One of the primary aspects that a startup business has to think about is to get the working capital required to turn into a successful venture. Whether it is for that, or for taking the next big leap in your business venture, business loans come handy. It is for this reason that business loans are considered as one of the primary options for funding any business and are offered by banks and NBFCs.
Due to the high demand for business loans in Chennai, banks and NBFCs even offer instant business loan options that let you save a lot of time and efforts in the process.
Compare Business Loan Interest Rates from Top Banks/NBFCs – April 2021
|SBI Bank||8.30% onwards (SME Loan)|
|Bajaj Finserv||18% onwards|
|Axis Bank||17% onwards|
|HDFC Bank||15% onwards|
|Kotak Mahindra Bank||16% onwards|
|Hero Fincorp||18% onwards|
|IDFC First Bank||16% onwards|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
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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
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Features and Benefits
Some of the main features and benefits of business loans in Chennai includes:
- Business loans ease the cash flow of an enterprise
- Loan disbursal process is simpler and speedy
- Customized solutions and rates for different kinds of businesses
- Competitive Interest rates
Apply for business loans in other cities of 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|
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 back 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