InvestorQ : I want to start a business because of that I want loan

I want to start a business because of that I want loan

swati Bakhda answered.
1 year ago
A loan is provided only after checking the collateral provided by the applicant. However, a bank can also approve a loan with any collateral security which is basically dependent on the borrower’s creditworthiness.
In case of a business loan, you can apply for a loan by either using any of your collateral security which can be any of your assets, personal or commercial. However, in case if you don’t collateral then your profit and loss account statement and Bank account statement can prove helpful.

Profit and loss account statement will give an insight into your business to the bank and Bank account so that the transaction of your company’s and the personal account can reflect your creditworthiness to repay the amount.
However, an unsecured loan is possible for a company that has a track record for a few years, but if you want a business loan for a new company or starting a new company then the collateral is needed.