Most business loans are unsecured loans that help business owners and entrepreneurs achieve their business goals and run smoothly. The business loan in chennai can be used for working capital needs, new machine purchases, and capital expenditure. With easy eligibility criteria and flexible repayment terms – you can ensure the growth of your business while managing your cash flow in a better way.
How will you apply for the business loan?
There are two ways you can use a business loan either through an online process or by visiting the lender’s nearest branch office. Use the free online business Loan Eligibility Calculator and Business Loan EMI Calculator. So you can easily manage your monthly EMI within your budget. You need to review the lender’s basic business loan eligibility guidelines as well as documentation requirements before applying to reduce your chances of being rejected.
- Click on “Apply now”
- Choose a business loan / SME loan
- You can enter the requested information correctly and click on “Submit”.
- You will receive a tracking code with which you can check the status of your subscription.
- The management will shortly contact you and inform you of the next steps involved in the process.
- After fulfilling the requirements and submitting documents your application will go through different stages of verification.
- Once the review is complete and your loan application has been approved. The lender will inform you of the interest rate and loan terms.
What are the eligibility criteria for the business loan?
- Individuals should have been involved in the current business for at least three years and have at least five years of business experience.
- The minimum eligible age is 22 years at the time of applying for the loan and should be less than 65 years at the time of the end of the loan period.
- The organization should have a minimum turnover of Rs 10 lakh and make a profit in the last two years.
- The minimum annual corporate income tax return should be Rs 2 lakh.
- CIBIL score 750 or higher
The required documents are valid identity proof, recent photography, address proof, six months of bank statement (last), the financial statement with ITR for the past 2 years, GST certificate, trade license, certified memorandum, partnership deed, and sole proprietorship.
What are the features of the business loan?
The features of business loan in Bangalore are given by,
Flexible Loan Options: The Loan term range Up to 48 months. You can guarantee timely repayment based on the business’s cash-generating ability. Additionally, you can prepay the loan balance without additional costs or foreclosure fees.
Easy financing options: With quick and easy financing options up to Rs 50 lakhs for small businesses. You can easily achieve all your business goals effectively.
Unsecured: You don’t need to pledge assets as collateral to secure a business loan to finance your small business.
Customized credit solutions: Because every business is different and has different needs with customized financial solutions. So you can achieve your business goals and improve your business growth rate. Plus, competitive interest rates keep your cost of capital low.