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Business Loan in Gujarat

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Gujarat, the westernmost state of India has always been at the forefront of ease of doing business in India. This state widely renowned for its exemplary economic success is one of the leading industrial states in the country. It is considered to be the best destinations for investment due to its favorable trade policies, proficiency in economic resources, and co-operative outlook. Over recent years a number of esteemed conglomerates have exhibited their interest in investing in the state’s economy. Furthermore, a number of government initiatives launched in the state have accelerated the growth of various small scale businesses in the state. Even the past of Gujarat beckons about its long-standing spirit of entrepreneurship. Many of the renowned businessmen hail from the state. Additionally, the state has also been accorded with the title of the petrochemical hub of India. More than 60 percent of the petrochemical production takes place in Gujarat. Thus, this state is one of the largest producers of business in India. In fact, the Gujarati business plays a prominent role in enriching India’s economy. Thereby, providing the enthusiastic entrepreneurs a shot in the arm, FlexiLoans provide hassle-free business loans in Gujarat. The FlexiLoans’ digital lending platform aims to provide the much needed financial assistance to the budding entrepreneurs of Gujarat.

TOP DESTINATIONS TO START BUSINESS IN GUJARAT

Surat

Surat also is known as the “City of Diamonds” is one of the best business destinations. It rapid growing economy boasts about the business opportunities present in the city.  The city is occupied with a number of diamond cutting and polishing centers. It is also connected with major diamond centers of the world. Moreover, Surat is also the largest producer of manmade fiber.  Therefore, there are ample growth prospects for establishing a business in the city.

Vadodara (Baroda)

Vadodara stands among the top tourist destinations in Gujarat. The city houses a number of small and large scale industries. There are a number of pharmaceutical, chemical, cotton textile, and machine tool industries in the city. One of the biggest benefits of starting a business in Vadodara is its large talent pool. Thus, a skilled and trained workforce can be easily found here.

Ahmedabad

Ahmedabad is the largest city of Gujarat. It is also one of the major business hubs in Gujarat. Due to the presence of a number of mills in the city, it is also referred to as Manchester of India. Over recent years great infrastructure developments have taken place in the city. It has significantly modified into a commercial hub. The city is occupied with the number of information technology (IT), food processing, and textile and service sector industries.

ELIGIBILITY CRITERIA FOR AVAILING BUSINESS LOAN IN GUJARAT

Any person who holds citizenship of India and owns a legitimate business or seeks to initiate a business can apply for the business loan in Gujarat. However, for the purpose of qualifying for the loan an individual or business needs to fulfill the following base criteria:

  • All SME and MSME businesses involved in trading, manufacturing or service sector may apply for the loan.
  • The age of an applicant must be between 25 years to 66 years.
  • The applicant must have a sound credit history.
  • The business must be profitable.
  • The applicant must have filed the IT returns for the last two years.
  • The applicant must have the minimum 3 years of experience in current business and overall 5 years of experience in business execution.

DOCUMENTS REQUIRED FOR THE BUSINESS LOAN IN GUJARAT

The list of obligatory documents that qualify you to apply for the business loan includes:

  • Passport Size Photographs.
  • A government issued ID proof for validating address and identity; it may include any of the following- Aadhar Card/Passport copy/Voter’s ID/Driving license.
  • Bank statement of the last six months.  
  • Proof of continuity of business including, ITR/Trade license/Establishment or Sales Tax Certificate
  • Statement of computation of income for the last 2 years.
  • PAN card of a company or an individual
  • Board resolution certificate if Pvt. Ltd. Co. is co-borrower and Partnership Authorization Letter if the partnership firm is co-borrower.
  • Profit and loss statements and balance sheet certified or audited by CA- for the last two years.
  • Recent GST returns if the business falls under the GST income scale.

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

Interest rates and commercial loan fees levied on your business loan will be calculated based on the following constraints:

  • Loan amount and duration.
  • Structure of business.
  • Profitability of business
  • The total cash flow of business
  • Operating Capital of the business
  • Rates of Inventory
  • Worth of assets
  • CIBIL score to the certain creditworthiness of the applicant

WHY FLEXILOANS A ONE STOP DESTINATION FOR BUSINESS LOAN NEEDS?

Every business requires money, no matter, whether it’s big or small. Many entrepreneurs struggle to arrange the much-needed finances for their business. Considering the fact, we at FlexiLoans make efforts to provide trouble-free, customized business loans to the entrepreneurs. We aim to lend funds through the most convenient and reliable procedures that stand apart in the market. To know more about our benefits read below:

  • Extended capacity: We have a lending capacity of up to Rs 1 crore.
  • Fast procedures: Our procedures are extremely fast soon after the documentation you can get your loan approved within 48 hours.
  • Transparency: We impose no hidden charges. Before loan approval, a fair discussion is conducted with the client.
  • No paperwork: No more waiting in queues. Submit documents online and get your application filled within 15 minutes.
  • No collaterals: We demand no guarantee. We offer a 100 percent loan amount without any security.
  • Extending reachability: Till date, we have covered 100 cities of India. We are still on a move to reach every corner of India.

HOW TO APPLY FOR A BUSINESS LOAN IN GUJARAT?

If you are one of the business owners or companies struggling to arrange finances for starting or expanding business in Gujarat then look no further, log onto FlexiLoans click apply and get it approved within a matter of hours.


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