BUSINESS LOAN FOR GARMENT

Unsecured Business Loan

Are you looking for an unsecured loan to run your business or for any other purpose? If yes, then you should know everything about the unsecured business loan. Taking a loan for your business is the best thing if you are looking to expand and take your business to the next level. 

If you want to have a cash influx without putting any assets on the line, then an unsecured MSME loan will be the best bet. The best thing is that the creditor will not ask for any assets as collateral. You can pay back the loan to the creditor in monthly EMI's.

Unsecured Business Loan Eligibility

When it comes to unsecured business loan eligibility, the creditors make it easy for people to avail of the loan. Anyone who has a business and is looking to advance in their business is eligible for the loan. Sometimes some creditors can set the high expectation from their customers. Therefore, it is vital to identify a good creditor who you can trust. Let's look at some of the unsecured business loan eligibility criteria that the creditors commonly set.

• The first criteria are the age of the applicant. Typically, anyone between the age of 22-55 years old can apply for an unsecured loan.
• The next thing the creditors look at is the age of the business. They are reluctant to give new companies loans, as they do not know if the business will survive. If your business is running smoothly for at least three years, it should be easy to get a loan.
• The last thing the creditors see is the business's official documents, such as income tax returns, GST Certificate and the company's financial documents.

Unsecured Business Loan Interest Rates

Unsecured business loan rates can be anywhere between 1 percent to 2 percent. Therefore, as a business owner, you will have to identify the best option that works for your business ethos. The interest rates may vary from lender to lender, also on your credit-worthiness. If your credit history is strong you may get lower rates, while a poor credit history may warrant for high-interest rates. This is sometimes the best option when you do not have collateral to offer the lender.

Along with the unsecured business loan interest rates, you will also have to pay the processing fees. Every creditor will charge these processing fees, which mostly ranges from 1 percent to 2 percent of the unsecured MSME loan.

Unsecured Business Loan EMI Calculator

The Unsecured Business Loan EMI Calculator is straightforward, and anyone can easily calculate their EMI's. To know exactly how much you will be paying every month, you will have to know specific details about the loan. 

Three main criteria are critical while calculating the EMI. You will have to know the total loan amount and the tenure of the loan. Along with this, you will also need the interest rate of the loan. You can put this three information in the unsecured business loan EMI calculator to calculate the EMI amount.

Basic Eligibility Criteria

Taking an unsecured loan is a great way to boost your business and take it to the next level. Now, all you have to do is take a loan from a trusted creditor and make better use of it. Make sure you can trust your creditor so that they do not cause any problems in the future.

Documents Required & Basic Eligibility for Garment Business Loan

Frequently asked questions