Business Loan in North 24 Parganas

North 24 Parganas is a well-known district in the state of West Bengal. The city is mostly linked to ancient history including the name itself. The district headquarters are located in Barasat. North 24 Parganas is the most populated district in West Bengal and the second most populated district in India.

But the district is proud to produce Bankim Chandra Chattopadhyay who gave us our national song. The city which has historical connections and religious touch is also a good place to establish businesses.

A good business can flourish at a place that has a really good connectivity to other major cities and where transportation issues are not present. North 24 Parganas is well connected to Kolkata, Hooghly, Howrah and Nadia, some of the major cities of West Bengal.

West Bengal is a place known for its delicacies and the love for fish. North 24 Parganas is no different. The place has many successful businesses based on agro farming, hatcheries, chicken etc. Many supporting businesses like ice factories, Chemicals, food services etc. are also on boom. The love for rice has helped in the functioning of various rice mills. Some of the engineering service providers are also in place.

North 24 Parganas is therefore a place to start with a new venture or to flourish the existing business. The district has the market, demand, availability of labour, road and air connectivity, and everything else that is required for a business to run and grow. Now all you need is a bit of financial assistance for the business to run smoothly. Lendingkart is there to assist the businesses in North 24 Parganas financially so that the business can grow, bloom and run in a manageable way.

When one is in need of money, then business loans are a convenient and easy option to obtain money for investment. Be it your existing business or even a start-up, investment is a crucial step. And that investment can be made through business loans. This in turn will help to take care of the expenses including employees and salaries, buying raw materials, and infrastructure development.

The renowned city of West Bengal, North 24 Parganas is full of active people and life. The district offers one with all the necessary resources for a business to grow. Lendingkart in the North 24 Parganas is also dedicated to providing necessary financial help to the businesses.

Why Do You Need a Business Loan?

One cannot harvest a crop without sowing the seeds. Investment in a business is the line sowing of seeds and then a good harvest is what one reaps after hard work and proper management. But one needs to buy good quality seeds from a trusted person for a sweet harvest. Similarly one requires a business loan for investment into a business to earn profits in the end. We provide you with business loans at reasonable interest rates. One needs initial investment for a start-up plan. It ensures that the enterprise can stand and run smoothly. To earn money from a business first one needs to put money into it.

The same rule of investment is applicable even to the existing businesses. Doesn’t matter if the existing businesses are profitable or not. Every business needs to make use of business loans at one or another time for good reasons including business expansion.

Businesses generally apply for a business loan for the following reasons:

  1. Land or property purchase to set up office, workshop, mills, or manufacturing plants
  2. To account for the expenses of business license, registration, necessary paperwork and official formalities
  3. To purchase equipment and raw materials
  4. For the maintenance of existing machinery or manufacturing tools
  5. Infrastructure maintenance and development
  6. Processing and post-processing expenses of products
  7. Transportation or logistics charges
  8. Working capital
  9. For newly set business goals
  10. Business expansion

Lendingkart in North 24 Parganas helps you to achieve the business targets by providing a hassle-free business loan. Just chase your dream of becoming a successful entrepreneur and invest freely by using business loans.

Types of Business Loans in North 24 Parganas

NBFCs are the right choice for seeking financial assistance in North 24 Parganas. Depending upon your business requirement NBFCs like Lendingkart offer various types of business loans in North 24 Parganas

  1. Term Loan: As the name itself suggests, the business loan is granted for a fixed term. The term loan can be secured or unsecured. The tenure of the loan is thereby decided accordingly. An unsecured loan is sanctioned for a period of 1 to 5 years. On the other hand, the tenure of a secured loan lies between 15 to 20 years.
  2. Start-Up Loan: North 24 Parganas is a place where one can think of starting new business ventures. People these days are highly motivated in their innovative and society friendly business ideas. If started and implemented properly, these ideas can turn into successful businesses. And to implement a start-up, we offer you with a start-up loan. One just requires to furnish a business registration slip and recent credit history of the owner to avail a business loan.
  3. Working Capital Loan: A working capital loan is required by existing as well as new businesses to ensure a proper cash flow within the organization. It keeps the company running and functioning properly all the time. The working capital loan is helpful in balancing the cash requirements of the organization when there is a cash shortage. It also maintains the cash flow during off-season.
  4. Loan against Property: Sometimes one requires a huge sum of money. One can borrow a business loan in lieu of a property. By mortgaging any property for a particular duration a business loan can be easily sanctioned. The mortgaged property should be free of litigation.
  5. Invoice Financing: Sometimes businesses experience a lag between invoice filing and receiving payments from clients. It is common for small businesses. To avoid any cash crunch due to a delay in payment from clients we provide a loan on specified interest rates over the invoices. The loan against invoices can be paid off by the borrower once the payment is received.
  6. Equipment Financing: Many businesses deal with heavy and expensive equipment. They also need to purchase new machinery and tools. At the same time, the older equipment, tools and machines ask for maintenance. One can take equipment financing loans that are generally ideal to care for such expenses. Equipment financing loans are a preferred choice of manufacturers as it is relatively inexpensive. 
  7. Overdraft: An overdraft facility is something which is provided in lieu of collaterals or securities. The overdraft limit depends upon the credit history of the borrower organization. In an overdraft, the applicant withdraws only the sum that is required. Then the interest is payable only on that amount which is consumed from the overdraft.
  8. Merchant Cash Advance: This type of business loan is approved based on the grounds of the daily credits of the company. The borrower repays the loan on a daily basis. A large amount can be paid back when there is a profit or the repayment is low if the business is not doing well.
  9. Business Credit Card: Though not a preferred choice to avail a business loan, because a business loan can be sanctioned on a credit card. It is generally preferred for a short time period when there is an immediate money requirement. The rates of interest are generally high.
  10. Women Business Loan: To motivate and boost women entrepreneurs, women dedicated business loans are also approved.

Eligibility Criteria to Apply for a Business Loan

One can get business loans in North 24 Parganas at lower interest rates. The loan processing is hassle-free and easy. LendingKart provides hassle-free business loans to existing businesses and start-up ventures. However, the applicant needs to meet certain eligibility criteria to borrow business loans.

  1. Age limit: The borrower should not be younger than 21 years old and not more than 65 years old to apply for a business loan.
  2. Business duration: The business for which the loan is sought should be in existence for at least 6 months prior to the loan application.
  3. Turnover of the company: The business should have a minimum turnover of Rs. 90,000 in the last 3 months preceding the loan application.
  4. Exclusions: Trusts, NGOs and charitable institutions are not eligible to apply for a business loan.
  5. Small Business Administration (SBA) finance list: Any business which is physically located in a negative location or businesses excluded by the SBA finance are excluded from availing a business loan.
  6. A bank statement must be provided to apply for a business loan.

Documents Required to Apply

Eligible businesses in the North 24 Parganas district can get business loan approval easily just by submitting the necessary documents to Lendingkart.

 A list of the necessary documents to apply for a business loan (by individual businesses, LLCs, private limited companies, partnership firms or proprietorships) is given below.

  1. Credit history or bank statement of the last 12 months
  2. Address proof and identity proof of the applicant
  3. Business registration proof or license
  4. Partnership deed for a firm under partnership
  5. PAN card and Aadhar card for the proprietor
  6. Non objection certificate from the municipal corporation

Start-ups need to provide the following documents to apply for a business loan

  1. Identity card of the borrower.
  2. Income proof or a bank statement of the borrower for the last 2 years.
  3. Business ownership documents like proof of association with the business for which loan is sought, including sole proprietorship declaration, certified copies of memorandums, etc. need to be submitted by the applicant.

Features of Business Loan

Availing a business loan through Lendingkart in North 24 Parganas offers the following features:

1. Loan amount: One can apply for a business loan amount between Rs 50,000 to Rs 2 crores. The small and medium enterprises can seek any possible value in the given range to achieve their various business goals. The flexibility in loan amount is also ideal for start-ups.

2. Rate of Interest: Low interest rates are offered to the client for a burdenless experience.  Interest rates are tabulated below

Type of Loan

Interest Rate, duration

Business loans

1%  to 2%, monthly

Start-ups loan

15% to 27%, annually

Commercial loan

15% to 27%, annually

3. Loan Processing Time: Lendingkart has a fast document verification process. The loan sanction and disbursement time is really quick. We disburse the sanctioned loan amount within 72 hours after the approval of a business loan.

4. Tenure: The business loan can be repaid at monthly or bi-annual modes. The time duration/tenure for repayment of loans is tabulated below

Type of Loan

Tenure

Business loans

Upto 36 months

Start-up loans

Upto 24 months

Commercial loans

Upto 24 months

5. Collateral: No collaterals are required if the borrower meets all the eligibility criteria and is able to provide the required documents.

6. Loan processing charges: No hidden costs are there in the process of the business loan. The loan is processed at a standard fee which ranges between 1 to 2 percent of the sanctioned loan amount.  No pre-closure charges are applicable. The applicant repay the loan even before the tenure without any additional charges at any given point of time.

7. Extension of loan duration: An extension on the tenure can be given for upto a period of 6 months. This is subject to the guidelines set at that time.

Easy documentation, quick money disbursal, no collaterals and flexible tenures makes Lendingkart an easy and flexible option to borrow money for your businesses.

Business loans in North 24 Parganas FAQs:

1. Can I get a business loan in North 24 Parganas?

Yes. Business loans are provided at lower interest rates in North 24 Parganas.

2. What is the Lendingkart in North 24 Parganas?

One can apply for a business loan amount as minimum as Rs 50,000.

3. What happens if I’m not able to repay the loan within the assigned time period?

NBFCs like LendingKart provide you with the extension of tenure option if one is not able to repay the loan within the stipulated time. The extension depends upon the guidelines at that time.

4. Are there any pre-closure charges?

No pre-closure charges are levied on a business loan.

5. What are the loan processing charges?

A loan processing fee of 1 to 2 percent of the approved business loan amount is charged.

6. When can I expect to receive the approved loan amount?

After approval, the loan amount is disbursed within 3 working days.

7. Is there any age limit to apply for a business loan?

Yes. Anyone between 21 years to 65 years of age is eligible to avail of a business loan provided other eligibility criteria are met.

8. What is the interest rate for a start-up loan?

The interest rate lies between 15% to 27% annually for start-ups.