Banking Loan for Business
If you have a business that does not have substantial assets, expensive machinery or collateral and needing funds then you need to apply for an unsecured business loan. Business loans in Tamilnadu is provided by different lenders to well-running entities which require urgent funds for needs as diverse as running operations to opening a new office to buying small equipment. No matter what the need of your company, availing an unsecured business loan will help you meet them successfully.
How to get business loans in Chennai, Tamilnadu
An unsecured business loan in chennai has three components which are critical to its nature. Cheque based private Finance in Chennai is one of the popular and quick process for raising private funds. The first component is that it is unsecured in nature so you do not need to provide any security or collateral. This makes it perfect for service oriented businesses or ones who do not have substantial assets. Secondly they are small Business Loans in Tamilnadu which means you will not get amounts running into many crores of rupees. They are usually for small short term needs so you can borrow a small amount (according to your repayment capacity) and repay it within 1-5 years. Final aspect of a unsecured business loan is that it is for the purpose of business and not personal use.
Unsecured business loans in chennai, tamilnadu are provided by all major private banks and financial institutions like NBFCs to businesses across India. These institutions have eligibility criteria with respect to the business entities which they lend to. Usually a business is supposed to have a turnover of 50 to 75 lakhs per year, minimum 3 year history and adequate profitability to be eligible for a loan. Apart from this some other factors are also considered along with the submission of documents like ITRs or past 3 years, bank and balance sheet statements of the previous 3 years etc. If you are looking for a unsecured business loans in chennai, tamilnadu then ensure you have all documents in place before applying. Check our documents required section for more details.
Apart from banks and NBFCs, there are a large number of private lenders and private financers who provide unsecured business loans. These private lenders have their own criteria in place for approving a loan. The important feature of these loans is that they are quick loans with fast approvals and they are short-term in nature. So tenure rarely extends all the way up to 5 years.
If you have a requirement for a unsecured business loans in chennai, tamilnadu for your venture then fill in your requirement on our application form and expect an instant call back from us with the options.
Basic documents for Business loan
- Three passport size photographs
- ID proof – Passport/voter ID/ Aadhar card /Pan card
- Residence Proof – Passport/ Landline bill/ post paid mobile bill/ rental
- agreement or Bank Statement
- Age Proof – Passport/ drivers licence/school certificate or Pan Card copy
- IT Returns – Latest 3 years
- Banking Statement – 6 months bank statements
- Audited Financials & Board Resolution
Business loans in Tamilnadu cheque based private finance in chennai