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Business Loan in Chandigarh

Chandigarh, India’s first planned city is known for its modernist architecture designed by the Swiss architect Le Corbusier. The city is also one of the biggest commercial hubs in north India. Its population enjoys a high standard of living with its per capita income being among the highest in the country. This makes Chandigarh a popular destination for small businesses and startups to grow. If you are a small business owner looking for a Business Loan provider in Chandigarh to help you start out, read on to find out more. 

Features and Benefits of Business Loan 

A Business Loan is different from a personal loan as it is meant to meet the capital requirements of businesses. This gives a Business Loan unique attributes such as:

  • Large Loan Amount-To meet the capital requirements of businesses, Business Loans provide entrepreneurs easy access to capital, up to Rs. 75 Lakhs.

  • Flexible Repayment Options - Not all businesses grow at the same pace. Depending on the nature of the business, some businesses might take longer than others to turn profitable. Lenders understand this and hence provide business owners the flexibility of repayment according to their convenience, with tenures varying from 6 months to 5 years.

  • No Collateral Requirement-Business Loans are unsecured loans which means they can be disbursed without demanding any collateral or underlying security from the borrower.

  • Need Based Disbursal - Business Loans are disbursed according to the need of the borrower, thus making sure that the borrower pays interest only on the amount of capital utilized.

Eligibility Criteria for a Business Loan in Chandigarh 

To be eligible for a Small Business Loan in Chandigarh you may need to fulfil the below mentioned eligibility criteria:

  • You should either be a business entity or a self-employed professional such as a doctor, lawyer, architect, CA, etc.

  • You should not be younger than 25 and older than 65 years of age.

  • You should have filed an IT return of at least Rs. 1.5 Lakhs in the previous assessment year.

  • You should have a total business experience of at least 5 years, with at least 3 years of it in your current line of work.

Documents Required for a Business Loan in Chandigarh 

The following documents may be required for applying for an unsecured Business Loan in Chandigarh:

  • A copy of any document certifying that your business is a registered legal entity. This could include a certificate of incorporation, a memorandum of association, or a sole proprietorship registration certificate, etc.

  • A copy of your latest income tax return.

  • A copy of your PAN card along with copies of your ID proof/residence proof.

  • Last 6 months’ bank statement of the account in which you want the loan to be disbursed.

How to Apply for a Business Loan in Chandigarh 

You can apply for a Small Business Loan in Chandigarh from Finserv MARKETS. Just follow these simple steps:

  • Enter your personal and professional details such as full name, age, income, etc.

  • Next, you will see a complete list of all the Business Loan providers in Chandigarh along with their various product offerings. Take your time going through the details of each product and choose the one that best suits your needs. Remember, each financial product is designed to meet a specific consumer need, and just because different products might appear similar at first glance, does not mean that they are identical.

  • Enter the amount of loan you need and the period in which you expect to be able to pay it back.

  • On the next page, upload the required documents that were mentioned in the previous section and click submit.

That’s it. It’s that simple. Once your application is verified and approved, you will have the loan credited directly into your bank account within a few working days. Best of luck on your entrepreneurial journey!

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