Chennai, the capital of the State of Tamil Nadu, though steeped in history, has assumed the mantle of being the largest industrial and commercial hub in South India. It is ranked among the top economically productive metros in India. The growth drivers that have transformed the economic landscape of Chennai are a host of vital industries ranging from Automobile, Software Development Services, Medical Tourism, Financial Services and Hardware Manufacture.The Chennai Metropolitan Area boasts of a vibrant economy even without the inclusion of the nearby Sholinganallur, Sirusen, Orgadam and Sriperumbudur Industrial Estates. The city is house to many international auto giants hosting their manufacturing and corporate offices, which not surprisingly earned it the epithet of the Detroit of Asia.
Why take a Business Loan in ChennaiEndowed with a high quality of life, it is the ideal locale for business to thrive and thus conducive to the entrepreneurs to set shop in the eco-system of Chennai. The other features that make Chennai an ideal location to seek business loans are:
- Easy processing: There are a host of lenders in Chennai like banks, NBFC. But of late, the advent of Digital NBFC like Lendingkart has revolutionised the delivery of business loans cutting free from the cumbersome processes of traditional lenders cutting down on the frills that include their credit analysis.
- New Age Loans to enhance your business loan options: Lack of flexibility and age-old practices has been the bane for a business loan from most traditional lenders. The Digital Platforms serve in Chennai with newer opportunities offering loans like Merchant Cash Advance to name one, that is tune with the emerging trend in a digital environment of POS payments.
Criteria for Applying for Business Loans in Chennai:Business loans require eligibility norms to be fulfilled. All lenders design their criteria in harmony with their policies. In Chennai, digital platforms look for these key parameters to be an applicant of business loan:
- The entrepreneurs can be Proprietors, Partnership, or Private Limited / LLC and one-person company.
- An established business should be in operation for more than six months.
- Minimum turnover over Rs.90K in the preceding three months of application.
Mandatory Documents when Applying for a Business Loan in Chennai:Most of the online lenders seek frugal documentation, and Lendinkart is no exception. The documents include:
- PAN and Aadhaar card.
- Copy of partnership deed if applicable.
- Business-related documents, including proof of existence.
- Bank statements for a specified period.
Features and Benefits of Business Loans in Chennai:Business loans through these Digital platforms offer the following edge over the erstwhile established lenders in encouraging the enterprise to achieve full potential.
- Fast processing of loan applications.
- Fair Interest rates.
- No collateral as security.
- Flexible EMIs
- Minimal documentation.
- Truly digital in all respects
Charges and interest rates for Business loans in Chennai:Among the key factors, the charges applied in business loans are vital. In the context of the loan, the cost of capital has a bearing on the overall management of the enterprise. The following rates are applicable at Lendingkart, which are one of the most competitive in the market, making a business loan in Chennai attractive.
Rate of Interest
15 to 27% per annum depending on credit score
Quantum of loan
Rs.50 K to Rs.2 C
One time upfront of 1 to 2% of the loan amount
Up to 2 years
Flexible EMIs or Bi-weekly.