City Mayors Foundation Survey declared that the city of Faridabad is the 8th fastest growing city in the world and 3rd most in India. In Haryana, Faridabad is also the largest city and most populous city in the north Indian state. In Haryana, this city is a major industrial hub. Faridabad and Gurgaon in Haryana are the major income tax contributor to the Government and is as high as 50%. Primary Industrial products in Faridabad are Tractors, Switch Gears, Motorcycles, Shoes, Refrigerators, Garments, and Tyres and are also known for Henna production from the agricultural sector.
As per recent survey over 56% of the income taxes collected in Haryana are from Faridabad and Gurgaon. Under the flagship of PM Narendra Modi’s Smart Cities Mission, Faridabad has been selected as one of the 100 cities to be developed as a smart city.
Business Ideas in Faridabad
- All new domains of IT such as Big Data, Cloud Computing, Machine Learning, and Artificial Intelligence can find a business in Faridabad as the literacy rate here is as high as 83.04%.
- As there is no organized state transport system in this city this has led to an increase in the number of private transport vehicles like seven-seaters, 5 seaters, and stage carriers. However, because of this, it contributes drastically to carbon emissions in the city. This city also receives a lot of floating population and regional traffic from Delhi, who travel by private vehicles. Due to a large number of private vehicles, it is causing higher noise levels and vehicular emissions in the city. With proper emission and lower noise level, for the advantage of the public, you can start a private transportation business.
- The current industrial water demand is twenty megaliters per day (MLD) and is expected to reach to hundred megaliters per day in twenty years due to growth in industrial sectors and increase in demand for water. As there is large scale pollution of the river Yamuna due to the absence of industrial waste/effluent water treatment plant, there is a necessity for the Water treatment plant in wake of the large demand for industrial water in future. One of the business ideas is to set up a wastewater treatment plant in this city.
- As Faridabad is the most populous city in the country, there is a large demand for food; one can set up restaurants, online food delivery, catering services, and mobile food services in this city. By availing loans for this business you can make your business prosper and also feed people in this city.
Eligibility requirements for a business loan in Faridabad
A small business loan can be provided to a person, a collaboration, limited liability collaboration, proprietary firm, one-man shop. To be entitled to business loan there are a lot of factors that are to be fulfilled. Every lender who provides loan can look into many standards prior to sanctioning it. Few important ones are:
- Age: The candidate should be min 21 years & maximum. 65 years.
- Income: Proposed business should make a minimum profit within a year.
- Turnover: Rs. 2 LPA. ought to be the minimum twelve-monthly income.
- Co-applicants: That is optional and not necessary in this case of a business loan.
Documents necessary for getting a business loan in Faridabad
This is actually the basic documentation necessary for obtaining a Business Loan in Faridabad:
- PAN card of the individual or the company
- Identity evidence which can include Aadhar Card, Passport, Voter Identification, PAN or license given for driving.
- An Address Substantiation which can contain either the Aadhar Card, Passport, Voter Identification or Traveling License
- Bank claims from the previous 6 months
- ITR assertion in the past year as well as audited balance sheet or the profit and loss affirmation obtained in the 2 previous years
- Cash flow statements
- Debt Obligations
- Form filled and uploaded with a recently available photograph
- Other documents as required which range from declaration of possession, MoA, Resolutions, power of Attorney at law or any other doc required by the bank or investment company/NBFC or as necessary by the lending company
Interest levels and costs for a business loan in Faridabad
Interest levels for an SME or MSME business are determined on various aspects and tangents consuming standards the CIBIL rating, net worth, the success of the business enterprise, cash moves, working capital, and inventory ratios and the tenure of the loan. Usually, an extended dated loan could have a lesser EMI while a volatile business could have an increased EMI.
Aspect and charges on loans
Apart from the documents mentioned above, there are other charges like dedication charges, foreclosure charges and prepayment charges that are decided through the procedure for the loan and changes from loan to loan predicated on the standards of the lending options.
Why make an application with FlexiLoans?
Listed below are FlexiLoans features and it is currently extremely convenient to use for loans with a completely straight forward process.
- We offer lending options in more than 100 places around India with groundbreaking product alternatives for our customers.
- We live completely paperless so no be anxious about shredding documents and eases convenience. Just complete the proper execution, upload your credentials to get approval for your loan application in under 2 business days.
- We offer collateral-free lending options i.e.100% short term loans without security, which makes the procedure less troublesome for you.
- We’ve no invisible fees and charges as well as the process is completely translucent; acquiring your trust and that is the most important motto to us.
- We fund lending options with a financing capacity up to Rs. 1 Crore.
FlexiLoans aspires to offer the simplest way of securing financing that is certainly our number 1 priority. We wish you as well as your business good luck and grand success.
How to obtain a business loan from Faridabad
If you’re a business proprietor or planning to start a new venture, please do just click here and contact us for more details.