Business Loan in Howrah

Howrah is an industrial area with a manufacturing background that has been going on for years. The many industries here are shipbuilding, steel, equipment for construction, and many more. These have been in existence since before India’s independence. It is due to this that the Howrah city is famously known as ‘Sheffield of the East’.

With the change in consumer behaviour, Howrah has also changed significantly. There are many industrial products that have found an increased demand from the consumers, whether they are made on a small scale or a large scale. This has resultantly affected the need for loans too giving rise to business loans in Howrah more than ever before.

What documents are needed to avail a business loan in Howrah?

In order to avail a business loan in Howrah, one must have and submit the following documents:

  1. KYC Documents – These can include Voter ID card, Passport, Driver’s Licence, Aadhar Card, etc.
  2. Proof of address – This may again include documents like Aadhar Card, Driver’s Licence, passport, etc.
  3. Income Tax details – You need at least one year of income tax details.
  4. Financial papers – Make sure that the financial papers or balance sheets that you submit are audited by a Chartered Accountant.
  5. Partnership Deed – You only need this in case you have a partnership firm.
  6. Certificate of incorporation or registration document

How to Get a Business Loan in Howrah?

Getting a business loan is not that hard. All one has to do is get acquainted with the online procedure. In case you do not know how it goes, then let us tell you:

  1. Firstly, visit the official site of Lendingkart.
  2. Go to the business loans section.
  3. Fill out the application properly to get a loan without leaving out any detail.
  4. Upload and submit the necessary documents in the relevant sections.
  5. Give a complete verification of the documents.

After you have gone through the whole procedure, it is time to wait. This procedure leads to the approval or disapproval of the loan, depending on the fact of you fulfilling all the criteria.

What are the eligibility requirements for getting a business loan in Howrah?

The following are some of the basic requirements one must fulfil to get a business loan in Howrah:

  1. Your credit score must be more than seven hundred and fifty. This ensures that you will be able to repay the loan and that too on time.
  2. Your business must be of 3 years of age.
  3. To get a business loan in Howrah, it is a must that the annual turnover for your business is above 25 lakh rupees.
  4. Your business’s balance sheet must be audited by a Chartered Accountant.
  5. You or your business actually should have a record of making at least 1 income tax payment.

What are the benefits to get a business loan in Howrah?

Getting a business loan in Howrah open many doors in the industrial area. A few of the benefits are given below:

  1. A business loan can help greatly in the expansion of a business, and letting you take it to new heights.
  2. There are services like Lendingkart which let the customers pay the due amount in advance, if they wish to. This allows their liability to decrease sooner.
  3. We provide doorstep service. Our expert staff will come at your home to walk you through the whole procedure of getting a loan and even verifying your eligibility criteria and the important documents.
  4. The funds are received instantly to the borrower’s account, once they have completed the formalities. They can start using the funds quickly for whatever reason they got the loan for.
  5. Business loans are helpful in getting the work done for the things that you would have gotten done at a later date due to the lack of funds.
  6. There are multiple options to pay a business loan debt such as EMI, one-time payment, etc.

Business loans in Howrah FAQs:

1. How long does the verification of the documents take?

The verification of the documents for a business loan in Howrah may take up to a week.

2. Are small business loans in Howrah considered as risks?

Yes, since the small business loans in Howrah are unsecured, they fall under the high risk criteria.

3. How many years of income tax payment does it require to get a business loan in Howrah?

A minimum of 1 year of income tax payment has to be done and shown in the books in order to get a business loan in Howrah.

4. Does the loan for small business require high interest?

Yes, due to the unsecured nature of the business loans in Howrah, they are lend for higher interest rates.

5. Is Lendingkart good for loans for business expansion?

Yes, Lendingkart is one of the best choices for one to get loans for the sake of expanding their business.

6. Can I pay the loan amount in advance?

Yes. Generally, one has to repay the loan amount with fixed installments. But with us, you can repay the fixed amount and even more than that in advance to save yourself from future payments.

7. Does availing a business loan in Howrah require a PAN Card?

PAN Card is one of the main documents to apply for a loan. However, in case you do not have a PAN Card, there are a few other documents that you can submit to get a business loan.

8. When does one get their business loan approved?

Once the business loan application gets filled, it goes for verification. When verification of the application as well as the attached documents is done, the concerned authorities see to it that you are eligible in terms of various factors. Finally, they give a green light to your business loan application.

9. What is the minimum requirement of the loan amount?

The minimum loan amount should be 50 thousand rupees.

10. How old should my business be to apply for a loan?

Your business should be at least 3 years old to apply for a business loan in Howrah.