BIL is an unsecured Loan which provided to a self employed individual and entity. Unsecured Loans are normally used by small and medium enterprises (SME), who are keen on expanding their existing business or avail any business upgrade or equipment purchase against the borrowed amount. Loan for fulfilling their working capital requirement.
We offer among the best business loans in India, with complete transparency and competitive interest rates.
These days, many leading Banks and NBFC’s offering different products for all business entities. Our hassle free process, Simple documentation will help you to expand your business.
The interest rate varies from bank to bank and usually it varies depending upon your profile and the policies / Scheme you opt for . In fact , An individual must fulfil the eligibility criteria, before availing the business loan at this interest rate. Depending upon the profile of the customer, different lenders charges different rate of interest.
The following people are eligible to apply for a Business Loan:
Secured business loans are different from unsecured business loans because you need to offer some type of collateral to the lender in case you default on your payments for the loan. Basically, collateral is something that you can pledge as a security for repayment of a loan.
Because the loan is “secured”, interest rates are usually lower on secured business loans. They are also easier to get because they pose a smaller risk for the bank.
Secured business loans are higher-value business loans that require a borrower to offer something as ‘security’, usually a company asset such as property, land or equipment. This means the loan is ‘secured’ against one, or more, of these assets, which the lender can take if a business stops making repayments.
Secured business loans differ to unsecured business loans, which don’t require any security.
Because lenders have a better chance of recovering money if it’s secured against a valuable company asset, they tend to regard secured business loans as less risky than unsecured business loans. As a result, lenders can be more flexible with their terms, giving borrowers competitive interest rates and long repayment terms of anything between two and ten years.
Typical uses for a secured business loan include funding the purchase of commercial property, financing a major office refurbishment, and covering the cost of new machinery, all of which can require significant amounts of capital.
Not all lenders ask for the same thing as security on a secured business loan, but you should expect to pledge assets such as the following:
It's important to bear in mind that the value of your assets must be sufficient for a lender to justify giving you the loan.
You must meet the following requirements to be eligible for a secured loan: