Running a small business often means managing ups and downs in cash flow. Sometimes you need quick money to buy stock, pay suppliers, manage salaries, or handle an emergency. In such situations, a Personal Loan for Small Business can be a smart and fast solution.
Through 24hrLoan, small business owners can apply for a personal loan online and get offers from multiple banks and lenders, without the need to pledge property or business assets.
What Is a Personal Loan for Small Business?
A personal loan for a small business is an unsecured loan taken in the individual’s name but used for business purposes. Unlike traditional business loans, it does not require collateral, business turnover proof, or complex paperwork.
This type of loan is ideal for:
- Small shop owners
- Traders & retailers
- Freelancers & self-employed professionals
- Home-based business owners
- Service providers
Loan Amount Available
With 24hrLoan, you can get:
- Minimum Loan: ₹50,000
- Maximum Loan: Up to ₹25,00,000 (or more based on profile)
- Tenure: 6 months to 60 months
Interest Rate & Charges
| Interest Rate | 16% to 26% per annum |
| Processing Fee | Up to 3% of loan amount |
| Tenure | 6–60 months |
| Collateral | Not required |
| Prepayment Charges | As per lender policy |
The interest rate depends on your CIBIL score, income, and the lender you select.
Benefits of a Personal Loan for Small Business
1. No Collateral Required
You don’t need to mortgage your shop, house, or land.
2. Fast Approval
Since the process is straightforward, approval is significantly faster than with traditional business loans.
3. Flexible Usage
The loan can be used for any business or personal purpose.
4. Easy EMI Repayment
Repay the loan in affordable monthly EMIs.
5. Multiple Lender Options
24hrLoan shows offers from several banks and NBFCs, improving approval chances.
Also Read: How to Check CIBIL Score Free
Eligibility Criteria
You may qualify for a personal loan for a small business if:
- Age: 21 to 60 years
- Employment: Self-employed / small business owner / freelancer
- CIBIL Score: Preferably 700+ (700+ gives better rates)
- Income: Regular income through business or profession
- Bank Account: Active savings or current account
Even if your profile is not perfect, 24hrLoan helps match you with flexible lenders.
Documents Required
Only basic documents are needed:
- PAN Card
- Aadhaar Card
- Address proof
- Salary Slip for a salaried person
- Trade License & MSME Certificate for Business owners
- Bank statement (last 6 months)
- Income proof (optional for some lenders)
No business registration or GST is required for many lenders.
How to Apply for a Personal Loan for a Small Business via 24hrLoan
Step 1: Visit the 24hrLoan Website
Choose the Personal Loan option.
Step 2: Enter Basic Details
Fill in your name, mobile number, income details, and required loan amount.
Step 3: Upload Documents
Submit PAN, Aadhaar, and bank statement online.
Step 4: Compare Loan Offers
Get offers from multiple banks and NBFCs in one place.
Step 5: Loan Approval & Disbursal
Once approved, the loan amount is credited directly to your bank account.
Personal Loan vs Business Loan – Which Is Better for Small Business?
| Collateral | Not required | Sometimes required |
| Approval Speed | Fast | Slower |
| Documentation | Minimal | More documents |
| Usage Restriction | No | Yes |
| Loan Amount | Medium | Higher |
For small and urgent business needs, personal loans are often more practical.
Why Choose 24hrLoan for Small Business Funding?
24hrLoan helps you:
- Compare loans from multiple lenders.
- Increase approval chances
- Get transparent interest rates.
- Apply online with minimal paperwork.
- Save time and effort.
Instead of visiting different banks, you apply once and choose the best offer.
Also Read: How I Take 3 Lakh Business Loan Online?
Conclusion
A Personal Loan for Small Business is a quick and reliable way to manage business expenses without collateral or heavy paperwork. Whether you need funds for daily operations or sudden expenses, this loan gives you flexibility and speed.
With 24hrLoan, you get access to multiple banks and NBFCs, helping you find the best personal loan for your small business needs—fast, simple, and transparent.