Unsecured Business Loan Overview
Running an industry leads to a lot of complications. Be that a manufacturing or service industry. If we talk about the Service Industry, it includes providing services to businesses or final consumers. This comprises information technology services, tourism, restaurants, transportation, health care, entertainment, clothing brands, etc. So, IT is the most developing sector, constantly requiring funds for developing new software, starting a new company, and many others. But when asking for loans, the major gap they face is the collateral.
Since these companies generally do not have fixed assets for collateral, they generally cannot opt for secured finance. Perhaps, the only asset that they possess is Intellectual Property (IPR). The IPR can not be kept as collateral for finance. Therefore, unsecured funding is the alternative available for IT companies.
Unsecured Business Loans for IT Companies
Having no assets as collateral, IT industries have to opt for unsecured funding. Unsecured loans get finance where collateral security is absent. The loan is provided based on the credit score of the borrower. Such a loan can be taken to overcome their short or long-term inconsistency in the operation. The Rate of Interest is comparatively high because of the absence of collateral. But Terkar Capital will arrange a reasonable cost of borrowing for you!
Learn the Unsecured Funding execution from the case study.
IT Company Funding Opportunities
IT companies have a wealth of global opportunities presented by the continuing evolution of new technologies such as AI automation, blockchain, and cloud computing. The rapid embrace of digital transformation by businesses worldwide has increased the demand for innovative IT solutions, allowing IT companies to expand globally and offer scalable solutions across different industries.
This expansion, however, requires strategic financial resources to support investments in infrastructure, top talent, and innovation. In this context, IT company debt funding products become a strategic enabler, providing the necessary financial support for IT companies to seize global opportunities.
Eligibility criteria for Unsecured Business Funds:
- Only creditworthy borrowers grant Unsecured loans. That is according to their CIBIL score. Many lenders require a score of 750. A score between 650 to 750 is considered favourable. Companies with low CIBIL scores face huge issues with this loan.
- Another criterion is that the borrower company must have a specific turnover for applying for unsecured funding. That varies according to the set criteria of different lending institutions.
- The minimum age of the borrower should be 21 and the maximum 65.
- The business should have been in operation for at least 3 years.
Free CIBIL Score and Report
Conclusion
Adequate funding is essential for companies to operate the business and achieve growth. Under these circumstances, Terkar Capital’s financial products can be a quick solution to all the problems.
At Terkar Capital convenient and collateral-free funds can be used to address the urgent needs of finance and grow your business. So without having any second thoughts, approach Terkar Capital for both debt and equity funding solutions! We assist in raising unsecured business funds for the IT industry.
