SME Paisa offers unsecured Business loans online to customers from every economic background. We support your dreams and ambitions by providing customised Business loans to meet planned or emergency expenses. At our institution, we are always on our toes to help you through your financial needs, with funds for a medical emergency, home renovation, big-ticket purchase, wedding, vacation, travel, and a lot more.

Features And Benefits

The features and benefits of unsecured loans are

  • Both salaried and self-employed individuals can apply for unsecured loans
  • You can avail a loan amount of up to Rs. 25 lakhs
  • For doctors, the borrowing limit is up to Rs. 30 lakhs
  • Interest rate is as low as 11.99% and up to 36%
  • Tenure is between 12 months and 60 months
  • You can foreclose the loan after payment of the initial 6 EMIs

Unsecure Overdraft Loan

Overdraft loans are usually based on some collateral or securities especially in terms of Bank Fixed Deposits. Usually a bank, depending upon the credit history, cash flows, tenure of banking relationship and the repayment

Unsecure CGTMSE Loan

Credit Guarantee Funds Trust for Micro and Small Enterprises (CGTMSE) is a trust established by the Government of India, Ministry of Medium, Small and Micro Enterprises (MSME) and Small Industries Development Bank of India (SIDBI).

Eligibility Criteria for Unsecured Business Loan

The eligibility criteria for unsecured loans are listed below:

  • Minimum age to apply is 21 years of age, not exceeding 65 years at the time of loan closure
  • You must be a resident citizen of India to apply for unsecured Business loans online
  • You must have the necessary documents required for the Business loan along with the duly filled and signed application form

For Salaried Professionals:

  • You must be an employee of a public sector undertaking (central, state, or a local body) or a private limited company
  • Your monthly income must be at least Rs. 25,000 if residing in Mumbai or Delhi
  • Your monthly income must be at least Rs. 20,000 if residing in any other part of India

For Self Employed:

  • Your yearly income should satisfy the organisation’s policy at the time of loan application. Please note that this amount is different for each person depending on other factors such as location and loan amount required
  • Financial statements that show stability of income

How To Apply For An Unsecured Business Loan?

At SME Paisa, you can apply for unsecured Business loans online or offline. Walk into our nearest branch office for a free consultation and guidance regarding an ideal funding option suiting your needs. Or, you may choose to apply online and get an instant approval for funds. Remember to keep a soft-copy of documents required for Business loan ready for upload in case of an online application

Document Required for Unsecured Business Loan

The list of documents required for a Business loan application includes:

  • Recent passport-sized photographs
  • Completed Business loan application form
  • Age proof (Passport/PAN card/Certificate from a statutory authority)
  • Identity proof (Driving license/voter ID card/Passport/PAN card)
  • Address proof (Telephone bill/electricity bill/Passport/driving license/ration card/rental agreement/bank statement or passbook)
  • Salary slips/proofs of the last 3 months or bank passbook/statement of the last 6 months
  • Form 16
  • Income tax returns
  • Processing fee cheque

Frequently Asked Question

Your loan can serve a variety of needs, everything from home renovation to debt consolidation and more.

If all your documents are in order the loan should be credited to your account in 24 hours.

Yes, but it comes with a marginal charge. You can read about it

As long as you fulfil the unsecured Business loan eligibility criteria, you can easily avail one. You can apply for unsecured Business loans online within seconds and fill in the required details on the application form. You will also need to upload the required documents, and click on “Submit”. Our online loan application process provides you with an instant decision. Post loan approval, a customer representative will contact you to discuss your requirements and guide you further
Alternately, you can Contact Us and speak to a customer service representative. You may even visit your nearest branch to proceed with the loan application process.

It is completely safe to obtain collateral-free loans by SME Paisa. Our transparent pricing and procedures make the borrower aware of what to expect from unsecured loans and products.