A collateral is an asset or a valuable item one has to guarantee against taking a loan. On repaying the loan, the collateral can be repossessed and if one fails to repay the borrowed loan, the collateral is retained by the lender.
A collateral free loan is a loan provided to the borrower without any guarantee. In simple terms, this means, you can approach a lender and borrow money from him at a certain rate of interest even if you have nothing to pledge or invest.
who needs such loans?
Big business and industries need lots of capitals which run into tens, or hundreds, or thousands of crores, and hence they do not qualify a collateral free loan.
Collateral free loans are mostly required by employees and owners or entrepreneurs of MSME.
MSMEs are hugely preferred by small-town folks and it would be interesting to note that at present, there are more than 600 crore MSMEs operational in India. The contribution of MSMEs to the growth of Indian economy is significant.
who is offering unsecured landing?
- HDFC Bank
- ICICI Bank
- KOTAK Bank
- AXIS Bank
- IDFC First Bank
- TATA Capital
- Bajaj Finance
- Neogrowth
- Ashv Finance
- SME corner
- Landing kart
- Fullerton
- Hero FIncorp
- Fed bank
- Aditya Birla
- Standard chartered Bank
Rate of Interest?
It Ranges between 15% to 19% purely depend on CIBIL score and overall credential of entity and promoter.
Contact us:9824699905 for any requirement from anywhere in India.
