Small Business Loans For Unemployed

What are Small Business Loans?

Small business loans are specialized loans that are designed for the investment needs of a on one less. They are also known as commercial loans. These loans can be secured or unsecured. The loan would be whether secured or unsecured would depend upon the amount you require. Whether you will get an unsecured loan or a secured loan would also depend upon the fact that whether you has been a good customer of bank or not. If the borrower has a good relationship with the lender, the borrower might not be required to get security to be submitted.

Pros of Business Loan

1. Fast processing and approval.

2. Minimal documentation.

3. No security is required if you are applying for an unsecured small business loan .

Small Business Loan Eligibility Criteria

The criteria that you must meet or fulfill before applying online for a small business loan include:

( Note - the below-mentioned points broadly covers the small business loans eligibility criteria or different lenders and can differ from one lender to another)

1. The applicant be a self-employed professional.

2. The applicant can be a salaried professional.

3. The applicant can be a manufacturer, retailer or trader.

4. The applicant or borrowing candidate must be if 21years of age.

5. The maximum age at the time of loan maturity of the borrowing candidate must be 65 years.

6. The businesses minimum turnover in the previous year must be rupees 10,00,000.

7. Income Tax Return should be of more than 2.5 lakhs in the past year.

8. The current business should be in existence for at least 3 years.

9. The applicant must have experience of running any business of 5 years.

Small Business Loan Procedure

The procedure to apply for a small business loan is pretty straightforward.

If you want to apply online for a small business loan you can follow the below-mentioned steps:

1. Check The Criteria

Firstly, check for your eligibility. This must be your first step while applying for any loan. See if you are eligible to get the loan so your application doesn't get rejected when you apply. Also, check the total interest you would be paying using a Personal Loan EMI Calculator . It's better to compare different lenders' offerings and then go for the best loan product.

1. Fill the Application form

Fill in your personal and other details as asked in the form.

1. Upload documents

Upload the required documents such as identity proof, address proof, business incorporation certificate etc.

1. Review and submit

Check if there are any errors. Reread the whole application, check if correct documents have been uploaded and then submit the application.

1. Wait For their response

Wait till the lender checks your eligibility, application form and verifies your documents. Once this happens, you would be informed and the loan would directly get disbursed in your account.

If you want to apply offline, follow the steps

1. Visit your bank with the required documents. It might require you more than one visit if your bank is usually occupied with customers

2. Ask any bank representative about the application form for a small business loan. The bank representative would also guide you regarding the different schemes they offer related to small business loans. You can make up your own which one you want. You can also come some other day if you want to do a bit more self-research.

3. Fill the form and submit the documents to the bank representative.

4. They will check your documents and will check your application form.

5. If everything seems on point, you will be informed that your loan application has been approved and that the amount would directly be disbursed in your account.

6. It would not take more than 2 to 3 days for your loan amount to get disbursed. If you go for a secured loan, you might have to spend some extra time in the bank till they verify the worth of the security you have submitted.

7. Check for different personal loan products such as Indiabulls Personal Loan , SBI personal loans etc. Before you go for any loan.

8. When you visit, make sure you ask them about every single detail and read the terms and conditions very carefully.

Also read this: Two-Wheeler Loan For The Used Vehicle