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Unsecured loans are loans that are not backed by any security or collateral. In case of a default, thelender cannot use any collateral to recover the loan amount from the borrower. Even if theborrower has assets and insurance policies in his/her name, the lender cannot use them to recoverthe loan amount. Hence, the risks associated with unsecured loans are significantly high for lenders.
DOCUMENTS REQUIRED FOR UNSECURED LOANS
A copy of PAN Card of Company or the individual
Identity Proof of individual – Aadhar, Passport, Voter ID, PAN Card or Driving License
Residence Address Proof
Last six months Bank Statement of Current Accountthe loan process to ensure that you get quick and easy approval with minimal paperwork
TYPES OF LOANS
1. BUSINESS LOANS
If you are looking to turn your venture
Into a successful business you will need to secure aloan to get started. If your business is based out of Ahmedabad, you are in the right place topump up your business financially. PMSPL offers business loans in Ahmedabad for all smallbusinesses, who are looking to expand their ideas with sufficient financial backup. PMSPLsuggest all the small-medium enterprises to combine both traditional & alternative lendingoptions to obtain funds and turn your business dreams into reality.
2. PERSONAL LOANS
A personal loan is the most common type of unsecured loan. When you apply for a personalloan, you do not have to mention the reason for taking the loan. This is also an instalment loan wherein you repay the loan in equated monthly instalments (EMIs) over a fixed tenure.Both banks and NBFCs offer personal loans through online and offline methods.
Types of Business Loans Secured Loans for Businesses
These loans are those which are taken against some type of personal guarantee or any valuableasset as collateral. Inventory loans, equipment loans, term loans and loan against property aresecured business loans.
Unsecured Loans for Businesses
In many situations, businessmen and self-employed prefer to take unsecured businessfinance with no collateral requirement because of the following reasons:Short turnaround time of 5 -15 days as compared to secured loans No collateral or security required to get this loan Reduces your dependence on friends, relatives or money lenders for borrowing for urgent or Seasonal business expenses.