Business loan is a fairly generic term used for different types of finance options that a business can access. In the current context, under Business loan we are largely referring to unsecured income-based loans for self-employed individuals or companies. Unsecured business loans have no requirement for a security or collateral to be submitted and are offered purely on the current financial strength and past credit record of the borrower.
They are not as flexible as overdrafts and other credit lines that support day-to-day working capital requirements but given their unsecured nature, they are relatively easy to avail with simple paperwork and speedy processing. However, that also means that Business loans are usually costlier than other forms of secured business finance.
DOCUMENTATION REQUIRED: --
# KYC OF FIRM AND INDIVIDUAL
# 2 YEARS ITRS WITH COMPUATION AND COMPLETE FINANCIALS
# ACCOUNT STATEMENT FOR LAST 1 YEAR
# OWNERSHIP PROOF