Apply for Unsecured Business Loans at Low Interest Rate
Posted by HeroFincorp on September 16th, 2020
Every entrepreneur dreams to take their business to new heights, however, it is easier said than done. If you own a business and are looking to take it to its potential, you will require funds. Getting access to funds in a competitive market is not easy and the best way is to apply for a loan. You cannot depend on your family and friends for funds. This is where business loans make all the difference. The two most common types of business loans are secured loan and unsecured loan. A secured loan, as the name suggests is a loan that requires security against funds. You need to hypothecate an asset with the lender in order to get funds. And in unsecured business loans, you do not need to hypothecate any asset. You can get access to funds based on your profile and credit history. Considered as one of the most common forms of borrowing, unsecured loans have low interest and a quick approval.
The loan is available for every type of business in the industry. The biggest advantage of the loan is that you can use the funds for any purpose in the business. There is no restriction on the end use of it. You can use it to start a new product line, purchase new assets, enter a new market or meet the working capital needs. Due to increasing competition in the industry, the interest rate offered on the loan is low and lucrative.
Scout the market for reliable lenders in the industry and then make a decision. You need to understand their eligibility criteria and then approach the lender. You can find complete details about the eligibility criteria online. You can be a sole proprietor, partnership or a corporation but the business should be in existence for a period of three years. Your business should be profitable in the industry. In order to apply for the loan, simply fill the application form and submit relevant documents. You will have to provide KYC of the partners, address proof of the business, proof of going concern, business registration documents, bank statements and ITR. You might be asked to provide income statement and balance sheet and projected income statement and balance sheet. Once everything is in place, the loan will be processed and approved in no time.
There is a huge advantage of applying for an unsecured business loan. The documentation is minimal and application is quick and easy. Since there is no hypothecation of documents with the lender, your loan application will move quickly. The lender will not require valuation of the property and transfer of documents. You will get immediate access to funds for the business. You can make the most of a business opportunity with the funds in hand. The loan has flexible repayment tenure and a low interest rate.
You can repay the loan in EMIs over the tenure. Use the EMI calculator to get an insight into the EMI amount payable each month. The calculator is available online and is free to use. All you need to do is provide the loan amount and tenure. The calculator will give you an estimate in no time. Be practical when you agree on an EMI amount as it will be your monthly outflow. You can ask for a longer tenure if you think that the EMI amount is very high. The customer executives will be happy to help you. Understand the terms and conditions of unsecured business loans and then sign on the documents. The loan will take your business to its potential and will help turn your aspirations into a reality.
About the AuthorHeroFincorp
Joined: August 28th, 2017
Articles Posted: 19
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