Getting a small business loan without security in Mumbai

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Getting a small business loan without security in
Mumbai
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• It is an exciting time to be an entrepreneur.
  Why? Indian banks, new-age financial
  institutions and NBFCs are making it easier to
  get quick business loans. Typically, there are
  two types of business loans in India available
  for a small business owner secured and unsecured
  business loans. There will be occasions when a
  business owner wants a loan without security.
  Unsecured business loans or loans without
  security do not require any collateral as they
  tend to be smaller. If you want to apply for a
  business loan in Mumbai, here are some things you
  should know.
• Factors that influence an unsecured business loan
  application
• Since finances are the backbone of any venture,
  financial institutions make it easy to
  get collateral free loans. Applicants usually are
  required to meet the following criteria, to get
  a business loan in Mumbai

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• The applicant must be between 23-65 years old.
• The business should have been operational for a
  minimum of 1 year and tax returns should have
  been filed.
• The applicant must have a good credit score.
• The applicant must have a good business growth
  plan with revenue generation.
• The applicant must have chalked out a clear
  repayment plan.
• If the business meets the above conditions, the
  applicant needs to fill in an online business
  loan application form on the lending
  companys website or mobile application. A loan
  officer will consider the above factors before
  disbursing the required funds. Collateral free
  loans carry higher interest rates as the lenders
  risk is higher. The term for an unsecured loan is
  also shorter.

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• Other factors, which influence the business loan
  process
• Stage If you are a new business, it may be more
  difficult to get a loan from a bank and in such
  cases, private business loans are an option to
  consider. If your business has been operating for
  1 or more years, it is easier to get that loan as
  there is a performance track record that can be
  considered, before a loan is offered.
• Product/service competitiveness Lenders consider
  this aspect before they sign off on a business
  loan in Mumbai or any other location in India. If
  your company has been doing well in its niche or
  is on par with companies in a similar field, then
  unsecured loans are easier to come by.
• Amount of business loan The amount requested
  plays a big role in the sanctioning, especially
  in the case of collateral free loans. Modest
  amounts are easier to get if your companys
  financials are strong. Before applying, you
  should run all the possible numbers and be very
  sure of your ability to repay.

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• Whom to approach It is always easier to approach
  an institution you have done business with in the
  past. Talk to your digital lending company or
  NBFC about getting a collateral free loan, as
  he/she is familiar with your business and its
  operations. Having a good credit score and a
  solid repayment history will facilitate
  getting business capital loans, when you need
  them most.
• Essential tips to note
• Find out more about the terms and conditions
  for unsecured business loans being offered by
  different institutions.
• Eligibility criteria can vary for each
  institution, as well as the formalities required
  for easy small business loans.
• Keep in mind that you will have to pay
  higher interest rates for unsecured business
  loans as compared to secured business loans.

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• Your credit scores (CIBIL) must be good to get
  a collateral free business loan.
• There will be a service charge levied to get a
  loan.
• Loan limits vary for each institution so do
  your homework and apply only for the amount that
  you need.
• Loan processing usually takes 4 to 5 working
  days after the required documents have been
  submitted and reviewed by the lender.
• Loan pre-payment is a good idea check out this
  option and the charges you will incur for early
  repayment of the loan.
• Unsecured business loans are a great resource for
  the growth of a small business. While secured
  loans are essential to establish and keep a
  business running, short-term unsecured loans play
  an important role.  These loans are critical as
  they help a business to tide over difficult
  times.
• Visit us https//www.tribe3.com/

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• Author BIO
• Tribe 3 offers the best unsecured business
  loans online in India, on transparent and
  competitive interest rates. Click to know more.
• Contact us 917666207768
• Visit us http//www.webcogitate.com/