Unsecured Business Loan is a tailor-made product for businessmen having an ongoing business for a few years and want to get funds to achieve new heights. Here you don’t have to mortgage anything, your loan amount is decided upon your growth plan and balance sheet.
The tenure generally ranges between 1-5 years and Interest rate ranges between 15-20 percent. So, this option is made for young businessmen but still, they hassle before going for this option because there are some myths regarding this loan. Now we will look at the 3 big myths and debunk them.
Only Big Banks offer Unsecured Business Loan
The financial industry has seen some dramatic changes in the last few years. A Lot of NBFC’s have arrived in the market and they are offering all type of loans at competitive rates. Business Loan in Mumbai and some big cities is their key product and they are taking more risks. So, banks are not the only options.
Bigger the Amount, Lesser the Chances
This is one of the biggest myths which is spreading through the market. The actual loan amount depends upon a lot of factors and Net Profit and Turnover are one of them. If your business has a decent track record and you have a strong growth plan then the bank will also try to stretch their arms.
Interest is the Most Important Thing
The Interest rate is the most hyped up thing in the Indian loan market. There is no denying to the fact that it is one of the most important things but not the only thing and there are some other factors also which you should look at. What if you get a comparatively lower interest rate but you are not getting your desired amount? So, you should always try to find a balance between these factors.
We hope we have cleared some of your doubts regarding the unsecured business loan. We Sunrise Finserve are one of the leading Unsecured Loan Providers in Mumbai. So if you are looking for an Unsecured Business Loan in Mumbai, we are the ones whom you can trust. We will definitely try to help your business to reach new heights