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Jaipur is a hub of businesses and enterprises largely contributing to the Small Scale Industry (SSI) sector and Micro, Small and Medium Enterprises (MSMEs) engaged in the manufacturing and selling of antiques, handicrafts, gems, pottery, carpets, jewelry items, and leather products.
To start small scale businesses, startups, or MSMEs, the people of Jaipur shall opt for business loans, term loans or working capital loans offered by various private and public sector banks, Non-Banking Financial Companies (NBFCs), Small Finance Banks (SFBs), Regional Rural Banks (RRBs) and Micro Finance Institutions (MFIs).
| Interest Rate | 16% p.a. onwards |
| Loan Amount | Max. up to Rs. 1 crore, can exceed depending upon business requirements |
| Repayment Tenure | From 12 months to 5 years |
| Collateral | Not required (Besides equipment finance, machinery loan and invoice discounting) |
| Age Criteria | Min. 18 years and Max. 65 years |
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Compare Business Loan Interest Rates from Top Banks/NBFCs
| 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% |
Purpose of Business Loan
Business loans offered for the people of Jaipur can be used for the purchase of shop space, paying rent, purchase of machinery and equipment, buying raw materials, inventory and stock, hiring workers, etc. Business loans can also be availed to meet the working capital requirement and manage the business cash flow or overcome urgent cash crunch situations.
Eligibility Criteria
- Age Criteria: Minimum 18 years and maximum 65 years
- Good CIBIL/credit score
- Indian Citizen
- Profitability criteria and business tenure
- Annual business turnover, defined by the respective bank and NBFC
Business loans offered by financial institutions can be availed by the following entities from Jaipur:
Individuals, self-employed professionals, startups, retailers, manufacturers, traders, sole proprietorships, private limited and public sector companies, SMEs, MSMEs, partnerships, limited liability partnerships, etc.
Types of Business Loans offered in Jaipur
- Term Loan
- Working Capital Loan
- Equipment Finance
- Letter of Credit
- Invoice Discounting
- Micro Loans
- Merchant Cash Advance
- Construction Equipment Loan
- Overdraft Facility
- Small Business Finance and many more
Documents Required for Loan Application
- KYC documents of owners, partner, promoter (if applicable)
- Identity Proof: Passport, PAN card, Voter’s ID card, Driving License
- Age Proof: Passport, Voter’s ID card, Driving License
- Residential Proof: Utility bills (Water & Electricity Bills), Adhaar Card, Ration card
- Business Address Proof: Rent agreement, Sale Deed, Lease papers
- Last 6 months’ bank statement
- Salary Slips, if employed
- Proof of ownership
- Last 2 years’ GST and Sales Tax certificates
- Last 2 years’ Balance sheet and P&L account statement
Business loans offered in Jaipur are unsecured business loans wherein borrowers are not required to submit any collateral with the bank or NBFC. Some loan exceptions include invoice discounting, equipment/machinery loan and letter of credit, as in these lending products collateral or security is required to be submitted with the lender.
To apply for a business loan in Jaipur, applicants can check and compare all the loan options at paisabazaar.com and choose the best available loan product. Further, the desired bank of the chosen loan deals with contacting the applicant to proceed with the loan formalities.
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