Unsecured Business Loan
If you are in a situation where you need funds for financing your short-term working capital and are not willing to pledge your asset(s) as security, Vinayak Associate helps you overcome this financial hiccup by providing you with an unsecured business loan.
What Is An Unsecured Business Loan?
An unsecured business loan is a short-term loan for businesses where the borrower does not need to provide security in the form is a valuable asset(s) for securing funds. Here, funds are provided on the basis of the creditworthiness of the borrower and their capability of paying the loan back on time.
However, it is important to remember that the interest rate for an unsecured business loan is higher and the term is shorter in comparison to a secured business loan. This is because these loans come with a higher risk for the lender.
Why Do You Need An Unsecured Business Loan?
At Vinayak Associate, you can apply for an unsecured business loan for an array of financial purposes, including some of the following reasons:
- If you need to purchase new inventory
- If you need to fund your marketing campaigns
- If you need to settle short-term debts
- If you want to hire new employees
- If you need to buy new equipment
- If you want to cover operational costs
- If you need to improve the cash flow of your business
How Does An Unsecured Business Loan Work?
As mentioned earlier, we will not ask you to provide your assets as security for getting an unsecured loan. Once you approach us, we will focus on the following key factors before approving the loan application:
These are the factors that would determine the amount of loan one can borrow, the interest rate on the same, and the term of your loan. Once your eligibility is assessed, you will need to submit the following documents for getting your loan processed:
Once these documents are submitted, we will process your application and disburse the funds at the earliest.
- Your credit score (a CIBIL score above 750 is considered best for most cases)
- The revenue your business generates
- Age of your business and years of activity
- History of financial borrowings
- History of bankruptcy (if any)
- Reputation of business in the market
- Identity proof
- Address proof
- Copy of Income Tax Return (one year at least)
- Business bank account statement for the last 6 months
- Balance sheet and Profit and Loss Statement for the last 2 years
- Proof of business ownership
The meaning of a car loan is pretty self-explanatory.
Why Choose Our Services?
Hassle-free Application
Our team ensures that you face no issues in applying for your unsecured business loan and go through the process seamlessly.
Fast Approval and Disbursement
We do not make the approval process unnecessarily long and inform you about your application being approved or disapproved almost immediately. Once approved, we will disburse the funds in your account at once.
Get Your Credit’s Worth
If you hold strong credit in the market, you can rest assured that you will get its worth in the loan amount sanctioned by us.
No Collateral
The business assets you hold have no impact on the loan amount, rate of interest, and the term of your unsecured business loan.
Minimum Documentation
We save you from unnecessary paperwork and ask only for the necessary documents for processing your application.
Our team at Vinayak Associate is dedicated to helping you manage your finances in the best way possible and overcome all financial hassles faced by your business.
Contact us today for checking your eligibility and taking the first step for obtaining a loan for your business.
