A business loan provides coverage for business expansions, working capital shortages and acquisition of assets. It can be availed from a bank or a Non-Banking Financial Company (NBFC), which are the primary lending institutions when it comes to these debt instruments. There are unsecured and secured loans to choose from. Secured loans can only be availed when the applicant owns an asset of the required value that he/she is willing to collateralize for the loan. In the cases when the applicant does not own such an asset or is not willing to collateralize, an unsecured loan is the right option. In Pune, potential borrowers can avail unsecured business loans in Pune from either a bank or an NBFC.
At the outset, the applicant should look at the finances of the business to decide on a tentative amount to borrow and the type of need to be fulfilled. The next step is looking at the current financial institutions in Pune that provide relevant schemes based on the needs and the financial standing of the business. Lenders provide working capital loans, machinery and equipment purchase loans, loans for business expansions as well as infrastructure loans. Lenders charge different rates of interest on their debt offerings as per their policies- to find the most feasible option, the applicant can use an EMI calculator that will give an idea of the repayment of the loan availed, having a certain rate of interest and tenure.
The applicant needs to ensure that he/she fulfills the eligibility criteria of the chosen bank or NBFC and has the necessary documents ready for verification. Unsecured business loans are approved sooner than secured loans as they have simpler lending terms.
If you wish to know more about availing unsecured business loans in Pune, this resource is what will help you: