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Business Loan in Odisha

The state of Odisha offers a great number of opportunities for new businesses particularly in the field of shipping, trade, and fisheries. Starting a new business venture has shown great promise for the future and possibility for a strong return. If you are looking to get your new venture off the ground, a great way to get started is by taking a Business Loan in Odisha.

Features and Benefits of Business Loan in Odisha

  • Large Loan Amount:

One of the biggest benefits of a Business Loans in Odisha is that they give borrowers access to relatively large amounts of capital to get started. For instance, an unsecured Business Loan in Odisha can give you up to Rs. 75 Lakhs without having to furnish any guarantee or security.

  • Flexible Repayment Tenures:

Business Loans provide the much needed flexibility to small businesses to repay their loan in tenures starting from 6 months to 60 months.

  • No Collateral Requirements:

Business Loans in Odisha are unsecured loans. This means that there is no need for the borrower to pledge an underlying asset to guarantee the loan. This greatly simplifies the loan application process and also allows a measure of security to the borrower. This is why if you are a small business owner, applying for an unsecured Business Loan in Odisha is a convenient and hassle-free way of meeting your growing business needs.

  • Can Be Used as per Choice:

A Business Loan lets you allocate funds within your business as per your need. So, whether you’re looking to buy new equipment, hire more staff, get a new computer, the choice is entirely yours.

Eligibility Criteria for a Business Loan in Odisha

Availing a Business Loan in Odisha is a relatively simple process. There are, however, a number of eligibility criteria that each applicant may adhere to. The conditions for eligibility are mentioned below:

  1. You must be self-employed with a registered business (Sole Proprietorship, Partnership, Private Ltd. Limited Liability Partnership, and more.)

  2. Your age should be between 25 years (minimum) and 65 years (maximum).

  3. You should have filed an income tax return of at least Rs. 1.5 Lakhs in the last assessment period.

  4. You must possess a total of 3 years of experience in the current line of work. Additionally, you must have a total business experience of at least 5 years.

Documents Required for a Business Loan In Odisha

Along with your application form, you must also attach a number of documents to prove your credentials. Here is a list of documents required to get a Business Loan approval.

  • Company registration certificate from the relevant government department.

  • Copy of the last income tax return filed.

  • Copy of your identity proof such as Aadhaar card or Voter ID card.

  • Copy of your PAN card.

  • Last 6 months’ bank statement.

After clearing the eligibility and gathering all your documents, you are all set to apply from a Business Loan provider in Odisha of your choice. Make sure to keep all your documents handy during the application process. Once your application goes through, you will receive your funds.

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