A short guide on unsecured business loan

  • Business existence and performance — Lenders seek how old the business is and how has it performed in past, how is it performing in present and what are the potential performance probabilities of the business.
  • Credit Score — This is definitely core and can also be said as the primary factor which the moneylenders consider while sanctioning not only business loan but any other loan. A virtuous credit score has always made a significant impact in loan approval.
  • Another point is that you shouldn’t neglect the ROI, check out whether the lender is offering you the loan with fixed or floating interest rate.
  • You should also take a look on factors like processing fee, penal charges, stamp duty, foreclosure fee and repayment tenor before signing the loan documents.

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