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 business loan in kanchipuram? 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.

Documents Required For Business Loan In Kanchipuram 

When it comes to applying for business loan in Kanchipuram, there are different documents required for different categories like working professionals and self-employed. 

Though the process is simple and quick, it comes only once the necessary documents are in place and quick to access. Business loan in Kanchipuram and even other business loans require valid documents to define or guarantee your borrowing capacity and returning ability. 

You’ll find the list of documents in this article. Make sure to keep every document safe and secure and in one place to avoid any further delays.

Documents Required for Salaried Applicants:

• PAN Card Copy
• Proof of Residence (Owned/ Rental)
• Salary slips of last 3 months 
• Identity Verification Proof 
• Two Passport-sized photos
• Bank statements for the previous six months

Documents required for Self-Employed Applicants:

• PAN Card Copy
• Aadhar Card Copy
• Residence Verification Proof (Aadhar Card/ Driving License )
• Two passport-sized photos
• Financial documents  like Balance sheets, Profit & Loss statements & Income Tax return records 

These are the documents that act as verification proof that the person to whom the bank is lending the loan is financially sound enough to repay it once the repayment starts, as fixed mutually. 

How to Apply for a Business Loan Kanchipuram?

The application process for business loan in Kanchipuram is a simple and easy process. The steps are easy to follow and quick in action- 

1- Check your eligibility

The initial step is to check your eligibility for the business loan in Kanchipuram, which can be done in 2 minutes with just a few details.  

2- Upload your documents  

Further, upload your necessary documents and complete your application. 

3- Get a loan offer 

Once the documents are uploaded, after evaluation, you will get a loan offer in 24 hours. 

4- Sign your loan agreement 

 After the offer is proposed, you have to send the signed agreement along with your KYC documents

5-Grow your business

As soon as the last and final step is completed, you will get the funds in your account after verification. 

These steps ensure a step-wise procedure to start your business journey with the financial help that’s there in a few clicks and hours. It is essential to follow the steps clearly to avoid any discrepancies during evaluation.  

Business loan in Kanchipuram ensures a hassle-free process so that maximum satisfaction is delivered to the customers. Make sure to keep documents handy to get the application process done in no time.

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 while applying for a business loan in kanchipuram.