Business Loan in Kanyakumari

What is a Business Loan?

When a person needs to expand their business or wants to set up a new business, one likely borrows from the loans available through lenders. Such a loan is called a business loan. If one is taking a loan for a small or medium-sized business, one can easily do it from us. Knowing about a business loan makes it easy to apply for it. From the benefits, lenders involved, risks, formalities, terms, and conditions – one needs to take proper care before taking the loan.

Features of Business Loan in Kanyakumari

The business loans offered by us in Kanyakumari for small and medium businesses are quite customizable. As compared to the banks, business loans in Kanyakumari availed by us are not dependent on the bureaucracy norms. The business loan offered by us has a smooth application process, fast disbursal process, and quick approval. Not only is our loan process fast and efficient but also has minimal human intervention thus speeding up the business loan process that also makes this process more transparent.

Eligibility Criteria for Business Loan in Kanyakumari

For business loans in Kanyakumari, the eligibility criteria are as mentioned below:-

1. Individuals
2. Limited Liability Partnerships
3. Partnerships
4. Proprietary Firms
5. Self Employed People

Age Limit:

1. 21 years – minimum age limit
2. 65 years – maximum age limit

Income:

The applicant needs to have a proper income source. The business loan in Kanyakumari must be profitable for at a minimum of 1 year.

Business Loans in Kanyakumari: Documents Required

1. Below mentioned documents are required as identity proof:
   1. Driving License
   2. Aadhaar Card
   3. Passport
   4. Voter’s ID Card
   5. PAN Card
   6. Any Identity proof by the Government of India
2. Below mentioned documents are required as address proof:
   1. Aadhaar Card
   2. Voter’s ID Card
   3. Driving License
   4. PAN Card
3. Bank statement of previous six months
4. PAN Card of the company or person
5. Previous year’s ITR
6. For a PVT LTD business or company or of any type except properitiership then the below-mentioned documents are necessary:-
7. For a company audited balance sheet
8. MoA
9. Resolutions
10. Attorney Power
11. P&L statement
12. Ownership Declaration
13. Any other document depending on the status of the company.

Rates of Interest on the Business Loans in Kanyakumari

The below-mentioned factors which affect the interest rate are:-

1. Cash Flow
2. Business Profitability
3. Working Capital
4. Inventory Ratios
5. CIBIL Score
6. Tenure of loan
7. Net Worth

Basically, all the business loans with short tenures have greater EMI and those with long tenures have fewer EMIs

Business Loan in Kanyakumari