Business loan in Andhra Pradesh (AP)
Andhra Pradesh proudly takes the #1 position among all the states in India which offers a red carpet welcome to all entrepreneurs. This ranking has been done by the World Bank and since 2015 Andhra bags the first place. Under the name “ease of doing business,” Andhra is positioned number one in India. If you are eager to the reason how AP achieved this, then know that they have implemented reformation in the following areas. Paying taxes, providing protection to the minority investors, issue permits for construction, provide electrical connections quickly and register property.
These are the usual areas of concern for business people and when the government has taken steps to help, we at FlexiLoans would like to support by offering business loan in Andhra Pradesh to helping budding entrepreneurs to establish their business.
Top 5 Cities in Andhra Pradesh Best Suited for Business
Know which business will ideally suit in Andhra and you can smartly invest in those businesses.
- Vizag – The biggest city in AP and popularly known as a smart city. Education hub and IT, ITES sectors add glory to this city. Is it not the right place to capitalize and start a business?
- Vijayawada – The commercial hub of AP is Vijayawada and best place for Automobile and logistics business.
- Kakinada – Apart from education and IT opportunity, Kakinada can be seen as a tourist place. Start a travels business and you will see a constant flow of income.
- Guntur – Mirchi yard is the other name for Guntur. Initiate a red chili business to make your financial status go green.
- Tirupati – Pilgrim city Tirupati allows you to start a tourist business. Also, Sri City can be considered for export business from the SEZ (Special Economic Zone).
There are 31 cities in Andhra Pradesh and you can rely on any city to start a business. So don’t wait and understand the business loan details given below.
Are you eligible for a business loan in Andhra Pradesh?
Anyone who dreams of becoming an entrepreneur can apply for a loan. Even self-employed and entrepreneurs can take out a loan to start their business and grow. A limited liability company, a partnership company and others who want money for business set up can also apply for a loan. There are many credit approval criteria set by different banks. But, the base criteria remain the same as mentioned below.
- A person applying for a loan must be 21 years old but not older than 65.
- The tax form must be presented and the company must have demonstrated a benefit for at least 1 year.
- The annual return from the business must be at least 2 Lacs.
Upload the Following Documents
It is quick and easy to obtain loan provided if you submit the necessary documents for the credit to be approved by the financial institutions.
- Applicant’s credentials must include one of the documents issued by the AP government, namely, the voter ID, passport, driver’s license or Aadhar Card with a recent photograph for identification purpose.
- Apart from the proof chosen for the identification as listed above, another document with the correct address of the applicant should also be uploaded. This may include the elector identification, passport, driver’s license, Aadhar card, bank book, house registration document, etc for verifying the address.
- Permanent account number (PAN) is a must which will help to track all financial transactions of the applicant or the company.
- Bank records showing transactions completed for 6 months from the date of the submitted request for verifying the financial statements.
- Profit and loss statement for the last two years.
- Passport size photo. Preferably, a recent one was taken in the last year.
- Liability obligations to be informed in advance.
- Cash flow statement or any other documents as per the financial institution policy such as power of attorney, association log, etc.
Interest rates and commercial loan fees for a business loan in Andhra Pradesh
When calculating the interest rate for MSMEs (micro, small and medium-sized enterprises) and SMEs (small and medium-sized enterprises), we take into account the following elements. Rest assured, we are very flexible, comparing to others across India.
- The term of the loan
- Profitability of the company
- Operating capital
- Inventory rates
- CIBIL score – Credit Information Bureau India Limited (CIBIL)
- Cash flow
- Asset value
For your reference, every longer-term loan will allow you to enjoy the benefit of paying a low monthly reasonable payment ass EMI. However, higher loan amount obtained business owners must be prepared to pay a high EMI.
Nature and charges on business loans
When processing the loan, we take other fees from our clients, including:
- Entry fees.
- Foreclosure fees
- Down payment fees
All this varies with each client, and so here we would like to discuss individually and not list a common amount.
How does FlexiLoans differ from other financiers?
If several bankers and financial institutions offer credit at your doorstep, then you might wonder why you reach out to FlexiLoans? But, we have a reason and find out our features of the credit process and then you will not refrain from contacting us.
- We offer loans across states India with our latest product solutions. Currently, more than 100 cities have profited from our services.
- If you want to apply for a loan, then you start thinking about the documentation. Do not worry; we’ll do it online without any paperwork formalities. Just click and to apply by completing your basic details. Simply load all electronic documents and do not wait more than 48 hours to see the status of the loan.
- The next concern that bothers you is about the guarantees. Again we do not disturb you; Yes, we offer unsecured loans. Finding it surprising? But the fact is we offer you a 100% loan amount with no tricky clause
- Through our transparent process, you can apply for and benefit from the loan. No secret fees. Only forms to fill that too very basic, about your personal details. We discuss with you personally and approve your application. No false promises are given by our team.
- You can plan to make a business with our maximum loan amount of Rs. 1 crore. Just discuss your business plan via filling the form and there you can start.
Our primary motto is to provide you with a loan in a hassle-free manner. Just don’t dream but make your dream come true by applying today with FlexiLoans.
Come and Apply for a Business Loan in Andhra Pradesh
Irrespective of the location you live currently, apply online today and get your loan approved to start a business in AP.