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Business Loan in Erode

The seventh-largest city in Tamil Nadu, Erode is the hub of the textile industry. Home to the country’s largest turmeric market, the city also has a plethora of rice and oil mills. As much as 69% of the workforce is employed in these tertiary sectors. Apart from paper manufacturing units and leather processing units, other small and medium scale industries such as rice and dal mills, food product manufacturers, printing presses and loco sheds also exist.

With such a flourishing business and economic activity, there might be a lot of new entrepreneurs as well as existing business owners looking to scale up capacity. If you too fall in either of these categories, you can approach a Business Loan provider in Erode for financial help.

Features and Benefits of a Small Business Loan in Erode

  • Apply online:

With the entire application process online, you no longer need to go through cumbersome paperwork. Just fill an application form online with your details and check your eligibility, choose the loan amount and get your small Business Loan in Erode approved within minutes.

  • High loan amount:

You can get a loan of up to Rs. 75 Lakhs to give a fillip to your business and let go of any monetary limitations.

  • No collateral:

Forget the hassle of pledging any security against the loan amount when you submit your application for an unsecured Business Loan in Erode.

  • Easy repayments:

Depending upon your financial comfort, choose between 6 months to 60 months to repay your loan, with no rigid repayment tenures.

Documents Required for an Unsecured Business Loan in Erode

  • Your PAN Card

  • Identity proof such as Aadhaar Card, Voter ID, Passport or Driving license

  • Any of the above documents or utility bills as address proof

  • Last 6 months bank statement

  • Income proof such as ITR forms, income computation certificate, company balance sheet, Profit and Loss statement of the last few years

  • Business proof such as a declaration of a sole proprietorship or Partnership deed certificate

Eligibility for a Business Loan in Erode

A Business Loan provider in Erode will consider your application if:

  • You are self-employed as a professional( Doctors, chartered accountants etc) or non-professional(trader, manufacturer, etc).

  • Are between 25-65 years.

  • Have a minimum experience of 3 years and a maximum of 5 years running your enterprise.

  • Your annual income is at least Rs.1.5 Lakhs.

  • You run a business in partnership, limited liability partnership or as a private limited company.

Interest Rates For an Unsecured Business Loan in Erode

The following factors are taken into account by your Business Loan provider in Erode when zeroing upon your rate of interest:

  • Applied loan amount

  • Your credit score

  • History of repayment

  • Relationship with the lender

  • Stable income

  • Work Experience

How to Apply For a Business Loan in Erode

You can apply for a small Business Loan in Erode easily on Finserv MARKETS in a few simple steps below:

  1. Go to the website and fill your business and personal information in the online form.

  2. Choose a Business Loan provider in Erode according to your preference.

  3. Select the loan amount and duration and upload the required documents at the time of submission.

  4. Once your details are verified, the loan is approved and the amount is disbursed without delay.

Final Thoughts

Applying for an unsecured Business Loan in Erode available on Finserv MARKETS is the first step to financial empowerment for you as an entrepreneur. Enjoy competitive interest rates, flexible repayment tenures, zero collateral requirements as well as access to funds as high as Rs. 75 Lakhs so that you can take your business to new heights.

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