Without the collateral of small businesses, the loan is designed to give momentum and the desired drive to small and medium-sized businesses. The flexible features of without-collateral business loans make them quite popular with the majority of these starting businesses. Some of these features are:
- Quick processing
Banks will provide fast disbursement procedures, your loan will be authorized within three business days of any banks if the documentation process is completed. You may receive a loan of up to 10 crores without trouble. We make each effort to expedite the loan’s execution and to guarantee that it is made available within the specified time frame.
- Options for Repayment
There are presently a variety of repayment substitutions available for business loans in Jaipur. Creditors are often aware of the difficulties characteristic of small business operations. They do, on the other hand, have a range of adjustable terms and conditions. They can allow for an adjustable EMI dependent on the company’s financial position and also allows for fast payments for recurring payments.
- Credit Rating
FlexiLoans are an excellent way to progress your business’s credit score and report loan activity to all three main credit bureaus. Moreover, a business loan from FlexiLoans is beneficial for businesses that have only just seen their credit score fall as a result of unforeseeable market conditions.
- Minimum Required Documents
One of our primary benefits is that the banks accept loan requests with minimum paperwork. As a consequence, it is not necessary to provide such documentation to apply for a business loan with the banks. Furthermore, because the banks will provide company loans without needing equity, no asset or collateral documentation is required. An electronic uploading document of business financing paperwork is feasible.
Business Loan Eligibility Criteria without Collateral
To make sure quicker loan approval, the financial institutions’ business loan interest calculator will keep the business loan guide short. Here is the documentation work you must provide to ensure that your application is reviewed as quickly as possible.
- An individual must attain the age of 21 years when applying for a loan and not more than 65.
- Loans without Collateral are available to individual corporations, sole proprietors, and private businesses involved in trading, production, or services.
- The candidate must have worked in the business for three years and have at least five years of experience.
- Offers Collateral-free loans to those businesses that have been successful for at least a year and have monthly total sales of at least rupees 2,00,000.
- An applicant who has never shirked on a loan with an economic institution.
- A patron guarantee from the Indian patent and brand office is required.
- The previous year’s income should be fully examined by a CA.
- Proof of residence and business location.
- If the company has been in service for even more than 3 years, you can apply for a Collateral-free loan.
- You can also ensure that there are no errors in previous accounts and, as such, the company is tax compliant.
Finally, verify that the documentation is in order well in advance of applying for a loan, and hold it in digital format so that it could be submitted during the application process
