Unsecured loans are easy to apply for and get approval. It is because you don’t need to submit any collateral or security. The loan is offered purely on the basis of your creditworthiness. Prospective borrowers with robust credit score, employment and repayment history are best suited. They can get loan approval at a lower rate. The funds of unsecured loans can be used for any legal purposes and without restrictions. And that makes it one of the best solutions to be used for anything. And it can also be used for small business start-ups and expanding your current one. Let’s know more about this! 1. Large loan amount Most lenders may let you borrow up to Rs.25 lakh. You can use the money for machinery and equipment buy, paying rents, hiring employees and beyond. 2. No need to submit collateral You don’t need to pledge any security to apply for unsecured loans. The loan approval will be as per your creditworthiness. 3. Fast loan approval and disbursement of money An ideal applicant may get an approval within minutes and get funds credited in their bank account within 24 hours. 4. Easier to qualify Do you have a robust cibil score and can meet the lender’s eligibility? Then you can easily qualify for unsecured loans. 5. Flexible repayment tenor You can use a tenor ranging up to 60 months to pay for unsecured loans like personal loans. This way, you can pay smaller loan EMIs and ease your other monthly expenses. The only thing that you will need to manage about availing unsecured loans will be the higher rate of interest. But people with strong creditworthiness can relax. Yes, they can negotiate with the lender for a lower rate. Another thing is to compare all available loan offers. It can help you pick one that matches your repayment capacity the best! Additional Read: Know How Unsecured Loans Are Benefits Small Business Start-Ups
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |