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Collateral Free Business Loan for Traders

Highlights

  • Get to know the basic purpose of Taking Business loan for traders.
  • Some of the important features, benefits, charges and eligibility criteria.
  • Important documents needed for a collateral-free business loan for traders.

As everyone knows that your business is built with great hard work, honesty and responsibility. Traders play an important role between the manufacturer and consumer goods. If you need immediate money without collateral then you are at the right place. You can see various banks and NBFCs which are offering collateral-free collateral loans. You can choose a loan of up to ₹ 2 crores according to your requirement. The rate of interest is very low. So below the list of the financial institution which gives collateral-free business loan for traders.

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    Some of the Basic Purpose for Taking Business Loan

    • Expanding your existing business
    • Renovation
    • Furnishing
    • Buying New Equipment
    • Increasing working capital
    • Purchases new premises for business
    • Upgrade new technology
    • Purchase of goods and services

    These are the list of some NBFCs who offer a business loan for traders without any collateral

    ParticularsLoan AmountInterest RateTenureProcessing Fee
    Bajaj FinservUp to ₹30 Lacs18% Per Annum Onwards12 Months to 48 MonthsUp to 2% of the loan amount + GST
    ZiploanUp to ₹5 Lacs23%-29% (Reducing)12 Months to 24 Months3% of the loan amount
    Fullerton IndiaUp to ₹50 Lacs17%-21%12 Months to 60 MonthsUp to 6.5% of the loan amount
    Magma₹3 Lacs to ₹2 Crore17.50%-21% Per Annum12 Months to 48 MonthsAs per Magma
    IDFC First Bank₹3 Lacs to ₹75 Lacs16.00% - 24.00% Per Annum12 Months to 60 Months2.49% of the loan amount
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    Bajaj Finserv

    Bajaj Finserv Business Loan for Traders provides hassle-free finance to traders and to meet business and financial needs at competitive interest rates.

    Features and Benefits

    • Get loan up to ₹30 Lacs in just 48 hours.
    • Bajaj Finserv helps to finance the business with quick and fast processing. 
    • You can pay 45% less EMI with Flexi loan facility.
    • This gives importance to your precious time hence provides door to door facility for the entire loan process.
    • Bajaj Finserv offers business loans without collateral. Therefore you do not need to keep assets as collateral or security while taking a loan. 
    • If you are an existing customer, Bajaj Finserv offers pre-approved loan facility.
    • The pre-approved loan facility also includes top-up loans or reduction in rates from time to time.
    • You have the option to access your loan account online anytime anywhere.

    Eligibility Criteria

    • The minimum age of applicants to apply for the loan is 25 and the maximum age is 55 years.
    • Applicant must run the business for at least 3 years.
    • The borrower will file an Income Tax Return (ITR) for at least 1 year.

    Some of the Important Fee and Charges

    ParticularsDetails
    Cheque Bounce FeesUp to ₹3000 + Taxes
    Penal Interest Charges2% Per Months
    Charges for Documentation Process₹1449 + Taxes
    For closer Charges4% of principal amount + Taxes
    Part Prepayment Charges2% of the part payment amount + Taxes

    Ziploan Collateral Free Business Loan for Traders

    The Ziploan business loan for traders is basically designed to meet your daily requirements of the business. So knowing some of the important features and benefits.

    Features and Benefits

    • Get a collateral-free business loan for traders with a flexible tenure period of 12 months to 24 months.
    • An attractive interest rate on your business loan.
    • It does not charge any penalty charges.
    • Doorstep services for the whole loan process.
    • It has an online business loan process, so traders will not need to visit the branch.

    Eligibility Criteria

    • The minimum age of the applicant is 23 years.
    • The maximum age of the applicant at the time of loan maturity is 65 years.
    • Your business must operate for the last 2 years.
    • The borrower will have to fill an ITR of at least 2 years with 2.5 lakhs per year.
    • Minimum turnover required 10 lacs in the last 12 months.

    Fullerton India Collateral Free Business Loan for Traders

    Fullerton India Business Loan for Traders is designed to meet the daily requirements of the business. This entire process is completely hassling free. It offers the best business loans to traders in the market with attractive interest rates and low processing fees.

    Features and Benefits

    • Fullerton India offers a completely online process from application to approval.
    • Easily avail collateral-free business loan up to ₹50 Lacs.
    • It also provides insurance cover for your business loan.
    • Business loan for traders is available without any collateral.
    • You have a flexible repayment option, ranging from 12 months to 60 months.
    • Business loan interest rates are available at special rates of interest.
    • Fullerton India Business Loan is a hassle-free loan.
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    Eligibility Criteria

    • For taking a loan, the borrower should be 22 years old and at the time of maturity of the loan, age should be 65 years.
    • The business minimum turnover required ₹10 Lacs.
    • Your business must be profit-making for the past 2 years.
    • Annual Income Tax Return (ITR) of ₹2 lacs per year.

    Know Some Business Loan Fee and Charges

    ParticularsDetails
    Cheque and Cash Collection Charges₹300
    Loan Cancellation Fee₹1000
    ECS/Cheque Dishonour Charges₹300
    Swapping repayment fees for ECS to ECS₹500
    Swapping repayment fees for Post Dated Cheque to ECS₹500
    Foreclosure Charges0 to 6 EMIs paid - Not allowed
    7 to 17 EMIs paid - 7%
    18 to 23 EMIs paid - 5%
    24 to 35 EMIs paid - 3%
    36 or more EMIs paid - 0%

    Magma Collateral Free Business Loan for Traders

    Get loan up to ₹2 Crore without any collateral from Magma. You can use this loan for many purposes such as renovation, opting new technologies, expansion of business and more. Magma business loans offer low and attractive interest rates along with many other benefits that support you in getting your business to a higher level.

    Features and Benefits

    • Business loan for traders does not require any collateral and security.
    • You have a flexible option to repay the loan from  12 months to 48 months.
    • You can easily avail a loan from 3 lacs to 2 crores as per your capacity.
    • The loan process is hassle-free and the loan process is very quick.
    • It offers doorsteps facility for the complete loan process.

    Magma Trade Business Loan Includes

    • All types of retailers
    • Wholesalers
    • Stockists
    • Super-stockists 
    • Distributors

    Eligibility Criteria for Traders Business Loan

    • You net worth business should be positive.
    • The minimum turnover requirement for the trading industry is a minimum of 40 lacs.
    • The business should be profitable for the last 2 years.
    • Your business banking and past loan should be clear.
    • Business must have at least five years of operation for the business
    • The business turnover must be in an upward direction.
    • Needed 6 months bank statement.

    IDFC First Bank Collateral Free Business Loan for Traders

    As all know IDFC First Bank is growing very fast. So get a business loan for the traders at the lowest interest rate and get the top-up facility on your existing loans.

    Features and Benefits

    • You can easily avail loan from ₹3 lacs to ₹75 lacs as per your requirement.
    • It provides a business loan to traders across 50 cities in India.
    • Get flexible tenure option from 12 months to 60 months.
    • It offers doorstep services to the entire loan process.
    • If you are an existing customer of IDFC First Bank avail top-up facility on your loan.
    • You can check your loan status anywhere, anytime by visiting the website or downloading the mobile application through Google Play Store and iOS.

    Eligibility Criteria

    • The minimum age for taking a loan is 28 years.
    • 58 years at the time of loan maturity.
    • The borrower must have a good CIBIL score.
    • Your business should be profitable for the last 2 years.
    • Business turnover should be more than ₹ 1 crore.
    • Your business stability will be a minimum period of 3 years.

    Documents Required

    • Passport size photographs
    • Pan card (Firm/Individual/Company)

    Identity Proof (Any One)

    • Pan Card
    • Aadhar Card
    • Passport
    • Driving License 
    • Voter Id Card

    Address Proof (Any One)

    • Bank Account Statement
    • Aadhar Card
    • Driving License
    • Passport
    • Electricity Bill 
    • Telephone Bill
    • Sales Deed
    • Lease Agreement

    Income Proof

    • Latest ITR 
    • Balance Sheet
    • Profit & Loss Account

    Business Proof

    • Shop Act License
    • Sales Tax
    • GST Return
    • Trade License
    • Sales Tax Certificate

    Other Documents

    • Loan Obligation statement
    • Loan payment history

    Note:- All the documents must be self-attested and audited by a Chartered Accountant.

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    Personal Loan Interest Rates February 2020
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank10.99% - 18.00%
    Tata Capital10.99% - 18.00%

    Home Loan Interest Rates February 2020
    State Bank of India/SBI7.90% - 8.55%
    HDFC8.00% - 8.95%
    LIC Housing8.10% - 8.95%
    PNB Housing Finance9.25% - 12.00%
    Piramal Capital & Housing Finance9.00% - 9.10%
    Tata Capital9.20% - 9.35%
    ICICI Bank8.25% - 9.35%
    Bank of Baroda8.15% - 9.15%
    Axis Bank8.90% - 9.15%
    Citibank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.90% - 8.75%
    DHFL9.05% - 9.95%
    Reliance Home Finance8.75% - 14.00%