Features of Business Loan

Posted by Shubham kalje on June 24th, 2019

Features of Business Loan

Business Loan is a great option when it comes to expanding your existing Business or starting something new of your own. There are some salient features of Business Loan which you should know before applying for one, which includes the following -

Collateral Free Loan

Business Loans are unsecured loans which mean that no security or collateral is required to apply for a Business Loan. One does not need to provide any asset like a car or a house to avail a Business Loan. The financial lenders review the Loan Applicant’s credit history, age, location, income details of the past few years and only then the loans are offered. Fixed Interest Rate ICICI Business Loan Interest Rates are fixed, which means the Interest Rate will not change for the entire Loan Tenure. The Interest Rate of Business Loan starts from 14.99% onwards.Loans up to Rs. 30 LakhWhether your business has needs for short-term loans, intermediate-term loans or long-term loans, ICICI offers business loans up to Rs. 30 lakhs. You can use the loan amount to invest in infrastructure, expand operations, buy equipment or inventory, or even to increase working capital.

No collateral icici bank loans are collateral-free, which means you won’t have to put your personal or business assets on the line to get financing. And since you don’t need to pledge collateral, there is no requirement for appraisal of the value of your assets. As a result, with collateral-free loans, funding is much faster and requires only minimal documentation.