A business owner applying for an unsecured business loan in Bhopal must be thoroughly aware and prepared for the loan application process and the documents required by the lender. Every lender wants to lend money to a borrower who would be able to repay the loan. And therefore, the documents to represent credibility are of prime importance.
When applying for an unsecured business loan in Bhopal, you need to look for the lenders who are reliable, offer loans at minimal documentation, and also have an easy loan application process. Also, collateral-free loan approval should also not be very long and tedious. So, when looking for a lender, how to get the fastest business loan should not be the main focus. But the documentation requirement and application process are also important.
Fortunately, the new-age loan lender, such as NBFCs, Online Lenders, and FinTech Lenders, these days offer loans at minimal documentation. And their loan application process is also very easy- just 3 steps. Furthermore, to avail an unsecured business loan, there is no need to pledge an asset as security.
And these new-age lenders also offer a systematic online loan application process wherein the entire process from applying for a loan to approval is done online. Thus, the business owner is able to save a lot of time. And as said earlier, they need just a few documents to sanction the loan and that too just their soft copies. Now let’s take a look at the documents required for an unsecured business loan:
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PAN Card is used as an identity proof. Additionally, since the government has mandated to link PAN card with other identity proofs, it makes the lender to verify the other identity proofs of the borrower as well.
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A bank statement is proof of minimal bank balance. If you maintain a bank balance, the lender will perceive you as a less risky borrower. A well-maintained bank balance is one among the other important eligibility for a loan.
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Income Tax Return or ITR is the proof of the revenue earned from the business. So, it is also an important criterion for an unsecured business loan.
Business Place Address Proof
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The address of the business place is important. Utility bill, rent agreement, etc. can be provided for this.
Residence Address Proof
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Proof of the residence should also be provided. Notably, to avail a business loan without collateral, you should be the owner of either business place or residence.
An unsecured business loan in Bhopal can be availed for a medical store, schools, restaurants, e-commerce sites, logistics companies, and franchises. And now that you know the documents required for a collateral-free business loan, you can avail the facility with much ease. Additionally, you can also register your business for free at the Connect App by ZipLoan to build your business network. Through the e-marketplace, you can create a business profile, list your products/services, find business, discover new business opportunities, and build connections.