Unsecured Business Loan

Easy Collateral-Free Unsecured Business Loans in India

If you are starting a new firm, there will be a need for funds to cover a variety of charges. If you don't have sufficient finances, you can apply for an Unsecured Business Loan from Mangalam Industrial Finance Limited. We offer collateral-free business loans to MSMEs, single proprietors, and other small firms.
Obtaining an Unsecured Business Loan is an excellent way to receive the funding you need for business objectives like purchasing machinery, paying staff salaries, expanding your firm, and more.
Find out more about Business Loan eligibility, interest rates, fees, and application process.

Interest Rates and Other Charges For Unsecured Business Loans

At Mangalam Industrial Finance Limited, we provide Unsecured Business Loans with attractive interest rates beginning at just 15% per annum. Our interest rates are low to ease the financial load and financing expenses for MSME owners, enabling them to focus on attaining their business objectives.
Besides the interest rates, with a Business Loan application, you are additionally required to pay the following fees.

Eligibility For Unsecured Business Loan

As a small business owner, you may encounter an emergency in which you seek quick funding. Considering such situations, we at Mangalam Industrial Finance Limited process the loan with minimal eligibility criteria for Unsecured Business Loans.
Check our eligibility criteria below:

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Age
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Work Experience
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Monthly Income
  • Age: To be eligible for this loan, you need to be between 24 to 65 years of age while applying.
  • Business Tenure: Your business must be operational for at least two years.
  • Annual Turnover: Your business must generate a minimum of ₹6 Lakh annually.

Documentation Needed for Unsecured Business Loans

To obtain an Unsecured Business Loan from Mangalam Industrial Finance Limited, you must provide a few significant documents. As our application procedure is entirely digital, you can submit your documents online, making the process more convenient.
The following is a list of documents required for a business loan:

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Financial documents
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Business Address Proof
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KYC Documents

Features & Benefits Of Unsecured Business Loan

Business Loans are sometimes known as 'Cash Flow Loans' since they provide operating cash for starting a new firm or expanding an existing one. Obtaining an Unsecured Business Loan provides you with several advantages, listed below.

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Minimal Documentation
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Competitive Interest Rate
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Quick and Easy Disbursal
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Flexible Online Procedure

Minimal Documentation: We help you get the required loan with the minimal documentation listed below.

Competitive Interest Rate: We provide an Unsecured Business Loan with a competitive annual interest rate starting at just 15%.

Quick and Easy Disbursal: We offer an easy documentation process that allows you to receive your funds without any challenges.

Flexible Online procedure: We offer a fully digitalised online application procedure so that you can apply for a loan from the comfort of your home or workplace with just a few clicks.

4 Easy Steps to Apply for an Unsecured Business Loan

Applying for an Unsecured Business Loan with Mangalam Industrial Finance Limited is simple and clear. You can do it online with the steps below.


Step 1: Click on 'Apply Now' under the Business Loan section.
Step 2: Fill out the application form with the essential information.
Step 3: Await verification and confirmation.
Step 4: Have the funds credited to your bank account.

Instant 5 minutes Application for Unsecured Business Loan

Online ApplicationSelect the button Apply Now.
Fill up Business Details Fill up financial and business details.
VerificationLet us verify and assess your application.

Unsecured Business Loan : How to Apply

Apply Online

Click on Apply Now and fill out your contact information.

Personal Details

Enter your date of birth, qualification, and residential address.

Verification

Submit and upload all the information for verification.

After your documents are verified, the loan amount will be disbursed instantly.

Frequently Asked Questions

The highest Business Loan you can get from an NBFC depends on your eligibility. we can offer you business loans up to ₹50 lakh.

The lowest and maximum interest rates on an Unsecured Business Loan vary per provider. Mangalam Industrial Finance Limited offers an Unsecured Business Loan at an attractive interest rate, as low as 15% per annum.

Mangalam Industrial Finance Limited allows you to choose 6 to 48 months based on your repayment capabilities.

You can use the online Business Loan EMI Calculator to get the precise EMI you need to pay for the amount loaned. Simply enter your loan amount, loan tenure, and interest rate, and the calculator will calculate the EMI immediately.

Mangalam Industrial Finance Limited allows you to choose the repayment plan that best suits your needs.

The following options are available for loan repayment:

  • Post-Dated Cheques (PDCs)
  • Direct Debit
  • Electronic Clearing Services (ECS)

Mangalam Industrial Finance Limited can provide you with an instant Unsecured Business Loan if you meet the qualifying requirements and submit all of the required documents.

A personal loan is a type of unsecured funding. This form of loan does not require collateral instead loan approval is mostly dependent on your credit score, income, and repayment capacity.


*Terms and Conditions Apply

Features and benefits of the business loans

Running a successful firm requires significant cash investment. All businesses incur a range of expenses to keep their operations running efficiently. As a result, having convenient access to finance at the right time can be useful. Mangalam Industrial Finance Limited acknowledges these needs and provides Business Loans as a funding source for all businesses. Applicants can get numerous cost-effective benefits from obtaining a Business Loan from us.

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High loan disbursement amount

Business expenses and working capital necessitate adequate funding. Our Business Loan provides unrestricted access to funds up to ₹50 Lakh for funding business expenses. Our process is simplified to your busy lifestyle and schedule. We provide speedy loans online, offering a hassle-free experience whenever you need money for your business.

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Collateral-free business loan

Collateral-free loans offer a huge benefit for your Business. It is an unsecured loan, which saves time and reduces risk while you have easy access to capital.

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Interest Rates

You get a competitive interest rate when you choose the Mangalam Industrial Finance Limited Business Loan. Among the various Business Loan perks, our low interest rate makes it a cost-effective alternative you can rely on.

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Easy documentation

You only need to provide minimal Business Loan papers. This easy documentation process gives you an advantage over other financiers which serves as an additional benefit.

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Higher Loan Tenure

Loan EMIs should not restrict working capital or negatively impact business profits. But you won't have to worry about this with our Business Loan, which allows you a flexible repayment period of up to 48 months. This allows you to optimise your repayments based on your company's cash flow.

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Ease of Online Process

Another advantage of our Business Loans is the quick online application process. Access finance digitally, from the comfort of your own home or company. Apply online and get quick approval, with funds transferred to your account faster.

The ways to utilise Mangalam Industrial Finance Limited business loan

Smart ways to use a Mangalam Industrial Finance Limited business loan You can utilise the Mangalam Industrial Finance Limited Business Loan to fund business expansion or meet your company's immediate needs. Some of the best ways to employ this Business Loan are as follows:

  • Boost working capital

  • Management of operational costs

  • Upgrade, maintain, repair, or buy new equipment, software, and other assets

  • Improve the company infrastructure.

  • Hire qualified people and expand into other markets

  • Implement new marketing or sales strategies

  • Restock the inventory

  • Diversify your product/service portfolio

  • Promote your business online

Application Process of Mangalam Industrial Finance Limited Business Loan

  • Step 1: Click the 'Apply Now' button.
  • Step 2: Enter basic KYC information.
  • Step 3: Wait for application review and verification.
  • Step 4: Receive confirmation of approval.
  • Step 5: Approve the Business Loan offer and authorise disbursement.

Frequently Asked Questions

Ideally, any moment is appropriate to obtain a Business Loan for a business. However, business owners typically seek a Business Loan when they require fast funds for various reasons, including company growth, development, short-term cash flow and so on. However, if you have a strong credit score, you can apply for a business loan as it may offer you better interest rates and quick approval.

Depending on the financier, you may be eligible for various benefits. With the Mangalam Industrial Finance Limited Business Loan, you get the benefits of flexible repayment plans, collateral-free loans, and an easy online application process.

Mangalam Industrial Finance Limited Business Loan provides a high-value sanction of up to ₹50 lakh. Other benefits include online application and loan administration, reasonable interest rates, and quick disbursement.

The flexible loan tenure allows you to choose a payback term of up to 48 months. Its versatility allows you to identify acceptable EMIs and adjust loan repayments to your company's finances.

*Terms & Conditions Apply

Easy Documentation & Eligibility Criteria for Business Loan

A company's ability to grow is vital, especially in today's competitive climate, where it is nearly impossible to survive without increasing sales and profit. There are several techniques to increase sales and profit, but each requires a large amount of capital. This is where Business Loans can help.

Unsecured Business Loans are provided in India from banks and Non-Banking Financial Corporations (NBFCs) to meet the instant capital requirements of a developing business.

With the Mangalam Industrial Finance Limited Business Loan, you can easily access speedy business financing. We provide a simple business loan with a variable term. To get started, business owners must first complete the basic eligibility requirements and submit the necessary documentation. The minimum documentation simplifies the Business Loan process and provides finance without fuss.

Business Loan Eligibility Criteria

Following are the basic eligibility criteria for the application of a Business Loan.

Criteria Requirement
Age To be eligible for this loan, you need to be between 24 to 65 years of age while applying.
Business Tenure Your business must be operational for at least two years.
Annual Turnover Your business must generate a minimum of ₹6 Lakh annually.

Please note: Above mentioned criteria are indicative and additional prerequisites may apply depending on the individual application.

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Business Loan Documents Required

Document Category Requirement
KYC Documents
  • Director/Proprietor/ Partner PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
  • Proprietor/Partner/Director PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport
  • Personal Docs - All Individual/Partner/Director - PAN Card/Aadhaar Card/Driving Licence/Voter ID/Passport & Officially Valid Documents + Proof of Address (If not as per Officially Valid Documents)
  • Business Docs - Business Registration Proof + Business Address Proof (if not as per Business Registration Proof)
Business Address Proof Utility bills/ Rent Agreement
Financial Documents Bank account statement of past 6 months

Note:Business owners must fulfil the following prerequisites documentation to apply for a business loan.

Frequently Asked Questions

To apply for a Mangalam Industrial Finance Limited Business Loan, you must be between 24 and 65 years old, have your business running for a minimum of 2 years, and have an annual turnover of ₹6 lakh or above. These basic Business Loan criteria make it an excellent credit option for business owners.

Yes, it is one of the most important Business Loan needs. To qualify, you must have a decent credit score. A loan application typically requires a Bureau score of at least 700. However, to secure the best credit terms, it is better to apply with a Bureau score of 750 or above.

Yes. The Mangalam Industrial Finance Limited Business Loan requires only a few simple documents, allowing you to get funding for your business quickly.

To meet Business Loan prerequisites, you must provide basic KYC, financial paperwork, and business documents. Please review the documents included on this page for reference.

Yes. Check the official website to know more. Note: The documents mentioned online are only guidelines, and you may need to provide additional documents during loan processing if necessary.

*Terms & Conditions Apply

Competitive Interest Rates

All businesses require adequate funds to cover operating expenses or for the expansion of the business. Thus, business owners choose Business Loans to get the funding they need. Businesses can select a Business Loan from a variety of loan vendor options. Traditional bank loans are the most popular source of money; yet, obtaining one is not a simple task.

With our simple approach and reasonable interest rates on Unsecured Business Loans, regardless of business size. Our term loan interest rates are among the most competitive in the industry.

One of the most significant elements to consider when borrowing is the interest rates and costs associated with a business loan. Paying high-interest rates increases your debt. Thus we help you to prevent this situation by providing reasonable Business Loan interest rates and fees.

Interest Rate, Fees & Charges

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Interest Rate

Our Business Loan allows you to keep loan repayments affordable according to your budget. Depending on your credit score, financial situation, experience, etc. You can get an interest rate as low as 15% p.a. allowing business owners to access more cash at a lower cost.

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Processing fees

Mangalam Industrial Finance Limited Business Loan carries a one-time processing fee of up to 3%, plus applicable taxes. This is applicable to the payout amount and is levied as a service fee for loan processing.

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Prepayment costs

Prepaying a Business Loan is an efficient way to avoid paying additional interest, lowering overall expenditures. You can prepay your Mangalam Industrial Finance Limited Business Loan whenever you choose, and there are no fees to pay for it. This is because we charge no prepayment fees on our Business Loan when paid with your funds. If the payment is made from another source, 4% prepayment or foreclosure charges will apply. This allows you to maximise your savings while focusing on your business.

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Delayed Payment Fees

Defaulting on loan EMIs involves a penalty, and penalty charges are listed below: Penal interest is assessed at 3% per month on the in-default EMI amount. If a cheque bounces, there will be a ₹1,000 fee, plus any taxes.

Business Loan Interest Rate Calculator

Interest Rate

The rate of interest begins at 15% per annum. A one-time processing fee equal to 3% of the sanction amount plus relevant taxes.

Repayment

Flexible repayment terms range from 6 months to 48 months, with no prepayment penalties.

Example

A loan of ₹15 lakh with a 15% interest rate and a four-year tenure would result in an EMI of ₹41,746 a month.
*This interest rate is subject to fluctuation based on our internal credit and risk policy.
*T&C Apply

How the Business Loan is Calculated?

Here's the formula for calculating the interest:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,

  • P = Principal or the loan amount
  • R = Monthly interest rate (annual interest rate/12)
  • N = Number of monthly instalments (loan tenure)
Before making a selection, look into and compare Business Loan interest rates and repayment terms from several lenders. Additionally, you may use the Mangalam Industrial Finance Limited Business Loan EMI calculator to calculate the interest rate for your loan and make informed borrowing decisions.

Business Loan – Schedule of Charges & Other Features

Business Loan Interest Rates 15% p.a onwards
Loan Amount ₹1 Lakh to ₹50 Lakhs
Loan Processing fees Up to 3% plus applicable taxes
Lowest EMI per month Starting from ₹2,783* per Lakh for 48 months
Loan Tenure 6 - 48 months
Prepayment/Foreclosure Charges 0%* If paid from own sources & 4% If paid from other sources
Default Interest 3% per month
Repayment Instrument Dishonor Charges ₹1,000 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges

Factors Affecting Business Loan Fees and Expenses

When it comes to securing a business loan, various factors might influence the interest rate and fees. Check out some of the main factors that influence business loan interest rates:

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Credit score
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Business History & Vintage
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Industry
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Loan Amount and Terms
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Market Conditions

Credit Score: One of the most essential variables influencing Business Loan interest rates is your credit score. A credit score of above 750 is regarded as outstanding and can help you secure a cheaper interest rate on your business loan. This results in a lower interest rate.

Business History & Vintage: The lenders will consider your company's history as well as the number of years in operation. If you have a proven track record of profitability and growth, you can easily obtain a low-interest business loan.

Industry: Varied industries have varied risk profiles, which are considered when interest rates are determined.

Market Conditions: Market conditions may additionally have an impact on interest rates, particularly if they are variable. Variable interest rates change in response to current market movements. Overall, several factors can influence business loan interest rates and fees. As a result, understanding these characteristics and working to enhance your credit score and business history is critical for obtaining the best loan conditions possible.

Types of Business Loan Interest Rates

Fixed Interest Rate:

Fixed interest rates remain fixed throughout the loan tenure. The borrower has to pay the same EMI amount every month. Further, fixed interest rates are more trustworthy in the long run because you can be confident that the rate will not fluctuate during the loan term. It also makes it easier to calculate your monthly EMI. So, if you're looking for the best Business Loans at cheap interest rates, apply today with Mangalam Industrial Finance Limited.

Variable Interest Rate:

Floating interest rates might alter depending on market conditions, therefore the loan EMI amount to be paid each month may vary. Because the rate varies according to current trends, this form of interest rate can have an impact on your loan repayment capabilities if your organisation is relatively new. However, floating interest rates can be low, lowering your EMI even further. To discover the best Business Loan offer with reasonable interest rates, apply Mangalam Industrial Finance Limited Business Loan today.

How to Prepay a Business Loan to Lower Interest Rates and Charges

Prepayment of a Business Loan might save you a significant amount of money in loan interest payments. Still, before deciding to prepay your debt, you should consider a variety of factors. Check out these tips to successfully prepay a business loan:

  • Find the best timing for loan repayment using estimated cash flow calculations.
  • Avoid making prepayments during the slower months of the economic cycle.
  • Before making a prepayment, review the repayment schedule.
  • Check for any applicable prepayment penalties.

The Benefits and Risks of Prepayment of a Business Loan

Foreclosure is the prepayment of a loan amount before the end of the loan term. However, foreclosure is not always a wise move, and business owners should be aware of the benefits and drawbacks of such actions.
Check out the table below for your convenience:

Benefits Risks
Saves on interest Exerts a strain on cash flow
Reduces current liabilities Attracts a foreclosure charge

Frequently Asked Questions

Yes. Prepaying the Mangalam Industrial Finance Limited Business Loan incurs a small cost. You simply need to pay 5% of the outstanding principal, plus applicable taxes. But there are no foreclosure or prepayment fees if paid from your sources.

Loan foreclosure is when debtors prepay their full debt in a single payment before the end of the term. Foreclosing a loan as a business owner can be a wise decision if you have the necessary funds. It enables you to save on interest payments and become debt-free.

At Mangalam Industrial Finance Limited, the maximum duration for a Business Loan is four years. As a result, you have the freedom to repay your loan based on the cash flow of your firm.

Obtaining a competitive business loan interest rate in India is not an easy effort, but it can be simplified if a person meets the eligibility requirements for a business loan. The criteria are listed below:

  • Age must be between 24 and 65 (during loan application)
  • The applicant must have a running business of at least two years
  • Businesses must have a minimum yearly turnover of ₹6 lakh Have a great credit score

Yes. When you pay the processing fee, make prepayments, or pay the penalty for defaulting on EMIs, you will be charged additional taxes.

No. Mangalam Industrial Finance Limited charges 0% for foreclosure or prepayment if paid with own funds.

Financing institutions primarily evaluate some common characteristics, such as the borrower's age, credit score, business revenue, residence location, outstanding liabilities, and so on when calculating the Business Loan interest rate in India.

*Terms & Conditions Apply

Check your Monthly EMI for Business Loan & Repayment Schedule

As a business owner, you must loan funds at a reasonable interest rate. Use the Business Loan EMI calculator to manage your repayments more efficiently.
An equated monthly instalment (EMI) is a fixed monthly payment made by a borrower to a lender on a specific day each month. EMIs include both interest and principle, and the loan is paid off in full over a set number of years, known as tenure.
Borrowers benefit from a fixed EMI amount because they know exactly how much money they will have to pay each month for their loan, making financial planning easier.
A Business EMI calculator allows you to keep track of monthly instalments in the form of EMIs that you must pay to the financial institution.

How the Business Loan is Calculated?

Here are three ways to calculate Business Loan EMIs

  • Online calculator :
    Open the free EMI calculator by Mangalam Industrial Finance Limited and entre your details and get your monthly EMI amount.

  • Calculate using the formula:
    Use the following formula to manually determine the EMI amount for a Personal Loan:
    E = [P x R x (1+R) N] / [(1+R) (N-1)]
    Where,

    • P = Principal or the loan amount
    • N = Number of monthly instalments (loan tenure)
    • R = Monthly interest rate (annual interest rate/12)

    Before making a selection, look into and compare Business Loan interest rates and repayment terms from several lenders. Additionally, you may use the Mangalam Industrial Finance Limited Business Loan EMI calculator to calculate the interest rate for your loan and make informed borrowing decisions.

  • Excel Sheet:
    This procedure is very simple. In the Excel program, enter the 'PMT' formula. Once selected, insert loan data into the following variables precisely:

    • 'Rate' Monthly interest rate (rate divided by 12).
    • 'NPER' indicates loan tenure in months.
    • 'PV' represents the loan amount or principal value. When inputting the aforementioned information, make sure to leave the values for 'FV' and 'Type' 0 and 1, respectively.

Frequently Asked Questions

To qualify for our Business Loan, you must have a minimum of two years of business experience and an annual revenue of ₹6 Lakh.

Obtaining a competitive business loan interest rate in India is not an easy effort, but it can be simplified if a person meets the eligibility requirements for a business loan. The criteria are listed below:

  • Age must be between 24 and 65 (during loan application)
  • The applicant must have a running business of at least two years
  • Businesses must have a minimum yearly turnover of ₹6 lakh Have a great credit score

No. Mangalam Industrial Finance Limited charges 0% for foreclosure or prepayment if paid with own funds.

*Terms & Conditions Apply

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