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Business loan without collateral is unsecured funding that can provide financial help to entrepreneur to get credit for short term funding purpose. These are provided by various banks & NBFCs.
A lump sum amount is received by the borrower that is to be repaid in defined loan tenure in the form EMIs. The type of interest rate can be fixed or floating.
A business loan can benefit an entrepreneur in many ways
Meeting up working capital needs
To purchase property for business operations
To buy new machinery or up-gradation of technology
For purchase of raw material or other inventory items
To fund expenditure on marketing
There are various types of business loans offered by Banks/ Financial institutions/ NBFC’s to customers. Before applying for loan you need to understand & assess each type available & which one is best for based upon your need.
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It is an important factor for determining the interest rate. Generally, a Credit score above 700 is considered good that helps get loans at lower rates
Business background & its vintage, turnover of the business for last 3 years, margins, etc. are some of the factors that affect interest rates
Promoter experience & understanding of the business & market are also considered by lenders
The documents required for availing of business loan varies with the nature of the constitution of business & salaried individuals.
Banks/ NBFCs/ Financial Institutions levies certain charges to process the business loan. These charges vary from bank to bank that every borrower must understand before applying for a business loan
It is a certain percentage of the loan amount that is to be paid at the time of application of business loan. These charges vary from bank to bank
If a borrower wishes to pay off the remaining loan amount before the end of loan tenure, then in that scenario bank charges a certain percentage of remaining loan amount. If the complete loan is closed then foreclosure charges are levied and if the part loan is repaid then prepayment charges are levied.These charges are generally in the range of 1% - 4% depending on financial institution
Charges like legal fees, valuation fees, stamp duty charges, document fees, etc. are levied by the financial institution before disbursal of the loan amount
At Kredpartner.com, applying for a business loan is a simple & hassle-free process. That start’s with just clicking “Apply now”
Step 1: Apply on the Kredpartner portal by just entering basic details such as name, city, mobile number, email id & your requirement
Step 2: Our authorized representative will call & understand your requirement in more detail
Step 3:You will be issued a login credential to create your profile & upload required documents
Step 4:Just sit & relax! Rest your Kredpartner will take care & guide you till disbursement
Once you have submitted your online business loan application on Kredpartner.com, as per your profile & documents uploaded, eligibility will be evaluated & then accordingly, the lender will be selected & the proposal will be forwarded to select lender post your approval & take the business loan process forward.
