Get business loan in Ahmedabad at convenient interest rates

Most people aspire to live the life of their dreams in today’s competitive world. Everyone wants to achieve their financial goals of earning a decent income and saving up a substantial amount to live comfortably. With a steadily increasing standard of living and earning potential, the average Indian has become increasingly ambitious. This is especially so in tier 1 cities like Ahmedabad in Gujarat, traditionally a business hub. Over the decades, the city has nurtured numerous successful entrepreneurs and businesses.

Doing Business in Ahmedabad

Ahmedabad is Gujarat’s biggest city and one of India’s most important business centres. Forbes labelled it one of the fastest-growing cities in the last decade. Ahmedabad is home to important industries like textiles, automobiles, and medicine. There are four SEZs in the city, with three other industrial estates planned. Ahmedabad is one of the top Indian cities in terms of economic value, with a $68 billion output.

As a business person or an aspiring entrepreneur, you may have considered launching your company in Ahmedabad, dealing with another company there, or conducting business there in some form. Ample capital is one of the main prerequisites for starting a new business or expanding an existing one. Here are the details on business loans in Ahmedabad with convenient charges.

Who is Eligible to Apply for a Business Loan in Ahmedabad?

A business loan can be availed by anyone operating a profitable business or who aspires to start one. Different banks use different criteria to determine loan eligibility and the amount sanctioned. Some of those criteria are

• Type of business — sole proprietorship, partnership, a private company, or a public limited company.
• The company’s sales
• The company’s income
• The business’s financial flow
• The company’s past record and activities

General Eligibility Criteria and Conditions for Salaried and Self-Employed Loan Applicants

For Salaried Applicants:

• The applicant’s workplace should be specified.
• An applicant must earn at least INR 25,000 per month.
• The applicant must be aged between 21 and 65 years.
• Three years of work experience and earnings must be deposited only in their bank accounts.
• Good credit history or CIBIL score.

Self-Employed Applicants

• The individual’s credit scores should be good, and they should have no outstanding financial liabilities.
• The annual income should be at least Rs 2.5 lakh.
• The applicants must produce their financial and bank statements for the previous three months as part of the business loan documentation process.
• The minimum age requirement for business loan applicants is 25 years old.
• Applicants seeking a business loan should have an ITR file for the previous three years.
• The company should have been operating continuously for the previous three years.

Features of Business Loans in Ahmedabad

Business loans in Ahmedabad have many beneficial features for businesses. You can also check the features of these business loans online. Here are the collective features of some business loans in Ahmedabad.

• An overdraft facility is provided on unsecured business loans.
• Loan of up to Rs. 40 lakhs (up to Rs. 50 lakhs in select regions).
• There are options for collateral-free loans.
• The reasonable interest rate begins at 10.45% per year.
• The lone-repayment tenures of business loans range from 12 to 48 months.
• During the first six months after the limit is set, no foreclosures or partial closures will be permitted.
• There’s no need for a guarantee.
• Within 60 seconds, you can check your business loan eligibility online or at any bank branch.
• The repayment of a loan is contingent on prior refunds of home loans, vehicle loans, and credit card balances.

Documents Required for Applying for Business Loans in Ahmedabad

• ID Proof
• Proof of Address
• Proof of Business Continuity
• Proof of Office or Residence Ownership
• 6 Month Bank Statements
• Board Resolution
• Last two years’ CA Certified Account Statement
• The previous three years’ IT returns
• Bank Passbook
• Any government-issued certification

Requirement of CIBIL Score for Business Loan Ahmedabad

The minimum CIBIL score necessary for processing a business loan application in Ahmedabad varies. A CIBIL score of 750 is required to process the business loan application for most companies. Aside from the CIBIL score, companies look at previous loan behaviour in detail. This includes the type of loan, amount received and repayment history.

Monthly EMI of Business Loans in Ahmedabad

The EMI is one of the primary considerations one needs to make while applying for a small business loan in Ahmedabad. The EMI and interest rate charges can be simply calculated using an online business loan EMI calculator and business loan interest rate calculator. The EMI calculator online tools require only three parameters:

• Loan amounts
• Interest rate
• Tenure

Conclusion

This is a round-up of everything you need to know to apply for a business loan in a major city like Ahmedabad. You can weigh the pros and cons and choose the one that best suits your business needs. There is also the option to apply for business loans online.

FAQs

1. How long does it take to get an MSME loan in Ahmedabad?

After successfully submitting and filing the relevant paperwork and meeting the qualifying criteria, you can get a business loan in Ahmedabad within 48 hours.

2. What is the minimum amount that can be borrowed as business loans in Ahmedabad?

The lowest amount of a business loan that can be obtained is Rs. 10,00,000. This amount varies depending on the type of business and the organisation from which the loan is being obtained.

3. How to apply for a new business loan in Ahmedabad?

• Apply and fill out the business loan application form.
• Submit the required documents.
• Pay the processing fees
• Once approved, obtain the loan disbursement documents.