Business Loan in Thiruvallur

Tirunelveli, one of the most ancient cities in the state of Tamil Nadu, has both historical and religious connections. This is one of the major economic hubs in Tamil Nadu which is visited the most by tourists around India and the world. Housing many perennial rivers and a location on the foothills of the Western Ghats, Tirunelveli is known for its springs and waterfalls, and natural beauty. It is also known as the spa of South India.

The main headquarters of the Tirunelveli district are in the Tirunelveli city itself. It is also one of the largest municipal corporations in the state of Tamil Nadu and is placed at sixth. The 2000 years old city has always been the economic hub of the region. Given the historical evidence and being a major city throughout different reigns, it is well suited for businesses and industries.

Tirunelveli is a mixture of all sorts of trades. From administrative services to the education sector, from agriculture to manufacturing units, from industries to IT hubs, one can find everything running smoothly at the place. Home to various renowned educational institutes, the place has no dearth of brainy minds and efficient human resources.

Tirunelveli is itself a big city and again it is connected to other major cities via road, railways, and air. It is connected internally via waterways and airways. It has always been a trade center even during the British era. The agro-business in Tirunelveli has been profitable especially in cotton, jaggery, tobacco, saltwater fishes, etc.

Apart from the agriculture-based industries, it is also known for cement and agro-machinery manufacturing units, wind power generation, etc. The outskirt of the city houses many MNCs including coca-cola, IOCL, Yokohama rubber, Bosch, Novo Carbon, etc.

The place has its historical reputation as well as current industrial status that makes it an ideal location for businesses. Availability of resources, transport, connectivity, and the very environment that attracts businesses at the place. The education sector makes the human resource available to the industrial sector and getting raw materials and the delivery of goods is also convenient in the city.

And if you are tempted to start a business or expand your business in Tirunelveli, but are bothered about the investment, then you will be glad to know that LendingKart provides business loans in Tirunelveli. You can get financial assistance for the business to run smoothly through Lendingkart. We provide business loans so that your business can be set up, grow, bloom and run in a manageable way.

Business loans are generally preferred by entrepreneurs and businessmen for investment into their ventures and innovative business ideas. And we provide hassle-free business loans in Tirunelveli at reasonable interest rates.

Why do You Need a Business Loan?

Tirunelveli, the spa of South India, is a city dedicated to religion and education. At the same time, it is a hub to industries, agro-business, and the IT sector. Home to many renowned MNCs, the city attracts more investors, more entrepreneurs towards itself.  The city which has always been the economic capital to various rulers in the past is still carrying the title of being an economic hub in the region. One just requires a business loan, proper investment in the business, and then profits can surely be booked.

To earn money from a business one needs to put money into it. Investment in anything yields sweet fruits especially in a business. Starting from business expansion to maintaining cash flow, businesses need a loan at some point for smooth sailing.

Entrepreneurs apply for a business loan for one or more of the given reasons:

  1. To establish offices, workshops, factories, manufacturing units, etc.
  2. To purchase a piece of land
  3. To apply for a business license
  4. To cover expenses of business registration, and related official formalities including legal paperwork.
  5. To buy raw materials and necessary equipment
  6. For repairing and maintenance of machines
  7. To develop infrastructure
  8. Processing and delivery of goods
  9. Covering expenses of delivery, transportation, logistics
  10. Cash flow through working capital 
  11. Expanding business
  12. Start-ups

Lendingkart in Tirunelveli provides your business the desired boost through financial assistance. One can achieve their business targets easily by availing a business loan in a hassle-free manner that too at lower interest rates. We support entrepreneurs and also the start-up culture by providing financial aid in the form of business and start-up loans.

Types of Business Loans in Tirunelveli

One can choose one or another option out of the available types of business loans. It all depends upon your business requirements and future plans. To achieve a specific purpose one can consider different options or types of business loans in Tirunelveli.

  1. Term Loan: Term loans are sanctioned for a limited time duration. The duration of a term loan generally depends upon if the loan sought is secured or unsecured. While an unsecured loan is provided for a period of 1 to 5 years, a secured loan can be sanctioned for a longer time duration of about 15 to 20 years.
  2. Start-Up Loan: Tirunelveli is among the best locations to give wings to your start-up plans. Being a desired place to start new business ventures, Tirunelveli also attracts start-ups. And to implement a start-up, one needs investment. We are there to assist you with a start-up loan so that your innovative targets can be achieved. Just provide a business registration slip along with the latest credit history to get the business loan approved.
  3. Working Capital Loan: A working capital is required by any existing business and even by newly sprouting enterprises to maintain a proper cash flow in the business. A working capital loan allows the smooth functioning of the business all the time. It helps to manage the monetary related stuff in the business during periods of cash shortage. Working capital helps your business run even during the off-season.
  4. Loan against Property: A large sum of money can be borrowed in a business loan in lieu of a property. By mortgaging your property for some time period, a business loan can be easily obtained. However, the mortgaged property should not be under any dispute.
  5. Invoice Financing: Many small enterprises face a time lag between invoice filing and receiving payments from clients. Such scenarios are common, and one should not be impacted due to late payments. To avoid problems due to a late payment from prospective clients, businesses generally opt for a loan against generated invoices at specified interest rates. The loan against invoices is repaid by the borrower after receiving payments from clients.
  6. Equipment Financing: Manufacturing firms or goods processing businesses have to buy or maintain expensive equipment. They also require purchasing new and advanced machinery from time to time. Also, the older equipment, tools, and machines need to be repaired. For such scenarios, one can take equipment financing loans. Equipment financing loans are a preferred choice of manufacturers as they can be availed at low-interest rates.
  7. Overdraft: An overdraft facility can be availed against collaterals or securities. The overdraft limit is set depending upon the credit history of the borrower. In an overdraft, the applicant generally uses only the required amount from the set overdraft limit. The interest is paid only on the amount utilized from the overdraft.
  8. Merchant Cash Advance:merchant cash advance is approved if the borrower wants to repay the loan on a daily basis. One can pay a large amount during the profits and they can choose to repay less if the business is not doing well.
  9. Business Credit Card: This is not generally preferred by entrepreneurs due to higher interest rates. One can still apply for a business loan on credit cards. When a business loan is sanctioned on a credit card, the processing is even quicker. It is generally preferred when money is required immediately and that too for a short time period.
  10. Women Business Loan: To support and motivate women entrepreneurs, business loans specifically dedicated to women are also provided.

One should choose the type of business loan that is appropriate for the company’s performance, goals and take care of the monetary needs of the organization.

Eligibility Criteria to Apply for a Business Loan

One can get business loans in Tirunelveli at lower interest rates from Lendingkart for quicker, hassle-free, and easy loan processing. The applicants are required to meet certain eligibility criteria before seeking a business loan.

  1. Age limit: The borrower should be older than 21 years and less than 65 years in age to be eligible for a business loan.
  2. Business duration: The business in the picture should be in existence for at least a period of 6 months when applying for a business loan.
  3. Turnover of the company: The business should have performed satisfactorily to maintain a minimum turnover of Rs. 90,000. This is applicable for at least the period of the last 3 months when the loan application is submitted.
  4. Exclusions: Some entities like trusts, NGOs, and charitable institutions are not eligible for business loans.
  5. Small Business Administration (SBA) finance list: If any business is physically present at a negative location or if any business itself is not included by the SBA finance, then it is not eligible for a business loan.
  6. A bank statement is required to get a business loan approved.

Documents Required to Apply

Eligible businesses in Tirunelveli can apply for a business loan easily from Lendingkart by submitting some necessary documents.

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

  1. Credit history of last 12 months that may include a bank statement of business
  2. Address proof of business
  3. Identity proof of the applicant
  4. License or business registration proof
  5. Partnership deed for a firm under partnership
  6. PAN card and Aadhar card for the proprietor
  7. NOCs issued by the municipal corporation

Start-ups are required to furnish the following documents

  1. Government-approved Id of the applicant
  2. Bank statement or income proof of the applicant for the last 2 years.
  3. Business ownership documents that may include proof of association with the business for which loan is sought, certified copies of memorandums, including sole proprietorship declaration, etc are required.

Features of Business Loan

Availing a business loan through Lendingkart in Tirunelveli has the following features

1. Loan amount: The business loan amount ranges between Rs 50,000 to Rs 2 crores. One can seek any desired sum in the assigned range for investment into their business. The loan range is suitable for MSMEs, start-ups, etc.

2. Rate of Interest: Interest rates are reasonable and low. One does not feel quite burdened with the interest while repaying the borrowed sum. Interest rates are given below

Type of Loan

Interest Rate

Business loans

1-2 %, monthly

Start-ups loan

15-27 %, annually

Commercial loan

15-27 %, annually

3. Loan Processing Time: Lendingkart offers a quick document verification process. The time for disbursement of the approved sum is about 72 hours after the approval of a business loan.

4. Tenure: Monthly and bi-annual modes repayment options are offered. The time duration/tenure for different types of loans is given below

Type of Loan

Tenure

Business loans

Upto 3 years

Start-up loans

Upto 2 years

Commercial loans

Upto 2 years

5. Collateral: If the applicant is eligible for a business loan and the documentation is complete then no securities or collaterals are required.

6. Loan processing charges: There are no hidden charges or additional costs for loan processing. A loan processing charge of 1 to 2 percent on the loan amount is applicable. 

7. Pre-closure Fee: Pre-closure fee is not applicable. The applicant is allowed to repay the loan at any time within the tenure without any additional charges.

8. Extension of tenure: An extension on the time duration for the repayment of the loan can be provided for upto a period of 6 months and as per guidelines.

Easy and convenient documentation, faster money disbursal, flexible loan tenure, and no collateral make Lendingkart a preferred choice to borrow money for your businesses. Start-ups and existing businesses both can avail of business loans at reasonable interest rates.

Business loans in Tirunelveli FAQs:

1. Can I apply for a loan for my start-up?

Yes. Lendingkart offers business loans, start-up loans, and commercial loans to clients at reasonable interest rates.

2. What is the maximum amount I can seek for a business loan?

One can avail a business loan amount ranging between Rs. 50,000 to Rs 2 crore.

3. Can I repay my business loan before then set tenure?

Yes. One can repay a business loan at any given point in time.

4. What are the pre-closure charges on business loans?

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 will I receive the loan amount?

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

7. What is the age limit to apply for a business loan?

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

8. What documents are required for a start-up loan?

Business registration proof, borrower’s credit history, and government-approved identity.