The maximum amount you can obtain under an unsecured business loan is Rs 5 crores. The amount depends on your turnover, profitability, CIBIL score and business vintage. 

In general, the interest rates on unsecured business loans are higher in comparison to secured business loans and vary as per the lending facility’s policies, business type and needs etc. It is because of the fact that since the lending facilities do not have any collateral pledged by the borrower and hence the loans are priced higher.

In case you default on the loan payment, you might be served with reminders to make the payment. In case, you default on that too, the lending facility will be then free to take a legal action against you.

In general, a banks/NBFC's can take up 3 to 7 working days to finalize the process of lending the unsecured business loan. The major chunk of time is spent on verifying the documents provided by the applicant. Once the documents are verified, the loan sanction happens in 3 - 7 working days.

At Maxigain Capital, we can get you a business loan in 24 hours once we receive all the documents required for the loan processing.

Maxigain Capital helps you with:

• getting maximum loan amount for your business in as less as 24 hours
• the partnership of a team that comes with a total of century-worth experience
• making the loan application process easy, smooth and quick

Get in touch today to sort out your tomorrow!

MSMEs, individuals and startups, Private and Public Limited Companies are the perfect consumers of unsecured business loans in India.

CIBIL {Credit Information Bureau (India) Limited} is most popular of the four credit information companies licensed by Reserve Bank of India (RBI). The other three are Experian, Equifax and Highmark.

CIBIL score helps a financial institution decide your repayment ability. CIBIL score facilitates the banks and such authorities whether you are credit-worthy and can pay the loan. Maintaining a good CIBIL score helps you get an unsecured business loan faster.

It depends upon the lending facility. Some allow the pre-closure on business loans right after the payment of first EMI whereas some may have a lock-in period after which only you are eligible to close the loan.

The lending facility can also charge pre-closure fees. It is recommended to check with your bank first.

In case you are afraid you will default on the repayment of the unsecured business loan, you can inform the lending facility. Based on their policy, they might consider doing some adjustments in their stringent rules and guidelines. 

You can also take help of an accountant who can give you the options of other cash revenues.

You can also opt for refinancing.

NBFC’s are quicker in disbursing the loan amount, usually within 24 hours, if you meet their eligibility criteria dot to the last requirement. Here are a few steps you can take to make sure you get approval of a business loan:

• Maintain a good CIBIL score

• Maintain low monthly debts 

• Put all the required documents ready to be checked and verified 

• Satisfy the eligibility criteria 

• Apply for the right amount you need

A working capital loan helps businesses with the constant support of capital to keep the business functioning and growing.

Top-up loans extend the loan amount which gives you more freedom to get your tasks done. Instead of paying two separate instalments, you can infuse the existing loan with the top-up loan, and make one monthly instalment.

A flexi-loan loan allows you to borrow a certain amount from the principal loan amount in the form of overdraft or credit line facility whenever you need. The lending facility will only charge interest on the amount borrowed, and not on the entire sum. You will need to clear the interest charges in case you wish to repay the entire loan amount.