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Business Loan in Kerala

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.

Features and Benefits of Business Loan in Kerala

  • No Requirement for Collateral

For a business loan in Kerala, no collateral is required.

  • Minimal Documentation

Minimal documentation is required to complete the application and avail the loan.

  • Safe Financing

Several customers trust the transactions and financing through Finserv MARKETS.

  • Fast Disbursal

Once the loan is approved, the disbursal process happens quickly.

  • Flexible Tenure

The tenure can be chosen according to the repayment capacity between 12 and 60 months.

Documents Required for Business Loan in Kerala

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.

  • PAN Card

  • Certified copies of Articles of Association and Memorandum

  • Declaration of Sole Proprietorship and Partnership Deed

Eligibility for Business Loan in Kerala

To be eligible for a business loan in Kerala, you should have some basic eligibility criteria such as the following:

  • Citizenship

You should be a citizen of India

  • Employment

You should be a self-employed individual

  • Business

Your business should have been functional for at least 3 years

  • Age

You should be between 25 and 65 years of age.

  • ITR

The Income Tax Return should be of a minimum of Rs. 1.5 Lakhs per annum.

  • Business Unit

The business unit should be a sole proprietorship, limited liability partnerships, or private limited companies.

Business Loan Interest Rates in Kerala

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.

  • Credit Score

A credit score above 750 is proof of good repayment history and can thereby help in availing of a lower interest rate.

  • Relationship with the Bank

You can avail of a lower and better interest rate if you have a good relationship with the bank.

  • Income

If you have a higher income, you have more chances of getting a lower interest rate and vice versa.

  • Repayment History

Having a good repayment history will help you achieve a lower interest rate on your business loan.

How to Apply for Business Loan in Kerala?

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. 

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