Business loan in Coimbatore
Coimbatore is the second largest city in the south Indian state of Tamil Nadu after Chennai. Coimbatore is situated on the banks of the river Noyyal and has Siruvani Waterfalls in its vicinity. Because of the presence of major textile industries, it is also called the Manchester of south India. It houses textiles, engineering, health care industry, car parts manufacturers and many educational institutions. Coimbatore acquired engineering hub status from the year 1888 and is developing even now. Coimbatore hosts a tropical wet and dry climate.
First India’s indigenously built diesel engines were manufactured in 1972 for the cars. Coimbatore supplies more than two third of the motor and pump in India, and therefore it is also called the pump city of India. It hosts a large number of small engineering units in India.
Benefits of taking a business loan in Coimbatore
- Small Investment with Good Returns – You need not take huge loans or need any high-class business degrees to do business. You just need the required talents and skills and experience with a small investment to start the business in Coimbatore.
- Online Opportunity – As Coimbatore is one of the smart city identified and developed by the government of India, you have large computing facilities in Coimbatore. So you can do the export of various products online on the internet. You need to make a website portal and in one click sell the products anywhere in India and the world. You need only storage areas for your goods and products to sell, you need not have shops or hire a salesman, overheads, and maintenance for the shops.
- Engineering Hub – If you have Mechanical or Automobile engineering diploma/degree you can be successful with careful planning by setting up SME units and Micro Industry with as little investment such as 2 lac to 6 lac. You can even break even your initial investment within 2 to 3 years and make profit thereafter by careful planning. It is not difficult to set up SME and Micro units in Coimbatore as it is known for its engineering hub.
- Good turnover – The engineering and textiles business can be started and done through-out the year.
- Food business – As there are many workers in Coimbatore you can start a good food business with an optimum price to be successful in Coimbatore. Food business can run throughout the day and across the year.
As there are great opportunities in Coimbatore you can start your business by going for a business loan and contacts us for the loans.
Who is eligible to apply for a business loan in Coimbatore
Anyone who has talents and skills with basic business knowledge and well educated but does not have fund to start a business in Coimbatore can start SME or Micro business by applying for loans with us. You can apply for loans as individuals or form a group with a partnership to apply for loans with us. You need to meet basic criteria to start applying for loans and they are as follows.
- Adults – Adults above the age of 21 years and below 65 years can apply for loans. You must satisfy this condition as per the state government rules.
- Clean Tax History – People with a good credit score can apply for the loans. They must declare the tax returns filed with the Income Tax department of India. They need to show at least 1 year of Tax returns filed with the Income Tax Department.
- Business Earning – You need to show good revenue and business potential when you apply for the loans with us, which need to be at least 2 Lac to 3 Lac per annum.
Documents to be submitted for Business Loan in Coimbatore
Documents to be submitted depends on the banks however few documents are important and mandatory ones. This includes ID proof and address proof and a few other documents. The details of the documents needed for loans with us are as follows.
- Age Proof – One of the mandatory documents to be provided is the age proof, which can be a Birth certificate, PAN Card, Aadhar Card, Driver’s license and voter id’s.
- Identification Proof – PAN card, Ration card (if the head of the family), Driver’s License, voter ID, Aadhar card, passport, one of these can be submitted as photo ID proof.
- Residence Proof – Any document above except for PAN card will contain the address and can be submitted as address proof. Other documents are Bank Statement, Bank passbook, and Gas Connection receipts.
- Recent Photo – We also need latest Passport size photo.
- Income Tax Statement – Income Tax returns filed for the last 2 years is a must.
- Bank Account – 6 months bank statement must also be presented as proof.
- If already have any existing loans that you have taken from any lenders, needs to be shown to us for the fresh loans with us.
- Other documents that are required are as follows as per lending institute policy, Memorandum of association (MoA), Cash flow document, power of attorney (PoA), etc.
Charges and Interest Rates
The following things are needed from you as per the Tamil Nadu state government policies, to calculate the interest rates for Micro, Small and Medium scale units to be set up by applying for loans. Please call us directly to understand the policies.
- Running cost
- Partnership details
- The time period for the loans
- Business net worth
- Credit score from CIBIL.
- Stock ratios
- Total Cost Required
- Trade profit and revenue generation
EMI (Equated Monthly Installments) depends on the period till when the complete loans will be repaid and the total loan amount required. If the period is longer then the EMI will be less and if the loan amount is higher the EMI will be more.
Business Loan Nature and Rates
Another important factor that depends on loans is mentioned below. We can discuss this directly when we meet you for the first time and is made on the case to case basis.
- First Installment made
- Recover charges
- Promissory charges
Is Flexiloan the Right Place to Avail Loan? Yes, Why?
When going for loans anyone will have confusion and is distressed on how to go for the loans. There are many thoughts in our mind on who is the best lender and how easy is it to go for loans and various thoughts on the loan procedures; we will address all your thoughts and concerns. We promise simple and easy loan procedures. Following are our features.
- About documentation, we make it simple and easy by which you can submit the documents online by visiting our websites. The loans get approved in 48 hours.
- Our main focus is Coimbatore in South India, even though we serve more than 100 cities in India
- We do not ask anything for security and promise a hassle-free and easy loans
- There are no hidden charges and even though the EMI calculation is complex we make it simple and easy for you.
- We provide loans up to one crore and we provide you the complete loan amount in one go after all the steps are completed.
Thus, at FlexiLoans, we provide the best rates, hassle-free online process, and do not demand any guarantee.
What next? Apply. How?
Why delay? Please apply to loans from us for your needs of Micro, Small and Medium Business. Please visit our online website to know more and make a wise decision for business investments by taking loans from us.