bank
An unsecured business loan is a collateral-free loan with a higher rate of interest. Packed with favourable features, a business instalment loan from IndusInd Bank is a great way to secure funds for your small business.
If you are a small business owner, getting funding for your business can be challenging, particularly if you prefer not to provide any security or collateral to the bank. In such cases, an unsecured business loan could be the solution you are seeking. Unsecured loans are a great option for businesses that don’t own too many assets, as well as start-ups that are growing fast and need additional finance to hire more employees, purchase inventory, or expand operations.
All you Need to Know about an Unsecured Business Loan
Detailed below are some of the common features of unsecured business loans:
- The borrower does not have to provide any collateral or pledge any assets against the amount being borrowed.
- This type of loan is given on the basis of the applicant’s creditworthiness and repayment capacity and history.
- Unsecured business loans typically have higher interest rates as the risk to the lender is greater.
- The loan application process as well as approval and disbursement of funds is faster as compared to a secured business loan
Unsecured Business Loans from IndusInd Bank
If you are looking to get quick, easy, and hassle-free funding for your business, look no further than IndusInd Bank. Designed to help businesses grow and develop, an unsecured business loan from IndusInd Bank is given on the basis of business vintage i.e. age of the business and audited financials for 3 years. Its key features and benefits are as follows:
- Option of availing a loan of up to Rs. 50 lakhs
- Basic documentation and speedy processing
- Easy instalments through longer loan repayment tenure of up to 48 months
- Doorstep service for assistance with all loan requirements
- The loan could be used for all types of business needs, including immediate cash needs, purchasing new inventory or equipment, timely vendor payment, bridge funding to cover the gap in delayed credit limit enhancement, as well as medium and long-term working capital requirements
The table below enumerates the eligibility criteria for availing an unsecured business loanfrom IndusInd Bank.
| Minimum Turnover of Business | Profitability | Paid up Capital | Age of Applicant | Business Vintage | Past Payment History | Ownership |
| Rs. 1 crore in the latest financial year with audited financial statements for 3 years | Positive Profit Before Depreciation and Tax (PBDT) in the last 3 years | Greater than or equal to Rs.10 lakhs | 25 years – 70 years (21 years for a 2nd generation businessman) | At least 3 years | 12 months of clean record for a minimum loan of Rs. 4 lakhs. | Mandatory ownership of property |
If your business has enough financial goodwill and you are comfortable paying a steeper rate of interest, financing solutions from IndusInd Bank are a great way to secure immediate capital for your myriad business needs.
A Business Instalment loan from IndusInd Bank is easy to apply for. You may apply for a business loan online. Just fill in your details and submit the application form along with the requisite documents for further processing by the bank.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
