Are you planning on expanding your business but worried about finance? Well, you don’t need to worry and sacrifice your entrepreneurial dreams. You can get an unsecured Business Loan. 

Getting unsecured loans in India is quick, easy, and hassle-free. There is no need for collaterals or guarantors. That’s why even small businesses can apply for these loans with ease.

What is an Unsecured Business Loan?

The Unsecured Business Loan is an unsecured credit for business owners to meet their growing capital requirements. It enables the financing of various business operations without collateral, securities, or business assets. 

Various SME loan options are available to entrepreneurs these days. For example – small Business Loans, Working Capital Loans, Microloans, and more.

What Does an Unsecured Business Loan Cover?

Business owners can use the loan amount to cover almost all business-related expenses, including:

•   Expansion of business
•   Reskilling/upskilling/training of the workforce
•   Building a line of credit for future
•   Meeting working capital requirements
•   Financing marketing-related expenses of the business
•   Purchase and stock of inventory
•   Buying new equipment/machinery/software
•   Expanding product/service portfolio
•   Capitalising on emerging business opportunities

What Are the Features and Benefits of an Unsecured Business Loan?

Clix Capital offers unsecured business loans with the most attractive features. It enables infusing short and long-term capital for your business growth at the most cost-effective terms.

Collateral-Free Loans

Availing of unsecured Business Loans does not require any collateral/security.

Minimal Paperwork

A business owner has to submit the bare minimum documents for identification and verification, such as address proof, identity proof, proof of ownership, and financial statements.

Instant Approval and Disbursal

At Clix Capital, the Business Loan takes only three days to get approved and disbursed in your account.

Large Sanctioned Amounts

Businesspeople can apply for a loan of INR 5 lakhs to INR 50 lakhs according to their financial needs.

Flexible Repayment

You get enough time to repay the loan at your convenience. The repayment tenure usually ranges from 12 to 36 months.

Who is Eligible for an Unsecured Business Loan in India?

At Clix Capital, the qualification criteria for a Business Loan are quite simple.

Age

You should be between 21 to 65 years of age.

Business Vintage 

Your business should be in operation for a minimum of three years.

Annual Turnover

The business should have a minimum annual turnover of INR 1 crore.

Credit Score

You should have a minimum Experian credit score of 750.

Which Documents to Submit While Applying for a Business Loan?

It is very important to know about the required documents to start the process for loan application, but not need to worry because only a few basic documents are enough to apply for a Business Loan in India. Following things are required to fill:

Application Form

Submit the complete application form with some mandatory personal information.

KYC Documents

Attach the scans or photocopies of address proof, identity proof, proof of ownership, and a passport-size photograph. Voter ID, Driving license, Aadhar card, PAN card, Passport, Utility bills – any of these work well as an identity and address proof.

Financial Documents

These include:

• PAN card
• GSTIN
• Six months account statement
• Income tax return for the previous two years
• Proof of continuity of business

To Sum Up

India is gaining popularity as an investment destination. Lending institutions and NBFCs are instrumental in funding young entrepreneurial dreams. If you are one of those businesses in need of funds, remember: there’s always an online business loan that best fits your financial need.