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One of the most popular loan products among businesses is business loan which now can be availed without collateral, also known as collateral-free loans or unsecured loans. It does not require the borrower to pledge asset as a security or collateral. However, business to business, the requirement of capital would vary.
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One of the most popular loan products among businesses is business loan which now can be availed without collateral, also known as collateral-free loans or unsecured loans. It does not require the borrower to pledge asset as a security or collateral. However, business to business, the requirement of capital would vary. There are several types of business loan that can be availed in the form of letter of credit, loans, working capital loan, bank guarantee, bill discounting and so on. It can help you to start a new business or expand an existing business. It is categorized as secured or unsecured loans. It is provided by banks or financial institutions to the eligible entities for business loans are partnership firms, self-employed persons, sole proprietors, Public and Private companies, shopkeepers, etc.
How to apply for a business loan online? Given below is the process of applying for a business loan:- Step 1: - Visit the official website of your preferred bank and verify your eligibility. Step 2: - Then, enter the necessary details and choose the loan amount and tenure. Step 3: - After filling out the form, click on submit. Step 4: - Within 24 hours, bank representatives will get in touch with you to clarify the features of the product, then re-confirm your interest rate. Step 5: - After your confirmation, representatives will ask for further formalities.
