With the expansion of formal sources of credit, taking loans have become much easier and convenient. But the problem that remains with borrowing from banks is the requirement of a collateral. Collateral is something that is pledged as security, to be forfeited in the event of a default on loan repayment.

As we all know, further investment in working capital is the foremost requirement for growth of a business. Businesses need quick access to finance to meet their working capital requirements at varied times depending on the sector/industry in which they operate. However lack of a collateral to be offered as a security results in most of small businesses being unable to get loans for their business. Sometimes business owners don’t want to offer security as there is a huge mismatch between the sought loan amount and the market value of the collateral. A business owner might not be comfortable mortgaging his house worth INR 30 lacs for a INR 2 Lac business loan.

SME Loan

‘Unsecured Business Loan product addresses the capital requirement of such businesses. Simply put the term ‘unsecured business loan’ means the type of loan that doesn’t require any collateral. The documents required are last 12 months bank statement, last 2-3 years ITR, PAN, residence and business address proof. Loan eligibility is calculated on the basis of the business cash flows. These loans are usually shorter term loans of 1-3 years with fixed monthly repayments.

Ziploan(an NBFC registered with RBI) provides unsecured Business Loan of INR 1- 5 Lacs for 1-2 years. One can apply for the Loan at ZipLoan from ZipLoan’s website or downloading ZipLoan’s app on the Google playstore. Further, ZipLoan customers could keep the track of their next repayment due date and outstanding loan amount using ZipLoan app. The customers who repay their loan on time and show growth in their business become eligible for the additional loan from ZipLoan. Ziploan does not charge any penalty to its borrowers on prepayment of the loan.

So if you need finance to grow your business then look no further. Visit www.ziploan.in to meet your business capital requirements.

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