Best Unsecured Loans in India: Top Lenders & How to Apply

Finding the right financing option for your business can be a challenge, especially when you lack significant assets to offer as collateral. Unsecured loans in India present a practical solution for business owners who need quick funding without risking their property.

These loans have gained popularity due to their simplicity and flexibility, making them an attractive option for businesses at various stages of growth

Read on to discover the top lenders for unsecured business loans, their terms, and how you can apply for one.

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Why Choose an Unsecured Business Loan in India?

• No Collateral Required: Get funding without pledging assets. 
• Quick Approvals: Receive loan approval within 24-48 hours. 
• Minimal Paperwork: Simple eligibility criteria & fast processing. 
• Flexible Usage: Use funds for expansion, inventory, payroll, or marketing. 
• Competitive Interest Rates: Lower than credit cards & alternative funding sources.

Also Read: Understanding the Pros and Cons of Unsecured Business Loans

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Top Lenders Offering Unsecured Business Loans in India

1. Banks

HDFC Bank and ICICI Bank provide unsecured business loans with competitive interest rates and quick processing, making them reliable choices for businesses seeking traditional financing.

2. NBFCs (Non-Banking Financial Companies)

NBFCs offer unsecured loans with flexible terms and faster approval processes compared to traditional banks, catering to businesses requiring swift capital infusion.

3. Fintechs

Recur Club stands out in the fintech space by offering unsecured loans tailored for startups and SMEs. With access to a network of 125+ lenders, Recur Club ensures businesses receive optimal loan offers, with term sheets ready in just 48 hours. 

Wellversed, a health and wellness company, partnered with Recur Club to secure debt capital totaling ₹6.5 crore. This funding facilitated a 117% revenue increase and a 63% rise in EBITDA within a year, demonstrating the impact of timely and strategic financing. 

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Unsecured Business Loan Interest Rates & Terms

Recur Club not only offers competitive interest rates and flexible repayment terms, but also stands out by providing up to ₹10 Crore in collateral-free funding.

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Eligibility Criteria for Unsecured Business Loans

• Business Age: Minimum 1 year of operations.
• Cash Reserves: Stable reserves for at least 3 months.
• Credit Score: 685 or above.
• Revenue: Annual revenue of ₹5 crore.

Required Documents:

• GST registration
• PAN & CIN
• Income proofs, tax filings, and bank statements

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How to Apply?

1. Sign Up: Start by signing up on Recur Club and connect with a dedicated capital expert who will guide you through the loan process.
2. Sync Your Financial Tools: Securely share your business data, such as GST returns, revenue, and compliance records, by syncing your financial tools.
3. Review Tailored Loan Offers: Once your data is synced, you'll receive customized loan offers from 125+ lenders. Compare the terms, interest rates, and repayment options.

Tip: After reviewing the offers, you can finalize the loan that best fits your needs. Recur Club ensures term sheets are ready in just 48 hours, making it an ideal solution for quick, flexible financing.

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Conclusion

When looking for unsecured loans in India, it's crucial to find a lender offering both competitive terms and quick access to capital. Recur Club stands out as a top choice, providing non-dilutive funding with no caps, personal guarantees, or usage restrictions—ensuring your business retains full control.

Ready to Accelerate Your Business Growth?

Discover how Recur Club’s innovative financing options can propel your business forward. Apply Now or Contact a Capital Expert to learn more.