Kerala has been a hub for many businesses of late. With the increasing number of entrepreneurs and businesses in the city, the number of jobs has also increased to meet the business outcomes. However, to begin and launch a service or product, a business loan or a small business loan in Kerala can be of great help.
For a business loan in Kerala, no collateral is required.
Minimal documentation is required to complete the application and avail the loan.
Several customers trust the transactions and financing through Finserv MARKETS.
Once the loan is approved, the disbursal process happens quickly.
The tenure can be chosen according to the repayment capacity between 12 and 60 months.
To complete the application process, the following documents will be required.
Identity Proof such as Aadhar Card, PAN Card, etc.
Address Proof such as Voter ID, Utility bills, etc.
ITR form, Balance Sheet, P&L statement for the last 2 years.
Certified copies of Articles of Association and Memorandum
Declaration of Sole Proprietorship and Partnership Deed
To be eligible for a business loan in Kerala, you should have some basic eligibility criteria such as the following:
You should be a citizen of India
You should be a self-employed individual
Your business should have been functional for at least 3 years
You should be between 25 and 65 years of age.
The Income Tax Return should be of a minimum of Rs. 1.5 Lakhs per annum.
The business unit should be a sole proprietorship, limited liability partnerships, or private limited companies.
You can calculate the total interest by the following formula where ‘r’ represents interest rate, ‘P’ represents the principal amount, and ‘n’ represents tenure in months.
Total Payable Interest = (P*n*r)/100
However, there are certain factors that affect the business loan interest rates.
A credit score above 750 is proof of good repayment history and can thereby help in availing of a lower interest rate.
You can avail of a lower and better interest rate if you have a good relationship with the bank.
If you have a higher income, you have more chances of getting a lower interest rate and vice versa.
Having a good repayment history will help you achieve a lower interest rate on your business loan.
To avail of a business loan in Kerala, you can follow the following 4 simple steps.
Step 1: Go to Finserv MARKETS website, select Business Loan Category and click on “Apply Now”.
Step 2: Fill out all of your basic details along with your business and employment details.
Step 3: Next, choose the loan capital required and the tenure.
Step 4: Finally, once the application is verified, the loan amount will be disbursed within no time.
You can get an unsecured business loan in Kerala in a simple process. You can get started with Finserv MARKETS, where you can find business loan from various business loan providers in Kerala and more, with great benefits like no collateral requirement and flexible tenure.