Unsecured Business Loan

Unsecured Business Loans

As the name suggests, Unsecured Business Loans are the type of loans where the credibility of lent money is not secured. The loan is granted to the applicant without any collateral, only based on financial documents and proof. The loans are mostly oriented towards private limited companies or the applicant trying to establish his/her own company.

Eligibility

The criteria or the requirements for being eligible for unsecured business loans depend on the type of bank. However, the central criterion is that the person must have a minimum experience of 3 years with visible growth.

Documentation

Some of the documents which are required to get eligible for Loan against Property are:

  • Document proof for KYC such as Adhaar, PAN card, identity proof, Passport, etc.
  • Document proof for the running business or self-employment with an Experience of a minimum of 5 years.
  • 6 months prior bank statement proof
  • The ITRs balance sheet, Audited finance, and profit and loss account for the last 2 years.
  • ITR/ Trade license /Establishment /Sales Tax certificate as a Proof of Continuation
  • Other documents such as Sole Prop. Declaration or Certified Copy of


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