Business Loan in Thiruvallur

Thiruvallur, also known as the land of lakes, is a city near Chennai in the Indian state of Tamil Nadu. Being just 44 km. from the state capital, the city is fast developing as a strategic industrial and commercial centre in South India.

There are many religious monuments in Thiruvallur as well, and the city lies on the Chennai-Tirupati highway.

Thiruvallur has seen rapid infrastructural development in recent years and has an inspired culture of multiple start-up ventures.

If you are looking for business loans in Thiruvallur due to expansion of business or procurement of plant & machinery, read on to know everything about business loans and how to avail them.

Every entrepreneur dreams of growth, to scale up his business one day and reach newer markets and consumers. But growth or expansion requires capital, which may not be immediately available to the business.

Business loans are loans offered by banks and NBFCs to eligible businesses to meet their expansion goals or increase manufacturing efficiency.

Business loans are provided by banks and Non-Banking Financial Institutions (NBFCs) online as well as offline through a branch office.

Features and benefits of business loans

1. Loan up to Rs. 2 crore  – Business loans are available to eligible businesses with a good credit history and performance for an amount that can be up to Rs. 2 crores.
2. Flexible repayment options – Banks and NBFCs allow flexibility in terms of repayment options. The repayment tenure of business loans is 12 to 60 months. The borrower can also choose between paying back the loan either in instalments or as a lump sum.
3. No collateral required – Many lenders provide collateral-free or unsecured business loans to enterprises operating in profit with a good CIBIL score. Unsecured business loans do not require any collateral or guarantor.
4. Quick approval – Business loans are quickly approved by lenders if the applicant fulfils their criteria.
5. Minimum Documentation – Business loans often require minimum documentation. The whole process is very hassle-free and can easily be done online at the comfort of your home.
6. Helps business achieve its goals – Businesses that are looking to scale up or enhance their production capability can benefit through business loans, which provides the capital to expand, invest or carry out normal business operations.

Business loan Eligibility

Business loans are offered to any individual running a legitimate business with a profitable turnover. 

Different lenders will have different eligibility criteria for evaluating a business. The applicant has to submit some documents which prove that his/her business is performing well and running in profits. Based on these documents, the lender decides the loan amount, tenure and interest rate. 

These are some of the general criteria that lenders take into account:

1. Eligible entities – Business loans can be obtained by self-employed individuals, sole proprietors, limited liability partnerships, partnership firms, public and private limited companies, MSMEs, NGPs and Cooperative societies.
2. Applicant age – The age of the applicant should be minimum of 21 years during application and not more than 65 years during the maturity of the loan.
3. Credit history – The applicant should have a good credit history and a CIBIL score of over 650.
4. Residential – The applicant should be an Indian citizen.
5. Business vintage and performance – The business should be in running for the past 2 years continuously with profits and should not be in any kind of debt.
6. Annual turnover – The annual turnover of the business will be decided by the lender.