Bhopal takes a lot of pride in being a smart and clean city of India. It houses numerous research and educational institutions. The economic projects in Bhopal comprise painting and weaving cloth, flour and cotton milling, manufacturing of transformers and many activities. To grow and expand any business, you'd require financing. During such times, a Business Loan in Bhopal can help your company flourish.
Some of the benefits and features of an unsecured Business Loan in Bhopal are:
Loan Amount - You can avail of a Business Loan up to Rs. 75 Lakhs.
Flexible tenure - You can pay back your loan over a flexible period which ranges from 6 to 60 months.
No security required - You do not have to provide any collateral to the bank for an unsecured Business Loan in Bhopal.
Varied Uses - You can use the Business Loan to purchase upgrading infrastructure, raw materials, etc.
Exciting Offers - Pre-approved personalized offers and services that are value-added might make availing a loan for business more exciting.
Below mentioned is the list of documents that you would require to avail of a Small Business Loan in Bhopal:
Address proof such as Passport/Aadhar Card/Driving license/Utility Bills/Voter ID card
Identify proof such as Passport/Aadhar card/Voter ID card/Driving license
Bank statement of the last 6 months
ITR form along with certified copies (in addition to details like balance sheet, statement of Profit and Loss of the last 2 years)
Authenticated copy of Partnership Deed or Sole Proprietorship Declaration
Certified copy of Articles and Memorandum of Association
The following criteria must be fulfilled to avail of a Small Business Loan in Bhopal:
Age - Your age must be between 25 to 65 years.
Self-employment - You need to be self-employed.
Income - The minimum yearly income (ITR) should be Rs. 1.5 Lakhs per annum.
Experience - Your experience in the current business must be of a minimum of 3 years and a total business experience of 5 years.
You can use the following to calculate the total interest rate:
Total payable interest = (P*n*r)/100
Where 'r' is the rate of interest, 'P' is the principal, and 'n' is the tenure in months.
Four crucial factors influence the interest rate. To lower your interest rate, you can concentrate on improving these factors:
Relationship with the loan provider
The process of applying for a Small Business Loan in Bhopal is:
Step 1 - Fill up an online form for a Business Loan with personal and business details
Step 2 - Select your lending partner
Step 3 - Specify your loan details
Step 4 - Upload your documents that are required
Step 5 - Submit the application. You will receive the funds after all the formalities are completed.
If you require an unsecured Business Loan in Bhopal, you can avail one only at Finserv MARKETS. The loan comes with flexible repayment, competitive interest rates, and an easy application procedure.