Unsecured Business Loans for Your Manufacturing Business
Access the Funds You Need to Purchase or Rent Equipment, Buy Raw Materials, Scale Production, Pay Vendors, and More, with Business Loans of Up to 30 Lacs.
- Avail upto ₹30 lakhs in 5 minutes
- Instant approval & quick disbursal
- 100% online business loans
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Happy place to apply for a business loan!
Empowering SMEs & MSMEs across Manufacturers
Apply now in 3 easy steps:
Enter your personal, business & bank details to check your loan offer
Accept the loan offer & complete your documentation & KYC
Choose from flexible repayment options and start receiving funds
Here’s how Unsecured Business Loans will help Manufacturers
Unsecured business loans can provide manufacturing businesses with the funds they need to cover a range of expenses, from equipment purchases to vendor payouts. Here are some specific reasons why a manufacturing business might consider choosing an unsecured business loan:
Equipment Financing: Manufacturing businesses often require specialized equipment, which can be expensive. Unsecured business loans can provide the funds needed to purchase or upgrade equipment without having to put any assets at risk.
Working Capital: Manufacturing businesses often experience fluctuations in cash flow due to seasonality, payment terms, or unexpected expenses. Unsecured business loans can provide working capital to cover these gaps, ensuring that operations can continue uninterrupted.
Business Expansion: As a manufacturing business grows, it may need to expand operations, hire new staff, or open a new facility. Unsecured business loans can provide the funds needed to fuel this growth without having to provide collateral.
Vendor Payouts: Manufacturing businesses often need to pay suppliers or vendors for materials, equipment, or services. Unsecured business loans can provide the funds needed to make these payouts, ensuring that the business can continue to operate and fulfill orders.
Short-Term Needs: Manufacturing businesses often have short-term needs, such as covering payroll, financing a new project, or addressing unexpected expenses. Unsecured business loans can provide quick access to funds needed to cover these needs, without having to wait for approval on a secured loan.
Credit Building: Timely payments on an unsecured business loan can help build your manufacturing business’s credit score, which can make it easier to secure financing in the future. This can be especially helpful for businesses that are just starting out or have had credit challenges in the past.
Business Loan Eligibility Criteria
| Business Entity | Minimum Requirement |
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Business Loan Fees & Interest Rates
| Customized Interest Rates | 11.5% to 33% per annum |
| Processing Fees | 2-3% |
| Loan Tenure | Up to 60 months |
| Pre-closure Charges | No charges |
| Loan Amount | ₹10,000 – ₹30 Lakh |
| Installments | Monthly |
Documents required to get a Business Loan
The documents required for an Individual & Sole Proprietorship are listed below.
Individual
- PAN Card
- Aadhaar Card
Sole Proprietorship
- PAN Card
- Aadhaar Card
Any 1 of the following business documents
- Udyog Aadhaar
- MSME Certificate
- Gumasta License
- Shops and establishment certificate
- Trade License
- Labour License
- Food License
- GST Certificate
- Registration Proof
- Regional state registration certificate
- Municipal corporation department certificate or License
- Sales and Income Tax returns
- EC (Import exporter code) issued by the office of DGFT
- Registration document issued by sales/service tax authority
What our customers have to say
Frequently Asked Question (FAQ)
How to apply for a business loan?
To apply for a loan, please go to www.opencapital.co.in and select the “Apply Now” option. You will then need to fill out all necessary information, such as your personal, business, and banking information.
Who can apply for a business loan?
All Individuals and Sole Proprietorships that have been operating their business for a minimum of two years are eligible for business loans.
Can you get a business loan without collateral?
Yes! You can get a business loan from Open Capital without security or collateral.
How to calculate business loan EMI?
The EMI is the fixed amount that a borrower has to pay each month to the lender until the loan is fully repaid. It includes both the principal and the interest on the loan. The EMI can be calculated using a simple formula:
EMI = P x r x (1+r)^n/((1+r)^n-1)
Where:
P = principal or the loan amount
r = rate of interest per month
n = loan tenure in months
It is important to note that the EMI may vary depending on the loan amount, interest rate, and loan tenure. It is important to choose an EMI that you can comfortably afford and that fits your budget, to avoid defaults or late payments.
Is CIBIL score required for a business loan?
Yes! A CIBIL score of 680 or higher is required to obtain a business loan.
Bank Statement format and duration required to apply for a Business loan?
You have to upload 12 months bank statements in a PDF format. The statements should be either downloaded from the net banking facility or as received in email from your bank. Please note any scanned PDF files, tampered files, images converted in a PDF format or edited bank statements will not be accepted.
What are the different types of Business loans I can apply on OPEN Capital?
You can apply for the below-mentioned Business loans on OPEN Capital.
- Term Loans
- Working Capital
- Line of Credit
- Revenue Based Financing
What is the difference between an SME loan and a MSME loan?
Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs) are terms used to classify businesses based on their size. SME loans are aimed at small and medium-sized businesses with a higher revenue and employee count, while MSME loans target micro, small, and medium-sized enterprises with fewer employees and lower revenue.
