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Trichy or Tiruchirappalli is one of the most popular cities of Tamil Nadu, that is known as a prime hub of engineering equipment manufacturing and fabrication. Numerous business owners, SMEs and MSMEs have their businesses managed from this city.
Due to ever-increasing investment in engineering and metal businesses, Trichy has also witnessed a large surge in the demand for business loans, working capital loans, and MSME loans in fast few years.
Further let’s get a detailed comparison of banks and NBFCs offering business loan Interest rates along with its features and benefits.
Business Loan Interest Rates from Top Banks and 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% |
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the bank, NBFC, SFB, MFI and RBI. Interest Rates are updated as on Sep 2021.
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Features of Business Loan
- Interest Rate: Depends on applicant’s profile and business requirements
- Loan Amount: Up to Rs. 1 crore (Unsecured loans)
- Repayment Tenure: From 12 months to 5 years
- Collateral: Not required for unsecured loans
- Processing Fee: From Nil – 5% of loan amount
Eligibility Criteria
- Age Criteria: Min. 18 years and Max. 65 years
- Indian Citizen with no criminal background
- Applicant with good CIBIL score and repayment history
- Applicant with no previous loan defaults with any financial institution
- Business Annual Turnover, Business Vintage and Profitability Criteria shall be defined by the lender and shall vary from person to person
How to Apply for Business Loan in Trichy with Paisabazaar.com?
- Check and compare from all available loan options at one platform
- Fill in and submit the loan application form along with documents
- Bank will verify the form and documents for final approval
- After the loan is approved, bank shall disburse the loan amount in the applicant’s bank account
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Documents Required for Loan Application
- Duly filled application form along with 2 passport-sized photographs
- KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills (Water/Electricity Bills)
- Last 1 years’ bank statement
- Annual Business Turnover: Minimum Rs. 10 lakh or above (for Existing Business Owners/Entrepreneurs)
- Non-Collateral Overdraft
- Copy of Business Incorporation
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FAQs
What is the loan amount that I can avail from banks in Trichy?
Ans. There is no minimum loan amount limit and for maximum the loan amount can even exceed Rs. 2 crore, depending upon business requirements.
What is the interest rate offered by banks in Trichy to avail a business loan?
Ans. The interest rate offered by financial institutions starts from 14.99% onwards and shall depend on applicant’s profile, business stability and financial history.
What is the repayment tenure offered by banks operating in Trichy or across India?
Ans. The repayment tenure offered by banks and NBFCs generally ranges between 12 months to 5 years. However, it may exceed the desired loan amount.
I need to submit any collateral for taking a business loan?
Ans. No, most of the banks do not require any collateral or security. Loans without collateral are unsecured business loans offered by financial institutions.
Also Know: What is the process to get a collateral-free loan in India?
I want to apply for a SME business loan. Will I need to attach collateral?
Ans. If you are applying for startup or SME/MSME business loan, then you are not required to submit any collateral with most of the banks in India. In case the desired loan amount is more than Rs. 40 lakh and is to be sued for buying equipment, machinery, goods or raw materials then collateral shall be required by the lenders.