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Business Loan in Kannur

With its claim to fame being the town with the third largest naval academy in the world, Kannur is a town on the coast of the state of Kerala. With one of Asia’s longest drive-in beaches, it's a great place for tourism. Culturally rich, it’s also an urbanized trade center and has had business ties with several international trade stations in the past. It has a flourishing handloom industry and boasts folk art called Theyyam. With legend claiming that the land belonged to Lord Krishna, there are many temples in the region. Starting a business by taking a business loan in Kannur is easy and the town welcomes any kind of contribution to economic prosperity.   

Eligibility Criteria for a Business Loan in Kannur

To avail a large business loan or a small business loan in Kannur, you have to conform to certain criteria to be eligible for the attainment of a loan. Here is the criteria for eligibility:

  • You should be a self-employed person (a professional, or a non-professional).

  • Your age should be in the range of 25 - 65 years.

  • Your total business experience should amount to 5 years, and you should have at least 3 years of experience in your present business.

  • You should have an annual income of at least 1.5 lakhs based on your latest ITR filed with the Income Tax Department.

Documentation Required for a Business Loan in Kannur

A business loan provider in Kannur will be only too happy to oblige you, provided you submit the following documentation:

  • A PAN card must be submitted (copies)

  • Proof of identity (a PAN card, an Aadhaar card, a passport, a voter ID, or a driver’s licence) and proof of address (an Aadhaar card, a passport, a utility bill, a driver’s licence, or a voter ID)

  • Your previous bank statements of at least 6 months prior

  • Your Income Tax Returns filed for the last 3 years with copies of certified income computation, profit/loss statements and your balance sheet

  • A statement of Declaration of Sole Proprietorship or a Partnership Deed

  • A certified copy of Articles of Association and Memorandum

Advantages and Features of a Business Loan

Business loans have a host of benefits and you can get your business up and running quickly if you take one. Here are features and perks:

  • You can avail loans of a maximum of Rs. 75 Lakhs.

  • You get flexible loan tenure for repayment, ranging from 6 - 60 months.

  • You get an unsecured business loan in Kannur, without collateral.

How to Apply for a Business Loan in Kannur

Steps to apply for a loan at Finserv MARKETS are simple, as you can see:

  1. Make your way to Finserv MARKETS and fill in personal and business information.

  2. Pick your preferred loan partner.

  3. Select your loan amount and tenure.

  4. Upload the documents required.

  5. Submit your application and see the money get disbursed into your bank account.

Final Say

Applying for a business loan in Kannur shouldn’t pose a challenge and you can get up and get a head start as you find more information at Finserv MARKETS.  

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