Name: Clear Filings
Address: 194/8, Grand North, Trunk Road, Asiad Colony, Anna nagar West Extension, Chennai - 600101, 194/8, Grand North, Trunk Road, Asiad Colony, Anna nagar West Extension, Chennai - 600101, India, 600049
Telephone: +91 9384619670
Price range: 1000
Rating: 4.9

BUSINESS LOAN IN CHENNAI

Bank offers Business loan in chennai, Tamilnadu to develop the Business including purchasing of new machinery in India. Bank takes of care of customer needs and try to full up their financial needs by syndicating the Business loan at affordable rate of Interest. A borrower can apply for Business loan to investment in start up new Business. Unlike Secured loan, a borrower can get Business loan within seven working days subject to Creditscore & Financial Statements. Bank will process the Business loan in chennai quickly and speedy. Finance Limited Companies Process the loan application with Checking Credit Score in CIBIL. A loan Provider with deduct fees and chages at the time of disbursement. Every Lender provides loans offers based on the segment of the Busines, Security and Turnover of the business.Small Business entreprenur also can apply unsecured business loans for Banks and NBFS for short term and long term

Compare Interest Rates & Processing with Banks

Bank/NBFC	Rate of Interest	Loan Processing Charges
HDFC Bank	11.49% onwards	Not exceeding 2.5% of loan amount sanctioned. Min. Rs. 1000, Max. Rs. 25,000
State Bank of India	12.55% onwards	1% to 3% of loan sanctioned
Axis Bank	15.50% to 24%	1.5% to 2% of loan sanctioned
Tata Capital	12.50% onwards	Min. Rs. 999
ICICI Bank	11.49% onwards	Not exceeding 2.5% of loan amt.
Bajaj Finserv	11.49% onwards	2.25% to 3% of loan sanctioned

Process of Business Loan in Banks

For all those who have a liability to register themselves, if fails to do the same than under section 75A of the finance act 1994 penalty for the failure of an assessed to get himself registered was fixed at Rs. 500/- as a onetime payment but subsequently this section was deleted by the virtue of the finance act 2004 and now the general penalty that is applicable is Rs. 1000/- as per section 77 of Finance act.

DOCUMENTS REQUIRED

FOR PROPRIETOR

Photo
PAN copy
Aadhar Copy
1 year Bank Statement
MSME Registration / GST Registration in Chennai for Business Proof
Telephone Bill
EB receipt of Own house in name of applicant / Guarantor
Income Tax Filing for two years ( Optional )

OTHERS

Directors /Partners Photos
PAN Copy of the Directors / Partners & Organization PAN Copy
Aadhar Copy of the Directors / Partners
1 Year Bank Statement
Incorporation Certificate / Partnership Deed
Telephone Bill
EB receipt of Own house in name of applicant / Guarantor
Income Tax Filing for two years ( Optional )
MSME Registration / GST Registration in Chennai for Business Proof

Frequently Asked Questions

What is a Business Loan?

Business loan is a unsecured loan, Which has repament period between 3 to five years. No colleteral secuirty required for applying business loan. Business loan can be used for working capital, meeting cash flow requirements, investment into plant & machinery etc.,

What are all the documents required to apply Business Loan?

1 year Bank Statement, 3 years business proof with normal kyc required to apply business Loan. Some asks morethan 4 years business proof to process the Business Loan application.

What is maximum amount of Business Loan offerd by Banks?

A bank can be sanctioned upto 40 Lakhs as a business loan for a applicant.

How long does take to disburse the Business Loan?

As of now many banks process the Business Loan application within 2 to 3 working days. Maximum banks will sanction the loan within 7 working days.

How will repay the Business loan by a borrower?

The Business loan will repay monthly in form of EMI ( Equal monthly Installements ). EMI consist of Principal & Interest. Many of the banks will collect the EMI inform of ECS or PDC Cheque

What happens if there is an ECS bounce or I miss an EMI payment?

The bounce charges and penalty are charged by banks when making failed by a borrrower. Non making of repayment in time will impact on borrower CIBIL Creditreport. So that a borrow cannot borrow any of the bank of financial Institution in future.

What is the rate of interest or processing fees?

The rate of interest will be from 16% to 26%. The processing fee for business loan is upto 2.5% on the loan sanctioned. Additionally the banks request insurance coverage.

Business Loan in Chennai

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