No Security Required
14% R.O.I
Less Documentation
An unsecured business loan is a type of loan that is offered by various banks and NBFCs collateral free to the borrower. These loans are often called signature loans, as these loans are granted to the applicant without any collateral with minimal documentation. Unsecured Business Loan in India can be approved online, the borrower can provide online documentation on the portal and enjoy quick disbursal of loans in their respective account quickly.
Unsecured loan for business is a smarter choice when it comes to the successful running of a business in the absence of collateral. The interest rate of unsecured business loans is a little higher than that of secured business loans. As these loans depend on the creditworthiness of a person hence, one should have a credit score of more than 700. Boost your CIBIL score and increase your chances of getting a loan. My Mudra is a one-stop solution for people who are seeking financial assistance for their business and have no security.
The unsecured loan for business is granted by the banks on minimal documentation. This is an additional benefit to the applicant who can apply for the loan with documents that are easily available and accessible. Mentioned below is the list of documents that are required in the process of applying for and approval of an unsecured business loan.
1.) PAN Card – For Company/Firm/Individual
2.) Identity proof required for unsecured business loan includes documents like Aadhaar Card, Passport, Voter's ID Card, PAN Card and Driving License.
3.) Documents required for unsecured business loan for address proof inclde documents like Aadhaar Card, Passport, Voter's ID Card, Driving License.
4.) Additional documents required for unsecured business loan
a) Bank statement of the previous 6 months'
b) Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
c) Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
d) Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
The process of applying for an unsecured business loan is a cakewalk with My Mudra. Get to know about the process of applying for an unsecured business loan.
1. Apply unsecured business loan online from My Mudra.
2.Get documentation done online on the portal.
3.Get your unsecured business loan approved and disbursed within hours from My Mudra.
Besides offering a loan with no security and minimal documentation, there are many benefits of an unsecured business loan. Get to know about the benefits of an unsecured business loan and know how it can help to prosper your business.
