If you want a business loan without offering collateral security, an unsecured business loan might be just what you are looking for. These are good funding options for businesses that don’t on any assets in the form of properties or businesses that would prefer not to offer any collateral security or any company that growing fast and needs finance quickly. Many Banks and NBFCs provide different varities of unsecured funding up to 2Crores.
Availability of bank credit without the hassles of collaterals would be a major source of support the entrepreneurs to expand their business. Keeping this objective in view, Ministry of Micro, Small & Medium Enterprises (MSME), Government of India launched Credit Guarantee Scheme (CGS) so as to strengthen credit delivery system and facilitate flow of credit to the MSE sector.
Maximum Loan amount: 2 Crs
Which type of business can avail the scheme?
Manufacturing and Service industry ( Except Retail trade, Educational institute, SHG, Training institutions)
Loan amount :Upto 1 Crs
ROI: 16% upward
Processing fee: 2% of the loan amount
Loan tenure: upto 5 years
Who can be funded:
Who all are eligible under self employed non- professionals ?
Who all are eligible under self-employed professionals ?
On What basis business loan can be availed?
Documents required:
Existing loan details (if any)
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