Overview
Unsecured loan normally provided by the bank on the basis of your existing turnover ,repayment track record .if you borrowed the loan from the any financial institutions , fund flow in the bank ,civil record of the applicants .The main motto of the unsecured loan is basically for those company who really performing very well in terms of the sales and income but they are not able to make out the productivities due to adequate financial crunch or trade deficit in terms of late payment recovery from the respective buyers so that it will help to fill the gap between the trade credit period and the payment receipt from the respective debtors .
Eligibility & Documents Required
Eligibility Criteria
Your eligibility depends upon your sales turnover and the payment receiving from the respective buyers and repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.
Documents Required
- Duly filled application
• Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
• Passport size Photographs of all applicants
• Business Proof
• Latest Address Proof
• Last 3 years income tax return of firm / Company with GST return
• Last 12 months bank statement of main operating account of the firm
• Audited financials
• Certified 3 copies of MOA /AOA / Partnership deed as applicable
• Existing CC limit /Loans statement copies if you borrowed the loan from the banks
Frequently Asked Questions: FAQ
What is a Unsecured loan ?
Unsecured loan is not a secured funds and its normally provided by the by bank on the basis of your existing turnover ,repayment track record .if you borrowed the loan from the any financial institutions , fund flow in the bank ,civil record of the applicants.
Are there any additional charges?
A processing fee up to 2 % depending on the Banks . This fee will be deducted from the disbursal amount payable to you.
What are the minimum and maximum loan amounts?
The loan normally decided on the basis of the sales volume and the minimum/maximum average balance maintained with the bank accounts since last 2 years .Unsecured loan subject to maximum sanctioned by the bank by Rs. 2 crore for 3 years .
How many days does it take to process the Unsecured loan
On submission of your entire documents in accordance with the Bank requirements it takes 14 Working Days. All loan approvals are at the discretion of the Bank.
How do I repay the Unsecured Loan ?
You can repay the loan within a stipulated period of 3 years by in installment as per the indicated in the loan agreement .