Hyderabad is a capital city of Indian states Telangana and Andhra Pradesh both, establishing itself as a hub of technology centers, IT firms, pharmaceutical enterprise and various MNCs. Hyderabad has a mix of people from all over India and moreover is a place with diverse loan requirements. New businesses and startups are on rise in this technology city, along with new restaurants and eating points.
To fulfil their dream of opening new businesses under their own names, people of Hyderabad reach out for various lending options like unsecured business loans, MSME loans, term loans or working capital loans. There are several financial institutions offering business loans at attractive interest rates for people living in Hyderabad.
Compare Business Loan Interest Rates from Top Banks/NBFCs – April 2021
|Banks / NBFCs||Interest Rate|
|SBI||8.30% onwards (SME Loan)|
|Canara Bank||9.60% onwards|
|Corporation Bank||10.3% onwards|
|HDFC Bank||15% onwards|
|Kotak Mahindra Bank||16% onwards|
|ICICI Bank||16% onwards|
|IDFC First Bank||16% onwards|
|IIFL Finance||16% onwards|
|Lendingkart Finance||17% onwards|
|Axis Bank||17% onwards|
|Fullerton India||17% onwards|
|Hero Fincorp||18% onwards|
|Bajaj Finserv||18% onwards|
|RBL Bank||19% onwards|
|Indifi Finance||22% onwards|
|NeoGrowth Finance||24% onwards|
|Bank of Baroda||Based on your Business’s Profile|
|PNB Business Loan||Based on your Business’s Profile|
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.
The interest rate offered is calculated on the basis of applicant’s creditworthiness, financial capacity, repayment capability, business profitability, cash flows, CIBIL score, loan amount and inventory. The loan amount depends on the business requirements and applicant’s business profile.
Business loans can be availed by the following entities residing in Hyderabad that include individuals, self-employed, business owners, entrepreneurs, traders, retailers, manufacturers, sole proprietorship, partnership firms, private and public limited companies, limited liability partnership and professionals, such as CAs, nurses, doctors, women entrepreneurs, etc.
Eligibility for Business Loans in Hyderabad
- Age Criteria: Minimum 21 years at time of loan application and 65 years at time of loan maturity
- Business existence: Minimum 1 year from the date of incorporation
- Applicant should be an Indian citizen with no past criminal record
- Business should possess all documents that adhere to state laws
- Eligible monthly or annual turnover amount of a firm shall vary from bank to bank
- Financials that include profit and loss and taxes shall be available
- Applicants opting for unsecured business loan shall pay higher interest rate but no collateral
- Applicants opting for secured loan shall pay lesser interest rate but have to submit collateral
- Passport-sized photographs
- Business Plan
- KYC Documents: PAN Card, Aadhar Card, Voter’s ID card, Passport, Driving License
- Business owner or partner details (Identity, Age and Address Proof of owner or partner)
- Residential address proof: Passport, Rent Agreement, Driving License, Voter ID Ration Card
- Business address proof: Establishment Registration or Sales Tax Certificate and Trade License
- Last 6 months’ salary slips, if employed
- Last 1 year ITR and certified P&L and bank statement
- Business KYC: GST Registration Certificate or Shops and Establishment Certificate
- Memorandum of Articles (MoA) & Article of Association (AoA)
- Declaration of ownership
- Power of Attorney
- Any other documents required by the bank or NBFC
Business Loan Purpose and Prospects
People of Hyderabad can avail business loans for various purposes like business expansion, purchase of equipment or machinery, buying raw materials, paying-off rent and salaries, purchase of inventory and stock, hiring new staff, training existing employees, debt consolidation, etc.
The Government of India is about to make Hyderabad as a Pharma city, so natives of Hyderabad can start a new business contributing to the pharma industry and earn huge profits. Next best options of startups in Hyderabad shall be a tour planner, travel consultant, call center, hardware products of computers, electronics, and drug and vaccine production.
Steps to Apply for Business Loan in Hyderabad from Paisabazaar
To apply for a business loan, applicants can visit paisabazaar.com and check and compare best available loan deals from various financial institutions. Applicants can further fill in the application form of the desired bank and proceed with the loan formalities with the bank’s representative. Secondly, applicants can directly visit the official website of the respective bank or NBFC and fill in the loan application form online. After the loan form is submitted, one of the bank’s or NBFC’s representative will contact the applicant and shall proceed the loan process and will stay in contact till the loan amount is disbursed in the applicant’s bank account.
Read Also: How to Apply for Mudra Loan for Business
Apply for business loans in other cities of India
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|Business Loan in Faridabad||Business Loan in Jaipur|