| Is Security Required? | No |
| Is Guarantor Required? | Not in most cases |
| What is the Tenure? | 1 to 4 years |
| What is the Interest Rate? | 15% to 36% (Diminishing) |
| Is Part Payment Allowed? | No |
| Is Pre-Closure Allowed? | Yes (for a nominal fees) |
| Is Balance Transfer Allowed? | Yes |
| What is the minimum Income? | Rs. 1,00,000 /- Net Profit (pa) |
| How many days does it take? | 5 to 10 days |
| What is the loan amount? | Rs. 1,00,000 /- to Rs. 70,00,000 /- |
Business Loan to a Self Employed is similar to a Personal Loan to a Salaried. This loan does not require a security and thus the documentation involved is minimal. Thus a Business that requires a quick financial assistance during an unforeseen situation, can opt for a Business Loan.
As this is a Loan without security, Banks rely on Business Stability as the main criteria to extend a Business Loan. Banks look for a stability of at least 3 years with steady growth in profits (in most cases it is minimum of 5 years). Business Loans are also extended based on previous loan track and on a healthy bank statement.
