Business Loan in Amritsar

Amritsar has one of the highest populations in the state of Punjab. In fact, it comes second in that matter. You must have heard of The Golden Temple, which is in this city, and people from all over the world come and visit this place. A majority of Amritsar’s economy depends highly on the textile and dairy industry. It is also known for the massive level of production of blankets, wooden chess boards, woollen clothes, Pashmina shawls, and chess pieces. In addition, there is a production of other things as well, which contribute significantly towards Punjab’s GDP.

Amritsar is not only known for the major industries it harbours, but also for a few other areas which cater to small as well as medium scale enterprises. Such regions include areas like Katra Ahluwalia, Lawrence Road, Kapda Bazaar, and even the famous Old City Bazaar. With so many industries in place, the city of Amritsar calls for a few business loans that are required to sustain.

Why Should You Avail a Business Loan In Amritsar?

When it comes to finance in a business, it is always a great strategy to go for a loan. There are many businessmen going for a loan to keep the short term operations of their business running. This keeps the day to day activities running without hampering the long term plans.

A business loan in Amritsar can help all types of enterprises. How? Check out the following few reasons out of the many for someone to consider taking out a loan for their business:

  1. It helps in purchasing the professional equipment, which work as assets for an enterprise.
  2. business loan can help with purchasing raw material and of other stock, enabling a smooth functioning of the business operations.
  3. Expansion always requires so much capital, for which a business loan can be a good source.
  4. A businessman should see to it that they have a good amount of working capital. A business loan can greatly help with that.

What is the Importance Of A Business Loan?

A business loan might be a liability but acts as an asset for a business in the long run. It can help in securing a good financial position of the business. It helps with not only the daily activities of a business but also the future plans and helping in getting them come to fruition.

Eligibility Criteria to Get A Business Loan In Amritsar

Business loans may have been trickier in the past. But, in recent days, they have become much easier. Moreover, they still do have some criteria which is as follows:

  1. You must have a business of the following types – partnership, sole proprietorship, LLC, public company, or a private company.
  2. The credit score of the applicant must be at least 750. It is okay if it is more than that, but not less.
  3. The authorities also pay attention to the annual turnover of a business. This mainly has to be more than 2 lakh rupees per month.
  4. The business vintage is taken into consideration as well. This has a requirement to be of 1 year.

What Are The Main Documents Required For Taking Out A Business Loan In Amritsar?

A business loan helps in making the vision of a businessman come to life. To procure a business loan in Amritsar, the following documents are mandatory to be submitted:

  1. KYC Documents: An individual is required to submit a few KYC documents in order to take out a business loan in Amritsar. Such documents may include Aadhaar Card, Passport, Driving Licence, PAN Card, etc.
  2. Residence: The authorities require proof of residence while considering one for a business loan. Such a document may be any one of these: Rent Agreement, Voter’s ID, Passport, Ration Card, etc.
  3. Bank Statements: The bank statements of a company should be audited by a Chartered Accountant. These have to be of at least 6 months and even more than that, if required.
  4. Business KYC: A business’ KYC is also important. You can submit a GST Registration Certificate,Business PAN Card, Shop Certificate, etc.

What Are The Benefits Of Getting A Business Loan In Amritsar from Lendingkart?

The benefits of getting a business loan in Amritsar from Lendingkart are:

  1. There are no hidden charges. This means you do not have to worry about what a loan is going to cost you except the principal amount and the interest.
  2. We provide unsecured business loans in Amritsar, making sure that you can take your business to new heights without many formalities and delay.
  3. LendingKart has a very easy application filling process that only takes a few minutes and gets you a loan with an overall hassle-free procedure.
  4. We do not require many documentations, except the necessary ones like KYC, bank statements, ID proof, etc.

Business loans in Amritsar FAQs:

1. Can I get an unsecured business loan in Amritsar?

Yes, an NBFC like Lendingkart can help you get an unsecured business loan in Amritsar at a good rate.

2. What is the minimum credit score to get a business loan in Amritsar?

The minimum credit score in order to get a business loan in Amritsar is 750 or more.

3. Is a business loan for working capital a good idea?

Yes, there are many enterprises in the city of Amritsar taking out a loan for working capital.

4. What is the minimum business vintage required to take out a loan?

A business in Amritsar requires a minimum of 1 year of vintage to be eligible for a loan.

5. What residential address proof is required to get a business loan?

A residential proof from any of the documents like Rent Agreement, Driving License, Ration Card, Voter's ID, Passport, or Aadhar Card.

6. Can a business loan be taken for regular needs?

Yes, to carry out the day to day activities and operations of a business, a loan can be taken out.

7. Are KYC documents compulsory to get a loan?

Yes, a business loan in Amritsar requires a few necessary KYC documents.

8. What should be the monthly turnover to get an unsecured business loan?

In order to get an unsecured Business Loan, it is very significant to have a monthly turnover of at least 2 lakh rupees in Amritsar.

9. Bank statements of how many months are required to get a business loan?

get a business loan in Amritsar, a total of 6 months' bank statements are required to be shown.

10. Can expansion of a business be a reason to take out a loan?

Yes, an expansion of a business is the perfect loan to take out a loan in Amritsar.