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✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

The 'Manchester of India', Ahmedabad, has always been looked upon by aspiring businessmen and entrepreneurs as the ideal place for starting new ventures with the sole objective of 'making it big'. The city is a significant economic and industrial fulcrum in India.

 

Given the many opportunities, entrepreneurs wishing to roll out their ventures in the city can successfully do that. Furthermore, the availability of business loans in Ahmedabad has made it feasible for them to acquire substantial working capital, upgrade machinery and stay afloat during lean periods.

Top Business Loan Providers in Ahmedabad

Before applying for a business loan in Ahmedabad, applicants must compare different loan providers and their offerings, making an informed decision. Comparing lenders will help borrowers settle for affordable interest rates and better loan terms. Business lenders can easily avail of a business loan through Bajaj Markets, which collaborates with top lenders in the market.

The table below reflects the top business loan providers in Ahmedabad and different charges they levy on customers.

Lender

Interest Rate

Processing Fee

Bajaj Finance

20.5% p.a. onwards

Up to 2.75% of the loan amount

KreditBee

15% p.a. onwards

N/A

FlexiLoans

12% p.a. onwards

1.5% to 2.5% of the loan amount

Lendingkart

15% p.a. onwards

2% to 3% of the loan amount

NeoGrowth

18% p.a. onwards

2% to 3% of the loan amount

Prefr Partners

16% onwards

3% to 5% of the loan amount

IIFL

16.5% onwards

2.5% to 4% of the loan amount

 

Disclaimer: Interest rates and processing fees are subject to change. Please check with the lender before applying.

Features & Benefits of Business Loans in Ahmedabad

A business loan is an effective credit option that helps business entities by extending the following lucrative benefits:

  • High-value loan amount: A business loan enables borrowers to access substantial loan principal and meet minor and major funding requirements. It helps a business gather necessary working capital and remain functional even when sales are at their lowest. Moreover, individuals with a decent CIBIL score can fetch an affordable interest rate, lowering the overall loan expenditure.

  • Flexi loan facility: With the Flexi loan facility, business owners can obtain funds and prepay at their convenience. Moreover, they have to pay interest rates only on the withdrawn amount and not on the entire sanctioned amount.

  • Collateral-free: Another notable benefit of availing of a business loan in Ahmedabad is that business owners do not have to keep any asset as security with the lender. It helps them dodge lengthy documentation processes and avoid putting their assets at risk.

  • Extended repayment term: Business loan bestows borrowers with extended repayment tenure, helping them manage other financial liabilities and make on-time EMI pay-outs. In order to choose suitable loan tenure, borrowers can use a business loan EMI calculator.

  • Pre-approved offers: Existing customers can also reap the benefits of specially-tailored pre-approved offers and other value-added services with a business loan. Entrepreneurs can avail of different types of business loans to meet varied financial requirements of their businesses. For instance, they can choose from working capital loans, business loans for women, start-up business loans, machinery loans, SME and MSME loans, etc.

Eligibility for Business Loan in Ahmedabad

Business owners can reap the above-mentioned benefits if they cater to the following business loan eligibility criteria:

  • Applicants must be self-employed Indians.

  • Doctors, chartered accountants, etc., belong to self-employed professionals. Traders, manufacturers, etc., on the other hand, are considered self-employed non-professionals.

  • Business owners must be between 25 to 65 years of age.

  • Partnerships, private limited companies and limited liability partnerships are business entities that can apply for a business loan.

  • Individuals must have an experience of at least three years in their current enterprise, or they can have a minimum of five years of experience overall.

Individuals with a legitimate business and decent turnover can easily qualify for a business loan. However, they must meet the mentioned eligibility norms.

Documents Required for Applying a Business Loan in Ahmedabad

Besides meeting the eligibility criteria, individuals must keep the following documents handy while applying for an unsecured business loan in Ahmedabad. Any discrepancy in the documents will lead to the rejection of a loan application.

  • KYC documents

  • Proof of Address (Aadhaar card, passport, lease agreement, etc.)

  • Bank account statements for the last six months

  • ITR form

  • Copy of income computation, balance sheet, and profit and loss statement for last two years

  • Sole Proprietorship Declaration or copy of Partnership Deed

  • Article of Association

  • Copy of Memorandum

How to Apply for a Business Loan in Ahmedabad?

The application procedure for a business loan is fairly simple. Here is step-by-step guidance on how to apply for a business loan in Ahmedabad:

  • Step 1: Go to the official website of the financial institution and head to the application page.

  • Step 2: Fill out the form with personal and business details.

  • Step 3: Now head to the product page and choose a business loan from a preferred lender.

  • Step 4: Enter the desired loan amount and choose suitable loan tenure.

  • Step 5: Submit scanned copies of the necessary documents and submit the business loan application form.

Then, after thorough verification and approval, the sanctioned loan amount will be disbursed to the mandated account. Borrowers can use the fund to meet any short-term and long-term financial requirement as the credit option comes with no-end use restriction.

To sum up, a business loan enhances a business's creditworthiness. It extends necessary financial backup for a business to carry out its day-to-day operations with ease. Moreover, it helps individuals meet liquidity crunch and cover short-term business expenses without straining their emergency funds. However, to make the borrowing rewarding, individuals availing of business loans in Ahmedabad must be well-versed with the above-mentioned intricacies of this credit option. 

FAQs on Business Loan in Ahmedabad

✔️How to apply for a business loan in Ahmedabad?

 Here are the steps to apply for a business loan in Ahmedabad:

  • Fill the application form under the loan application section on the lenders’ website.

  • After entering your personal details such as e-mail ID and mobile no., you will get an OTP.

  • Enter your business and personal details such as business registration details, monthly sales and tenure of business.

  • Upload the documents.

  • After submission of the form, wait for a representative’s call for the next process.

✔️What is the eligibility criteria for an unsecured loan in Ahmedabad?

 In Ahmedabad, the eligibility criteria for an unsecured loan are:

  • Nationality: Indian

  • CIBIL score: 700 or above

  • Tenure of business: 3 years

  • Age of owner must: 24 years to 72 years

✔️How do I know if I am eligible for a business loan?

You can check your eligibility under the eligibility section of your preferred financer’s website.

✔️What is the maximum tenure for business loans availed in Ahmedabad?

The maximum tenure for a business loan in Ahmedabad is 60 months.

✔️What is the maximum loan amount that can be availed when seeking a business loan in Ahmedabad?

The maximum business loan amount that you can avail while applying for a business loan in Ahmedabad is Rs. 50 Lakhs.