Which lender offers the best business loan without collateral security

Starting a new business or venture is not an easy thing. The procedure takes a lot of time, turning the dream into reality. If you are looking for a business loan without collateral security, the problems get more complicated because of unawareness.

Yes, there are government loans for business startup, but as we said, not many people know about it. Here we will tell you about such one lender who offers business loans without asking for collateral, and the process to get the loan is fast and secure.

Fullerton India business loan 2020

The Fullerton India business loan has been designed in such a way that it could take care of multiple needs. Whether you need to start a new business or expand the current one, the loan has everything. There are even customized business loans in case you think the pre-exist loans won’t work for you.

Whether your business is small enterprise or medium, the loan would be enough to cover the costs. By taking the business loan, you could unlock the true potential of your business.

• Fullerton India offers the business loan up to Rs 50 lakhs.

• The rate of interest is from 17% to 21 % depending upon several factors such as location, business location, etc.)

• The loan tenure is from 1 year to 5 years.

• The processing is up to 6.5% of the loan amount.

• The delayed EMI payment interest will be additionally charged.

• The prepayment charge is 5% of the outstanding loan amount.

• The NOC Charge is Rs 150.

• The penal interest is 2% per month.

• The foreclosure charge is allowed after 6 subsequent EMIs.

The eligibility criteria for Fullerton India business loan

• The borrower should have a proprietor, a private limited company, or a partnership firm.

• The borrower age should be between 27 years to 65 years.

• The minimum turnover of the business should be at least 10 Lakh minimum.

• The business should be up and running for a minimum of 3 years.

• The should have been profitable for the last 2 years.

• The minimum CIBIL Score required is 750.

Required documents for Fullerton India business loan

1. Application form

2. Proof of identity ( Aadhar Card, Passport, PAN Card)

3. Address proof ( Electricity bill, rental agreement)

4. Proof of business existence

5. Bank statement for the past 6 months

6. Balance sheet for the last 3 years

7. Profit and loss statement for the last 3 year

8. Processing fee cheque

9. Income tax returns for the last 3 years

Features of Fullerton India business loan

1. You could get the business loan without any collateral security.

2. The loan is approved quickly and without hassle.

3. There is even insurance for your loan.

Types of the Business loan offered by Fullerton India

1. Business loan for self-employed

2. Business loan for women

3. Business loan for doctors

4. Business loan for manufactures

5. Business loan for Chartered accountants

How to apply for a Fullerton India business loan?

You could download the Fullerton India business loan app from the Google play store or go to their official website to apply.

Conclusion

Overall, it is the right product if you are looking for a quick business loan. The popular features of this business loan is the disbursal time, which is quite fast. In the internet era, very few people want to wait for 1 month to get their loans. One more thing, before you sign the loan agreement paper, do read the terms and conditions carefully.