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  • Unsecured Business Loan

    Deutsche Bank offers you Unsecured Business Loan to ensure that you have a seamless road to success. By availing this loan, you can fulfil any financial commitment that you may have. The loan can be availed without you needing to offer any security and a lot of documents.

    The rate of interest is available in 2 types - fixed and floating + margin. The default rate of interest is 24% p.a. The minimum loan amount available is Rs. 10 lakh and the and maximum loan amount will be Rs. 50 lakh under Unsecured Business Loan from Deutsche Bank

    The purpose of this loan is to meet of the financial requirements for SMEs professionals, service providers and manufacturers and traders. This loan can be taken for expansion of business, meeting the requirement of liquid cash, meeting expenses and many more aspects involved in the running of a business.

    Eligibility criteria

    • The business needs to be in operation for at least 5 years in the same line of business.
    • The company will need to submit documents such as balance sheets, profit and loss accounts, tax computations, audit reports, and the last 2 years reports from the Directors.
    • Bank statement of 6 months will also need to be provided in the name of the applicant or the business name.
    • KYC documents of partners/promoters/proprietor/key directors

    Documents Required

    You will be required to submit a recent passport size photograph, photo identity proof, address proof, signature proof, income documents, bank statements, business continuity documents along with other documents like -

    • Customer letter for end use/the proposed end use of BIL funds
    • OD sanction letter, wherever DP/OD limit is not mentioned in the Bank statements
    • Professional qualification certificate for professionals
    • Partnership deed, in case of partnership firms
    • MOA/AOA along with certificate of incorporation, in case of companies
    • Form 3CB and 3CD or Form 3CC and 3CE, wherever applicable

    What are the terms for Unsecured Business Loan from Deutsche Bank?

    • The loan repayment can be done in different terms, such as 15 months, 24 months, and 36 months.
    • There will be a 3% processing fee charge.
    • In case of any unsuccessful execution of standing instructions for payment/ cheque/ECS/ NACH Rs.500 will be charged.
    • The Unsecured Business Loan from Deutsche Bank also allows for prepayment but only after a period of 9 months.
    • There is no part payment option available.
    • Rs.500 will be charged for postdated cheques/ECS/NACH/SI swap.

    How do I apply for this loan?

    You can apply for this loan by going to the closest branch or you could even apply for the loan online via the bank’s website. All you need to do is fill in the online application form and a representative from the bank will follow up with you on the same.

    You can also a message to 561615 by typing ‘UNSEC’ or call on 18602666601. In case, you are a customer residing in Mumbai or outside India, you need to call on 022 – 6601 6601.

    Can I apply for Loan online?

    Yes, there is an option to apply for this loan online, all you need to do is fill in the online application form, and a representative from the bank will follow up with you on the same.

    Unsecured Business Loan FAQs 

    1. Will the credit score of my co-applicant get affected if I delay the payment of EMIs? 

      Yes, the credit score of your co-applicant will fall if you delay the payment of your EMIs. 

    2. I have a low credit score. Will I get an unsecured business loan from a bank? 

      If your credit score is poor, then it will be difficult for you to get your application for a loan sanctioned. It is important that you maintain a good credit score so that you can avail a business loan in a hassle-free manner. Even if the lender agrees to sanction your business loan application despite your credit score being poor, the chances are high that they will charge a higher interest rate. 

    3. What should be my credit score if I wish to apply for an unsecured business loan? 

      Ideally, your credit score should be 750 and above if you wish to successfully apply for a business loan. However, the credit score requirement may vary from bank to bank. 

    4. Can I apply for a business loan if I am looking to start a business? 

      Unsecured business loans are given if you need capital to expand your already existing business, purchase new machineries, etc. If you need capital because you want to start a business, it is recommended you apply for a personal loan or loan against gold or property.  

    5. How much time does it take for a bank to disburse the loan amount to my bank? 

      It may take between 7 to 15 working days for the bank to process and verify your loan application. Once, the verification process is complete, the loan amount is immediately disbursed to your bank account. However, the time taken to disburse the loan amount to your bank account may vary from bank to bank.

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