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Business Loan in Bihar

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WHY BUSINESS LOAN IN BIHAR?

The bustling state of Bihar located in the eastern part of India is the thirteenth largest state in terms of its geographical area. With about 58 percent of the population falling below the age of 25 years the state brings a lot of opportunities for the inculcation of innovative business ideas. The economy of Bihar is majorly dependent on the agriculture and the service sector. It is one of the strongest states in terms of agricultural production and livestock farming. The agronomist economy of the state is said to have a large impact on the overall growth of India’s economy as well. The state is highly acclaimed for the production of vegetables, food grains, cotton yarn, milk, and electrical goods. Moreover, the state is also regarded as one of the best fishing grounds. Adding more to its achievements, Bihar amounts to being one of the fastest emerging brewery hubs in India. Many of the renowned domestic as well as foreign firms are establishing their production units in the state. Therefore, there are lots of untapped opportunities in Bihar for setting up the business. Being the third largest populated state there is a lot to explore for the entrepreneurs in the state. Realizing the extraordinary business instinct of Bihari entrepreneurs FlexiLoans offers the business loans in Bihar without any hassle. By funding the ideas of budding entrepreneurs FlexiLoans aims to foster a culture of innovation. It provides financial assistance to SME and MSMEs for helping them help grow their business ideas into reality by cutting down all the barriers.

Top 3 IDEAS TO INITIATE BUSINESS IN BIHAR

  • BeeKeeping

Over recent years, honey business in Bihar has emerged out to be one of the fascinating business ideas. There has been an astounding contribution of the state towards the country’s honey production. In the year 2012-13 Bihar’s total honey production amounted to 11000 metric tonnes. This significant production was said to yield 88 crores of revenue for the economy. Thereby, observing the facts one can easily predict that the beekeeping business in Bihar is going to be a fruitful one. Moreover, it will only lead to growth further in the coming years.  

  • Fertilizer Distribution

Bihar has a wide scale adoption of agricultural activities. It is the state of agriculture thus the business of fertilizer distribution has a lot of opportunities in the state. The proposed business already has its market established in the state due to wide-scale agriculture. Therefore, irrespective of the location of setup the fertilizer distribution is a profitable business to start the journey as an entrepreneur in Bihar.

Fish Farming

Bihar has exemplary potential in the business of fish farming. With nine lakh acre wetland fish farming is the fastest growing sectors in Bihar. The state is encapsulated with a wide array of natural aquatic resources thus there is a huge demand for the quality fish seeds in the state. Moreover, the various government initiatives in the state are aiding in the growth of the said business. Thereby, fish farming is a great business idea for entrepreneurs in Bihar.

CHECK YOUR ELIGIBILITY FOR AVAILING BUSINESS LOAN IN BIHAR

Any individual who aspires to set up or expand his/her business can avail the business loan in Bihar. The applicant who seeks to avail the funds should have a legitimate business with good profitability. Apart from this, the applicant needs to fulfill the following basic criteria:

  • The applicant must have attained the minimum age of 21 years.
  • The applicant must have filed income tax returns for the previous year.
  • The applicant must have a sound credit history.
  • The business of applicant must have gained profit in the last two years.

DOCUMENTS REQUIRED FOR THE BUSINESS LOAN

The obligatory documents required for business loan disbursement include:

  • A valid government identity proof which may include any of the following:
    • Aadhaar Card
    • Passport copy
    • Voter’s ID
    • PAN Card
    • Driving license.
  • An authentic proof exhibiting the Continuity of Business.
  • Bank statements for the last six months.
  • Corporate Resolution (if Pvt Ltd co. is co-borrower)
  • Partnership Authorization Letter (if partnership firm is co-borrower)
  • ITR record and income computation for the past 2 years.
  • Profit and loss statements and balance sheet certified or audited by CA- for the last two years.
  • Proof of ownership of business or residence.

INTEREST RATES AND COMMERCIAL LOAN FEES FOR A BUSINESS LOAN IN BIHAR

The below-mentioned criteria would be used to evaluate the rates of interest on loans for MSMEs and SMEs. Therefore, to avail the loan an entrepreneur needs to evaluate the business on the basis of the following key criteria:

    • Structure of business: Partnership, Proprietorship, Private or Public Limited.
    • Past records of business
    • Profitability of business
    • Overall turnover of the business
  • The total Cash flow of business

WHY PREFER FLEXILOANS RATHER THAN OTHER FINANCIERS?

We are different from the rest. Well, to assure this we offer the following benefits:

  • With our innovative customized product solutions, to date, we have covered the 100 cities all over India.
  • FlexiLoans is truly convenient. No hustle with papers. Just fill the application form, upload documents and get the loan approved within 48 hours.
  • We are extremely simple. No collateral required, 100 percent unsecured loans with just a few steps.  
  • We are completely transparent. No hidden fees or charges. We just need to secure your trust.
  • We have the lending capacity up to Rs. 1 Crore.

Then, why wait for more. FlexiLoans is there to fuel your dream business. We assure to provide you the easiest and simplest way to secure the loan without any hassle.

HOW TO APPLY FOR A BUSINESS LOAN IN BIHAR

If you are one of the enthusiastic entrepreneur or company then log onto FlexiLoans, apply for the loan and get it approved.


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