Chandigarh, considered to be the best-planned city in India, boasts world-class architecture and high quality of life that is unmatched. Both Haryana and Punjab need to have their capital in this city, which is considered one of the best cities in India. As an example of modern India, the city displays the face of the new nation. As a result of Jawaharlal Nehru’s dream, it has come to pass. Exclusiveness and modernization are the hallmarks of the city.
In Chandigarh, the state government has made it a priority to develop a progressive business climate. The Chandigarh Industrial Policy, 2015, offers a wide array of fiscal incentives and policies for businesses to attract them. As Chandigarh’s administration strives to promote Information Technology, it is focusing on less space-consuming industries. Through a collaborative effort with Software Technology Parks of India, the government has established high-speed data communication facilities for software development and export, nodes at Punjab Engineering College, Chandigarh, and a NODE at the Chandigarh National Laboratory.
With its neat arranging of trees and plants in different parts of the city and its beautifully planned buildings, Chandigarh is undoubtedly one of India’s most beautiful cities. Among the best business opportunities available in this rich, prosperous, green, and sparrow city are those for its residents and even for people who have come from different parts of India. The business loan that Lendingkart can provide can be your best bet if you are in search of one in Chandigarh. Approximately 15 medium to large industries operates in the area, including two public utilities. Also registered under the small-scale sector are over 2500 units in Chandigarh. Manufacturing of paper, metals, and alloys, and machines represent major industries in the country. Some of these other industries involve food products, sanitary ware, auto parts, machine tools, pharmaceuticals, and electrical appliances.
The purpose of Chandigarh business loans
Loans for businesses are often used for a variety of purposes, such as expanding a business, meeting working capital needs, upgrading machinery and equipment, purchasing raw materials, managing cash flow, paying rent and salaries, hiring new employees, purchasing inventory, and consolidating debt. Among the business loans available in Chandigarh are:
- Letter of Credit
- Working Capital Loan
- Term Loan
- Demand Loan
- Bill or Invoice Discounting
- Merchant Cash Advance
- Small Business Finance
- Micro Loan
- Commercial Real Estate Loan
- Equipment Finance
- Construction Machinery Loan
- Mudra Loan
- Business Credit Card and many more
Licensed businesses can qualify for business loans if their turnover is high and they are in a legal business. Private and public sector banks and non-banking financial companies generally have different criteria, terms, and conditions for validating the authenticity of a business. In these institutions, however, the following factors are used to verify the authenticity of a business:
- Business type and nature
- Amount Turned Over Per Annum
- The profit made by a business
- A business’s credit score
- Track record of previous financial performance
Banks and nonbank financial companies offer different interest rates depending on factors such as loan amount, applicant’s profile, business requirements, tenure of the loan, CIBIL score, applicant’s creditworthiness, and repayment capacity.
Individuals, traders, retailers, manufacturers, and sole proprietorship clubs, partnership firms, private limited companies, NGOs, and co-operative societies are eligible to apply for business loans offered by financial institutions in Chandigarh. Our official webpage can be accessed by Chandigarh’s residents who wish to check Lendingkart’s business loan options available with the lowest interest rate and most flexible services at the lowest interest rates.
- At the time of maturity of the loan, the applicant shall not be younger than 21 years of age and older than 65 years of age
- A citizen of India who does not have a criminal record
- At least 750 is the ideal credit score
- Financial institutions classify business loans, like secured and unsecured loans, into two categories
Secured Business Loan: Customers have to submit collateral to be eligible for these types of loans. In spite of this, the interest rate is lower than other types of loans for businesses, and even the loan amount offered is higher.
Unsecured Business Loan: There is no requirement to submit collateral or security to the lender. Comparatively speaking, the interest rate is quite high, whereas the loan amount is dependent on the company’s requirements.
Business loan features
- The size of the amount can range from Rs. 50,000 to Rs. 1 crore.
- Business loans without collateral
- Applicants will be able to apply online within three working days, and their applications will be processed
- The repayment period is between one and 36 months
- Just a few documents are required
- Payable on a flexible schedule (weekly, monthly)
- Interest rates range from 16-27% per year
- A processing fee of 2% is charged for each sanction.
Chandigarh areas that are easily eligible for business loans
There are some prominent localities in Chandigarh where business loans can be applied for by potential borrowers:
- Sector 21 Chandigarh
- Ram Darbar
- Sector 26 Chandigarh
- Sector 40 Chandigarh
- Sector 1 Chandigarh
- Sector 9 Chandigarh
- Sector 22 Chandigarh
- Sector 15 Chandigarh
- Sector 19 Chandigarh
- Sector 35 Chandigarh
- Sector 20 Chandigarh + Other Locations.
Our Chandigarh business loans at Lendingkart are completely dedicated to providing loans for businesses of all kinds, all of which have their own set of demands and requirements. In close coordination with you, our experts identify the work you are doing and determine the solutions that can add value to your organization. Offering a full range of GST business loans in Chandigarh as well as term loan facilities, we help businesses manage their cash flow in an efficient manner while helping their smooth operation at the same time. Using our loan calculator, interested parties will be able to find out how much they qualify for and can apply for a loan in just 30 minutes!
You can get an invoice financing loan from us if you sell goods to a large company but you were unable to get payment from a company that takes a long time to pay your invoices. Those businesses that accept only debit or credit payments and work with credit card machines are eligible for merchant cash advance loans. The documentation process is simple, and the results are immediate. Individuals seeking a line of credit loan can utilize it according to their preferences and it is especially helpful to those organizations whose operations are seasonal and that desire to expand for the sake of meeting the market’s demands.