How to get a quick business loan without any security or guarantee

While nationalized banks mandate collateral for a business loan to hedge against non-repayments, Non-Banking Financial Companies (NBFCs) do not put such onerous requisites.

They provide business loan in Nagpur minus security or guarantee if the loan seeker fulfils certain criteria. Though the interest rates are slightly higher vis-à-vis the nationalized banks, the loaning process is simple, efficient and quick.

Here’s exactly what a typical NBFC loaning process looks like.

Eligibility criteria:

Specifications may vary but generally, all NBFCs have similar eligibility criteria. Typically, the loan seeker should be an Indian citizen aged between 25 and 58 years, preferably salaried for at least 3 years. The minimum CIBIL score requirement of 750 is also applicable.

Choose a reliable NBFC:

The quality of your loaning source translates to a great loaning experience. Opt for an NBFC with a record of quick, hassle-free loan processing, approvals and disbursements. It should also offer dedicated support and perks like swift balance transfers and top up loans as well. The leading and most diversified NBFC in India, Bajaj Finserv certainly fits the bill.

Submit documentation:

You are required to submit some essential documents, including bank statement, business proof and passport size photographs, to further the loaning process. The leading NBFCs are likely to deploy a dedicated professional to collect these documents for added convenience.

Apply for the loan:

You’ll be having the option of applying online and offline. Going for the former option makes sense for the sheer convenience it brings forth. You can complete the application in a few clicks from the confines of your home and expect fast loan processing and approvals.

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