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About Unsecured business loans

When you settle on a choice to go into business, particularly a private venture as opposed to working for another organization or business visionaries you are taking a daring choice loaded up with deterrents just as inconspicuous dangers. In addition to the fact that you have to begin scratch, yet you may begin with almost no related knowledge or even a steady income to support your business thought. It requires a decent measure of investment for your business to produce income and for the good and bad times to balance out. There is no assurance that your business will be gainful or your business will make a brand name for itself. Other than every one of the dangers, you need a business loan for its monetary piece. You have two essential alternatives from banks being verified and unsecured business loans, other than the new age choices, for example, holy messenger financial specialists or sites, for example, Kickstarter for a task.

Unsecured business will be given to you with no sort of security from you. They are made carefully based on your credit rating and rating and some different strategies the monetary foundation uses to decide your reliability. They of course convey a more serious hazard to the moneylender since they are the unsecured kind. Henceforth they characteristically have a higher rate of enthusiasm than verified loans and are likewise increasingly hard to acquire. Most banks require an excellent rating on your CIBIL score, no terrible stamps on your record as a consumer, and some even necessitate that you have been in business for at any rate 2 years. In this manner, the unsecured business loan works best for set up business borrowers with magnificent financial record. They are not perfect for start-up assets or in the event that you have a not exactly extraordinary credit assessment.

Unsecured business loans are available in the following financial categories or packages from a financial institution, such as:
  • Personal loans
  • Credit cards
  • Payday loans
  • Corporate bonds

For any business, big or small, the need for working capital is key to sustainable growth. However, SMEs are so tied up in the day-to-day operations, that they often fail to plan their small business financing and find themselves in unwanted credit crisis situations. In a sector that is constantly in need of quick access to business financing, Cochin Financial Services remains committed to bring the right sized, unsecured small business loan, at the right time. We understand that each business is unique and one standard financing solution does not cater to every business’s needs. Keeping this in mind we have designed an unsecured business loan product that will help you finance the growth of your business on time. Our Unsecured Business Loan is an SME financing instrument that specifically cater to the sudden needs of growing businesses.

Required Documents

PROPRITORSHIP
  • 3 years ITR, computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import license (submit if you have)
  • Loan sanction letter
  • Loan track (starting to till date)
  • Business profile
  • Rental agreement (shop, godown)
  • Other loan details, loan track, loan closing letter
  • Photo, Pan card, election card, Driving License, Ration card (h/w)
  • GST monthly return(april 2019 to till months)
  • Two year GST Annual return
COMPANY/ PARTNERSHIP/ TRUST
  • Company memorandum and articles / Partnership deed/ trust deed
  • Registration certificate
  • Pan card
  • Three years ITR ,computation and Balance sheet
  • One year bank statement (S B a/c, C A a/c, O D a/c )
  • Local body licenses/ GST regi, MSME, Pollution, food and safety, export and import licence etc (submit if you have)
  • Business profile
  • GST Annual return (2018 march – 2019 march)
  • GST Monthly return (2019 Aril to till month)
  • Two year ITR, Computation, one year bank statement(Directors/ partners/ trust)
  • Directors: other loan details, loan track, loan closing letter
  • Photo, Pan card, election card, Driving License (directors/ partners/ trust)
  • Loan sanction letter
  • Term loan statements(starting to till date

 

 

Features

All loans are not created equal, Loans has become a great option for people to use.

Faster Loan

Cochin Financial Services helps you to get the loan faster than any other consultants! Starting from document prepartion, our main motto is to get you the money!

Choose amount

All charges are communicated up front in writing along with the loan quotation, and let us know how much money you want and we set strategy accordingly.

Enjoy the best rates

Our loan rates and charges are very attractive. We always get you loan for the best interest rates in the market. Its upto us to get you a hassle free loan.

Decide your tenure

As our loan rates and charges are very attractive, we help the clients to workout on tenure which never become a burden for them. We works for you.

 

Loan Eligibility

  • The business needs to be in operation for at least 5 years in the same line of business.
  • The company will need to submit documents such as balance sheets, profit and loss accounts, tax computations, audit reports, and the last 2 years reports from the Directors.
  • Bank statement of 6 months will also need to be provided in the name of the applicant or the business name.
  • KYC documents of partners/promoters/proprietor/key directors

 

 

 

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse’s income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.

The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income.

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You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.

The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according to the reasons and source of funds – if you obtain a loan from another bank for pre-payment the charges are usually higher than when you pay from your own sources. However, you may credit more than your EMI amount into your loan account on a periodic basis and bring down your interest burden as and when funds are available with you. Most banks do not charge a pre-payment penalty if you deposit more than your EMI payable on a periodic basis. Please check such stipulations while availing the loan.

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