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Business Loan in Guntur

Do you know which city produces the largest amount of chillies in the country? The answer is Guntur! In fact Guntur is home to the largest chilli market yard in Asia. The Guntur Sannam chili even enjoys the prestigious geographical indicator (GI) status, on account of its uniqueness. Not just chillies, Guntur even leads the country in the production of cotton, tobacco, and several other products that are exported the world over, making Guntur a fast-growing hub of global business and commerce. If you are a small business owner in Guntur, you can expand your business and partake of Guntur’s favorable business environment with the help of a Business Loan in Guntur. 

Features and Benefits of Business Loan 

  • Greater Loan Amount - Lenders understand that entrepreneurs have different needs than salaried employees. This is why Business Loans typically come with greater loan amounts of up to Rs. 75 Lakhs.

  • Flexibility of Repayment - Business Loans offer borrowers a flexible repayment schedule varying between 6 months to 5 years.

  • No Requirement of Collateral - Banks and lending institutions understand that good businesses are built on a relationship of mutual trust. This is why there is no requirement of collateral on Business Loans. This also makes the process of application, verification, and disbursal of a Business Loan quick and hassle-free.

  • Need-based Disbursal - Business loans are disbursed based on the needs of the borrower.

Eligibility Criteria for Business Loan in Guntur 

Business Loans are meant to allow entrepreneurs to grow their ventures. This is why they come with certain eligibility conditions to screen only the most eligible applicants. The eligibility criteria for Business Loans is explained under each head below:

  • Occupation - You must either be a business entity, sole proprietor, or a self-employed individual such as doctor, CA, architect, etc.

  • Age - Your age must be between 25-65 years as on the date of application.

  • Income- You must have filed an IT return of no less than Rs. 1.5 Lakhs in the latest assessment year.

  • Experience - You must have a minimum work or business experience of at least 5 years of which no less than 3 years must be in the line of work or which you are seeking to apply for a Business Loan.

Documents Required for Business Loan in Guntur 

The following documents are required to apply for an unsecured Business Loan in Guntur:

  1. A copy of any document that testifies to the existence of your business as a legal entity registered with the government of India. This could be a memorandum of association, a letter of incorporation, a sole proprietorship registration certificate, etc.

  2. Copy of your last IT return.

  3. Copies of KYC documents such as PAN card and proof of residence.

  4. Last 6 months’ bank statement.

How to Apply for Business Loan in Guntur

Applying for a Small Business Loan in Guntur is a simple process. Just follow these easy steps:

  • Log on to the Finserv MARKETS website and head to the Business Loans page.

  • Enter your mobile number for verification by OTP.

  • On the new page that opens, you will be asked to enter details such as your name, age, etc. You will also be required to enter your income to ascertain your eligibility for the loan.

  • Upon entering these details you will see the list of major Business Loan providers in Guntur. Go through the details of all the offerings on the page as each financial product is designed to meet specific customer needs, and just because two products may appear similar, does not mean that they are identical.

  • After selecting your preferred Business Loan provider in Guntur, enter the amount of the loan and its tenure.

  • Upload copies of the required documents.

And that’s it! It’s that simple. Once your application is processed and approved, the loan amount will be credited to your bank account. We wish you best of luck in your entrepreneurial venture in the city of Guntur. Head over to Finserv MARKETS for more such information and a variety of products to suit your financial needs.

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