Madurai is one of the famous cities in the state of Tamil Nadu. It is located right on the banks of the River Vaigai. This Indian city is known to be rich in culture. One of the greatest places it is known for is the Meenakshi Temple. This is an ancient city that holds importance when it comes to Tamil Nadu’s economy.
The city has had a lot of development in the tourism sector along with trade and commerce, and much more. This contributes to the overall GDP of the state greatly.
The city of Madurai is known to be the producer of rubber as well. It has a huge population of almost 18 lakhs. This makes a great audience base for anyone who wants to start or set up or expand their business in the city. However, such plans require an amount of capital that is big enough to be invested to take the business a level up.
No matter what type of enterprise you have, it could be small, medium, or big, we are here to help you take your plans to fruition. Make the best of your business plans with the best business loan providers in Madurai.
Features of Getting a Business Loan in Madurai – Explained
Want to know about the many features 9d a business loan in Madurai? Check out the points below:
- Interest Rates: The interest rates when it comes to getting a business loan in Madurai is usually of varied percentage. It can range from a small part of the principal amount, i. e.,12% to a bigger amount of 24%, both per annum.
- Amount Of Loan: A person can take a business loan for any amount ranging from as low as 50 thousand rupees to as high as 50 lakh rupees.
- Eligibility: One has to check many boxes in order to be eligible for a business loan in Madurai. These are mentioned in detail in the next section. Since, there is no collateral, making the business loan unsecured, the policies are much more rigid.
- Credit Score: The credit score of the borrower has to be intact and no less than 750.
- Documentation: All the necessary documents should be provided to the concerned authorities to be considered for a business loan. This includes KYC documents, books of accounts audited by a Chartered Accountant, business ownership certificate, etc.
- Business Vintage: The business vintage, in order to get a business loan in Madurai, should be at least 2 years.
- Repayment: When it comes to the repayment of a business loan, there are various EMI options, which can be taken up. These include biweekly and monthly payments.
Thinking of Getting a Business Loan in Madurai? Check Out the Benefits
You may think of loans as a liability. But for businesses who take them up, the business loans in Madurai come as an asset. How? Check out the benefits below:
- Business-friendliness – All the areas in the country, including Madurai, are developing more and more each day. This gives rise to the development of several industries as well. Such a city also paves way for the growth of your business with the help of easy business loans.
- Friendly Competitions – The competition with the loan providers is higher than ever. This gives way to better policies for the borrowers and entrepreneurs. Hence Business Loans in Madurai can help the business owners in taking their business in a much fruitful direction.
- Employment Boost – This one is simple. The rising industries contribute to the increment and expansion of the various businesses out there. And along with such expansion and increment, more workforce is required. Thus, by using the business loans in Madurai, one can generate more employment for the people nearby.
- Vast Business Opportunities – Business loans in Madurai make way for many opportunities for a business. These can not only take care of regular activities of a business like cash flow, invoice financing, etc. but also are great for purchasing new equipment and even expanding the business.
- Credibility Improvement – A business owner or a borrower can make the most of the business loans in Madurai by repaying them on time and building their credibility. This will help them in procuring even larger amounts of loans in the future. So, it is really a win-win situation.