Business Loan in Chennai

Compare Business Loan Interest Rates from Top Banks/NBFCs – April 2023

Bank/NBFCs	Interest Rate
Axis Bank	10.75% p.a. onwards
Flexiloans	1% per month onwards
HDB Financial Services Ltd.	8% - 26% p.a.
HDFC Bank	10.75% - 25% p.a.
IDFC First Bank	10.50% p.a. onwards
Indifi	1.50% per month onwards
Kotak Mahindra Bank	16% - 26% p.a.
Lendingkart	12% - 27% p.a.
Mcapital	2% per month onwards
NeoGrowth Finance	15% - 40% p.a.
Tata Capital	12% p.a. onwards
UGRO Capital	9% - 36% p.a.
Bajaj Finserv	10% to 26%

Also Know: How the EMI is calculated in a business loan from bank?

Eligibility Criteria

If you are planning to avail a business loan in Chennai then you should also look through the eligibility criteria defined by the lender. Applicants are required to fulfill the eligibility criteria set by the lending institutions to avail business loans. Below mentioned is the basic eligibility criteria offered by lenders:

• Applicant’s age should be 21-65 years
• Applicant must have an experience of business for 3 years
• The enterprises’ minimum turnover should be Rs. 90,000 for three months
• The applicant must submit the last 3 years of their ITR statements

Documents required for Loan Application

One of the deciding factors of whether your application for the business loan will get accepted or not includes the availability and accuracy of the various documents required for availing the business loan.

• Duly filled application form
• Valid Identity Proof of Applicant
• Valid Residence Proof of Applicant
• Age Proof
• Financial documents to be submitted would depend on whether the loan is being availed for a new or existing business
  • For existing businesses – financial statements, bank statements as well as proof of IT returns
  • For new businesses – bank statements, as well as proof of IT, returns of the applicants

Apply for Business Loans in other cities in India

Business Loan in Gurgaon	Business Loan in Chandigarh
Business Loan in Mumbai	Business Loan in Kolkata
Business Loan in Bengaluru	Business Loan in Pune
Business Loan in Delhi	Business Loan in Hyderabad

FAQs

Ques. How fast can my business loan get processed?

Ans. It varies based on the loan provider. Usually, most loan providers offer instant loans as well as term loans.

Ques. Is it mandatory for me to submit collateral for me to avail a business loan?

Ans. It depends on the loan provider; however, most banks these days do not need collateral for the business loan. If you have a guarantor, you may not need to offer anything as collateral.

Ques. What if I miss an EMI payment?

Ans. If you miss an EMI payment, the bank will charge certain ECS bounce charges/penalties.

Ques. What is the turnaround time of a business loan?

Ans. Turnaround time depends on the applicant form and documents submitted and it varies from lender to lender.

Also Know: Details on Pradhan Mantri Mudra Loan