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SMEs and MSMEs Loan

SMEs and MSMEs Loan

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Loan for Businessman

Loan for Businessman

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Working Capital Loan

Working Capital Loan

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Overdraft Facility

Overdraft Facility

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Business Loan

Unbox your business loan to improve and expand your existing line of business, purchase new machinery and technology to enhance your business.
Stock your seasonal/wholesale inventory or promote your business cash flow within a few minutes of finding your eligibility for a business loan.
We at LoanUnbox are with you to expand, improve, revamp, and heighten your business to higher levels.

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Benefits and Key Features of Unboxing Business loan with Us:
  1. Unbox a loan to grow your business with attractive low-interest rates and Flexi EMI repayment options that best suit your business needs and development.
  2. For unsecured business loans, we don't ask for any security or collateral agreements while disbursing the loan to keep your business growing without any additional obligation.
  3. Machinery loan, SMEs or MSMEs, working capital requirements, or seasonal loan required, we would cover all your essentials needs while approving a loan.
  4. We have the best financial institutions and banks providing loans at the most competitive rates for you to compare and choose the best that suits your business requirements.
  5. Competitive Business Loan Offers to choose
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Eligibility and Documents Required for Business loan Process:

Minimum Eligibility:

  1. Age:21-75 Years

Proof of both Identity and Residence (KYC):

  1. PAN card
  2. Voter ID
  3. Aadhaar Card
  4. Driver's License

Proof of income:

  1. Last Three Assessment Years Income Tax Returns with computation of income
  2. Minimum one year's Balance Sheet and Profit and Loss Account Statements, with Annexures / Schedules
  3. Last six months Current Account Statements of the business entity and Savings Account Statements of the individual

Other documents:

  1. Business Profile
  2. List of Directors and Shareholders with their shareholding certified by a CA / CS in case of a company
  3. MOA (Memorandum of Articles) and AOA (Articles of Association of the Company)
  4. Partnership deed in case of partnership firm
  5. If any ongoing loans of the individual and the business entity, including the outstanding amount, installments, security, purpose, balance loan term, etc.
  6. Passport Size Photographs
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How You will Unbox Your Business loan
  1. Fill up an online application form with the necessary documentation
  2. Upon submission and once verified, we send an acknowledgment of the given contact details.
  3. Receive the loan amount in your bank account.
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Recommendations for successful application of a Business loan
  1. Evaluate your loan needs
  2. Research to get the best rate offers
  3. Thoroughly review the terms and conditions on your loan document
  4. Choose your lending tenure by evaluating your ability to repay
  5. Pick an interest rate that is affordable to you
  6. Choose your loan amount according to your comfort
  7. Check your EMIs properly
  8. Compare the processing fee
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How to avoid refusing an application for a Business loan?
  1. Approval of a request for a business loan will depend on several factors. When applying for a loan, you should make sure that all the aspects meet adequately to ensure your loan application is approved.
  2. Business loan eligibility requirements can vary from lender to lender. Several standard eligibilities include the applicant's age, income, credit score, business turnover, and so forth. Before applying for a loan, ensure all eligibility criteria have met.
  3. Will help avoid your loan application refuse. Also, there are other options you can use in case your loan application reject; it recommends double-checking before applying to prevent the probability of the application rejected.
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Types of business loans:
  1. Collateral business loan: The Collateral loan is a secured loan against the asset pledged for borrowing a loan. The loan amount will depend upon the fair market value of the asset and is relatively risk-free for the vendor, giving the benefit to the borrower, to raise a higher amount of loan at lower interest rates.
  2. Non-Collateral business loans: Non-collateral business loans are unsecured loans given to the borrower on determining the eligibility criteria based on the documents provided and the credit score.
    At LoanUnbox, you can compare and avail unsecured business loans as leading banks. Financial institutions are offering loans at lower interest rates, the quick disbursal, and manageable repayment process.
  3. Short-term loans: At LoanUnbox, shop, choose and compare short-term loans ranging between three months to eighteen months to meet your small, short, and immediate business requirements. A money crunch in businesses can stop your necessary production or expansion and the urgent working capital requirement that can fulfill with short-term loans. Depending on eligibility, most lenders provide unsecured loans in a quick disbursal to repay within a few months. However, in some instances, collateral agreements are required to support your low credit score.
  4. Long Term-loans: A business term loan is a one-time jumbo amount loan sanctioned based on your eligibility, to fund your business with the much-needed boost. At LoanUnbox, you can avail this loan with lower interest rates and fixed repayment tenure, to make your business grow at a much faster rate. In the event you qualify, you can repay loans up to Twenty-five years.
  5. business Overdraft Facility: A business overdraft is like a small business loan, once approved, an unsecured Business overdraft facility will give you access to quick money to meet your business needs. It is subject to credit review annually and is revolving. The interest will charge as and when the amount is withdrawals. On repayment of the principal + interest, only the principal amount is again available for a withdraw from the Business overdraft facility.
  6. Business credit cards: Business credit cards are like any other personal credit card but used explicitly for business. Make all your business purchases with this card, earn reward points and cash backs, and build your business credit by repaying the amount borrowed within time. You can choose from a multiple of options available from various vendors, which best suits you.
  7. Equipment financing: Equipment financing refers to a loan, used for purchasing or borrowing business equipment, say an oven for a restaurant or a company car. At LoanUnbox, compare and choose a tailor-made plan that best suits your requirement with affordable interest rates and a repayment process. This type is loan is usually for a fixed amount with a fixed tenure.
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What to Dos Before applying for a Business loan?
  1. Research offers before you apply for a loan.
  2. Do read the fine print carefully.
  3. Do save your monthly income for repaying.
  4. Pay installments of your loan timely.
  5. Apply for an affordable loan amount.
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Pre-Payment and Part Payment in Business Loan

A business loan sanction for a stipulated time. This period is known as tenure for the repayment of loans. After you took a loan, you expected to pay off the debt through EMIs by the end of the term on loan repayment. Furthermore, if you plan to pay off your loan before the completion of the repayment period by making use of a loan, it is called pre-payment or foreclosure.

  1. Full Pre-Payment in Business Loan

    If you pay the entire outstanding amount of the loan before the end of the loan repayment period.

    Full Pre-payment advantages

    • You can avoid excessive interest payments on your loan amount. Ultimately, if you have the money to pay off your loans, you could get rid of the credits too.
    • You can also avoid paying interest in advance payment if you have borrowed from a lender who does not charge interest on the loan's pre-payment.

    Full Pre-payment dis-advantages

    • If your lender charges a penalty on the amount of the loan pre-payment, you may have to pay an additional amount of money to pre-pay your loan.
    • Please review the other factors relating to it before you foreclose a loan. Foreclosing a business loan means you would be paying out a large amount of money at once. Probably not always the best option.
  2. Part Payment in Business Loan

    If you pay off a portion of the current loan amount before the end of the loan repayment tenure.

    Part Payment advantages

    • If you have some money available, you can choose to pay off a part of your current loan amount.
    • The part that pays your loan will reduce the outstanding amount of the principal, which, in effect, will reduce the monthly installment.
    • The overall interest you pay will also decrease considerably.

    Part Payment dis-advantages

    • You won't be able to maximize your savings if you don't make the part payment so soon enough.
    • If your lender is charging a fee for part payment of business loans, you may need to spend a large amount of money on the same loan.

Business Loan Fees and charges:
  1. Processing fee.
  2. Services Tax or GST.
  3. Verification charges. (if applicable)
  4. Fees for issuing duplicate statements
  5. Penalty for default EMIs
  6. Penalty for pre-payment and part payment of the loan
  7. lenders might collect documentation charges. These rates differ from lender to lender.
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