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Business Loan in Manipur

Manipur has observed an increase in businesses recently. As the number of entrepreneurs increases, the number of businesses in the state also rises. However, to start with a business and to successfully launch a service or product, a Business Loan or a small Business Loan in Manipur can be of tremendous aid.

Features and Benefits of Business Loan in Manipur

  • No Collateral Needed

To avail of a Business Loan in Manipur, no collateral is needed.

  • Minimal Documentation

Minimal paperwork is all that is required to complete the application and avail of a Business Loan.

  • Quick Disbursal

Once the loan application is processed and the loan is approved, disbursal of the loan happens quickly.

Documents Required for Business Loan in Manipur

To complete the application process, the following documents are required.

  • PAN Card

  • Proof of Identity such as Aadhar Card, PAN Card, etc.

  • Proof of Address 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.

Eligibility for Business Loan in Manipur

You need to fulfil some basic eligibility criteria in order to be eligible for a Business Loan in Manipur.

  • Income Tax Return (ITR)

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

  • Employment

You must be a self-employed individual to apply for a Business Loan in Manipur.

  • Business

The business must have a vintage of at least 3 years.

  • Age

You should be a minimum of 25 years and a maximum of 65 years of age.

  • Citizenship

You should be an Indian citizen to avail of a Business Loan.

  • Business Unit

The business unit should be identified as any of the following: sole proprietorship, limited liability partnerships, or private limited companies.

Business Loan Interest Rates in Manipur

There are certain factors that affect the Business Loan interest rates.

  • Credit Score

A credit score above 750 is an indication that you have good credit habits. This can help you get a Business Loan with a lower rate of interest.

  • Relationship with the Bank

If you have a good relationship with the bank. you have more chances of availing of a lower and better interest rate.

  • Income

Having a higher income can improve your chances of getting a lower interest rate.

  • Repayment History

With a good repayment history, you can avail of a Business Loan with a lower rate of interest.

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

How to Apply for Business Loan in Manipur?

Follow these 4 simple steps if you want to avail of a Business Loan in Manipur.

Step 1: First, go to the Finserv MARKETS website. Now, select the Business Loan Category and click on “Apply Now”.

Step 2: The next step is to fill out all of your basic details along with your business and employment details.

Step 3: Then, choose the tenure and the required loan capital required, once you are eligible.

Step 4: After your application is verified, the loan amount will be quickly disbursed to your bank account.

Final Thoughts

Availing an unsecured Business Loan in Manipur is simple. To get a Business Loan, you can visit Finserv MARKETS. You can avail of a loan from various Business Loan providers in Manipur through Finserv MARKETS. You can also experience benefits like flexible tenure and minimal documentation requirements.

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