Business Loan in Kanchipuram

Kanchipuram is a city in India that is almost 75 km from Chennai. This is one of the most visited pilgrimage sites in the country. It is famous for the many temples it is home to, which has also given it the name “Temple City.” The most popular temples here are Vaikuntha Perumal Temple, Kailasanathar Temple, and many more.

The city of Kanchipuram is a great contributor to the textile industry as approximately 35% of the total gross export is done through it. The region makes its majority of the earnings through this source only and plays a significant role in the export earnings of the state of Tamil Nadu.

Apart from this, Kanchipuram is also open to other organizations, which are mostly related to tourism and the weaving industry. With the rise in many of the sectors and industries, the demand for business loans has also increased. And here we will tell you all about them.

Criteria to Be Eligible For A Business Loan in Kanchipuram

The business loans in Kanchipuram can easily be procured, but not without any eligibility criteria. Check out the below-listed boxes that one has to check so they can get a business loan:

  1. Credit Score – The credit score or the CIBIL score of the borrower must be 750 or above 750 to get a business loan in Kanchipuram. A perfect score can get one any loan they desire as long as they are eligible as per other criteria too.
  2. Business Vintage – One must have a business vintage of a minimum of 2 years, giving them enough history to be a relevant borrower of a business loan.
  3. Profits – The annual profits and revenues are taken into account to see if one would be able to repay the business loan or not. Mostly, this should match the lending criteria of the loan providers.
  4. Applicant’s history – The applicant or the borrower must have a good repayment history and the institution must be convinced enough to lend them the funds needed for their business. It is always a good idea to build your credibility since the very beginning for you may need your history as proof of being trustworthy.

Since there is no collateral required and all the business loans are unsecured, the above criteria are much more rigid. This calls for the lenders to be much more aware of frauds and look towards other aspects of giving out loans. These make sure that the loans are replayed and the borrowers are actually legit.

Requirements for Procurement of a Business Loan

Going in for a loan? Do not forget to keep the following documents handy:

  1. KYC Documents – The KYC documents are much required to vet a borrower. These help with authenticating the applicants as well as their addresses too.
  2. Ownership Proof – An applicant has to show if they are the owners of a business or not. Hence, business ownership proof comes into play. This makes sure that the borrower is legit in the eyes of the loan providers in Kanchipuram.
  3. Income Tax Return – One does not need to submit the original copy of their income tax return. Rather, they can just submit a copy of their income tax return documents which would suffice. These have to be of the previous year.
  4. Bank Statements – The bank statements are needed to see the actual position and situation of one’s business. The bank account statements of the past 6 months are a necessity to be submitted for the sake of applying for a business loan.
  5. Audited Books – One has to submit the profit and loss statements of their business along with any other books of accounts that the lab providers in Kanchipuram may require. Just make sure that these are audited by a Chartered Accountant.

Why Should You Opt For Lendingkart’s Business Loans In Kanchipuram?

  1. Flexibility – Lendingkart has a flexible repayment facility, which caters to the needs 9f the borrowers.
  2. Easy Online Procedure – The online application procedure is very easy and can be done within a few minutes.
  3. Affordable Rates Of Interest – The rate of interest is much more affordable than any other institution.
  4. Hassle-Free Paperwork – The paperwork is hassle-free and only for a formality. This is because there is not much paperwork required at Lendingkart.
  5. Not Too Much Paperwork – Only the necessary documentation is required along with a few ID proofs to help with the authentication of the borrower.

Business loans in Kanchipuram FAQs:

1. Why are the above-mentioned criteria important to be eligible for a business loan?

Since some of the business loans in Kanchipuram are unsecured and without any collateral, there have to be other criteria to make the cut for the said business loans.

2. Are the rates of interest affordable for a business loan in Kanchipuram?

Yes, the interest rates for the business loans are very affordable in Kanchipuram, coming up to only 14 percent.

3. Are the financing options provided by Lendingkart quick?

Yes, one of the main reasons that people opt for business loan providers like Lendingkart is because of the quick procedure. We do not take much time in processing your application, hence providing you with hassle-free solutions.

4. Is the maximum tenure for a business loan 5 years?

Yes, a business loan has a maximum tenure of 5 years and not more than that.

5. Do you need to submit a copy of income tax returns while applying for a loan?

Yes, a copy of income tax returns is a necessity while applying for a business loan in Kanchipuram.

6. What is the ideal CIBIL score to procure a business loan in Kanchipuram?

ideal CIBIL or credit score for a business loan in Kanchipuram is 750 or more than that.

7. How much should be the minimum business vintage to get a business loan in Kanchipuram?

The minimum business vintage required to get a business loan in the city of Kanchipuram is 2 years.

8. Is KYC a necessity while applying for a loan?

The KYC documents are a must prerequisite in order to apply for a business loan in Kanchipuram.

9. Is repayment of a business loan flexible with Lendingkart?

Lendingkart offers some of the best methods of repayment of loans which include biweekly payments, custom interest payments, and monthly payments.

10. Does the annual revenue have to be shown while applying for a business loan?

Yes, the annual turnover and revenue have to be shown with audited banking statements to get a business loan.