Unsecured Business Loan, as the name explains is a type of loan that doesn't require collateral and guarantor for period of 3 to 4 yrs. In case of unsecured business loans, here is no requirement of any collateral from the borrower. However, while availing an unsecured business loan, the borrower needs to pay a high interest rate. Moreover, the loan amount is taken for a smaller tenure when compared to a secured loan.
| Basis of difference | Secured loan | Unsecured loan |
|---|---|---|
| Collateral | collateral provided for the loan | there is no collateral provided for the loan |
| Interest Rate | Interest rate is lower than unsecure loan | Because of high risk interest rate is high |
| Term | Secured loans, particularly those secured with real estate, can have terms as long as 30 years. | Because the bank is more at risk with an unsecured loan, the interest rates tend to be higher than with a secured loan |
| Availability | Easily available | Generally not available. Many banks will require an excellent credit score as well as an established relationship with the borrower before extending an unsecured loan |
| Tax Implications | With a secured loan, it is possible to write-off the interest associated with the loan. This would hold true if the loan is secured with your primary home as collateral | With an unsecured loan, writing off the interest associated with the loan is not possible as it is not collateralized. |
Rajput Jain & Associates is a trusted name when it comes to highly reliable Unsecured Business Loans. We assist in getting Unsecured Business Loans of different amounts to up-coming and already established business enterprises. We assist in getting unsecured loans for different purposes like establishment, expansion and up-gradation and infrastructure diversification. The simple terms and conditions and low interest rate of the unsecured loans provided by us have made us popular among the business and corporate circles. We can arrange this fund from various banks & NBFC’s at a one time.
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