In 2011 census Punjab recorded around 27,702,236 people. Punjab is having 22 districts and is the 16th largest in India by population. Due to rich water sources and fertile soil, Punjab is primarily agriculture based. Other industries include agricultural goods, financial services, manufacturing of scientific instruments, electrical goods, machine tools, sewing machines, textiles, starch, sports goods, tourism, bicycles, fertilizers, garments, and the processing of pine oil and sugar. Even energy sources and minerals also add to Punjab’s economy.
In Punjab, the Mandi Gobindgarh in the Fatehgarh district is called Steel Town because of the presence of the largest number of steel rolling mill plants. In India, Punjab’s GDP is 3.17 Lac crore (US$ 47 Billion). As Punjab is one of the most fertile regions in India, it is also called the “India’s Bread Basket” or “Granary of India”. Punjab grows 2% of the world’s cotton, 1% of rice in the world and 2% of the wheat in the world.
Top 5 businesses in Punjab
- Textiles and Garments – As Punjab has a lot of cotton and is known for its handlooms and textile industries. Anyone willing to do the clothes business can export clothes and do online business such as websites for purchasing textiles and handlooms. Punjab handlooms are world famous.
- Auto components, Steel and Machine tools – Lot of people in Punjab are educated as there are lots of educational institutions in Punjab. People of Punjab are hard working and skilled laborers. You can set up small scale units of engineering or manufacturing of steel, auto components, and machine tools industries, the local government is promoting these industries in a big way.
- Food export – As Punjab is world famous for its rice and wheat you can set up small to medium scale units of food processing units here and export to various countries. There is an increased demand for food processing and export from Punjab. Punjab is supplying most of its rice and wheat production to other parts of India.
- Pharmaceuticals – Local Government has introduced many new schemes for setting up pharmaceuticals small and medium scale units in Punjab. Medical drugs and medicines are supplied to various parts of the world and India from Punjab. You can setup a medicinal drugs production plant very easily in Punjab.
- Information Technology – As Punjab is known for skilled and educated people, the government has started promoting IT and Outsourcing centers in Punjab. Its proximity to India’s capital Delhi and states of Rajasthan and Haryana make it globally developed states in the world. You set up BPO and IT units in Punjab.
For starting a Business in Punjab please avail easy and simple loans from us.
Who will fit the bill to benefit for a business loan in Punjab
In Punjab, the people who are taught and want to begin a business or become a business person yet don’t have a wellspring of venture can quit worrying and should apply for credits and get in touch with us. You can profit advances to begin any kind of business, for example, wholesale or retail business. Anybody with a longing to begin a business can apply for credit, be that as it may, according to the laws there are some legitimate terms for qualification and they are as per the following:-
- Age limit: Only grown-ups with a decent credit limit aged between 21 and 65 can apply for advances.
- Tax papers: The previous year or two tax papers are required for loan approval.
- Business income: The arranged business income must not be under two lakhs every year.
Qualifications required for business credit in Punjab
There are different criteria for acquiring credits regardless of whether you meet the requirements for availing a loan or not. On the off chance that you fulfill the underneath referenced criteria, you can acquire credits in all respects rapidly.
- ID Proof: Proof of Identity must be any ID with photograph and address verification from Indian or State Government. These ID’s verification will include one of the documents mentioned namely Passport, Driver License, Aadhar card and voter ID’s, etc.
- Address Proof: Address evidence can be given using the following documents namely the Passport, Aadhar Card, Driver’s License, Bank Book or Bank Statement and House enlistment report.
- PAN Card – It is one of the mandatory documents required for getting a loan.
- Financial proclamations: Bank Passbook or Bank Statement
- Declaration of salary charge: Income Tax Return or proclamation is extra evidence required and should be provided for the past 2 years.
- Photo: An identification photograph is an absolute necessity
- If you have taken some other credits from banks, then it must be proclaimed before you take new advances.
Interest rates and charges for a business loan in Punjab
As indicated by the Indian Government, there are different criteria that must be considered while figuring financing costs of little, smaller scale and medium estimated businesses. It would be ideal if you get in touch with us to realize the loan costs to comprehend the administration criteria. They are as per the following,
- Productivity and business benefit
- Operating cost
- Loan Terms
- Equity Quotas
- Currency stream
- Credit Information Bureau India Limited (CIBIL)
- Company Assets
EMI: The EMI sum and credit sum are straightforwardly corresponding and sum and term are contrarily relative.
Business Loan Nature and Respective Charges
Different variables that impact the credits are as per the following; if it’s not too much trouble to get in touch with us to comprehend these.
- Commissions and Commitments
- Down installment
- Pre conclusion rates
The credits are offered based on evaluating several parameters which we can discuss. We will help every person after they apply for advances on our website.
What is exceptional about FlexiLoans among several lenders?
Individuals have numerous options these days to apply for advances and are confounded whom to choose for taking advances. We address these issues and include you in each progression of credit preparing. We make the process simple and fast making each individual easily get a loan.
It would be ideal if you find beneath our credit loaning approaches.
- We help you to choose how much credit you can profit from us. We offer advances up to 1 crore.
- Secondly, we don’t take any security of any sorts and there are no concealed conditions.
- Thirdly, we help you in figurings of EMI, Interest Rates, and so on and we have streamlined technique for this and will disclose it plainly to you.
- If you are applying for business advance in Punjab, at that point we offer quick advances and right away. You can apply for straightforward documentation with no administrative work and even apply on the web and if everything is right this gets affirmed in 2 business days.
- We serve in numerous urban communities and states in India.
FlexiLoans accompany basic strategies and without any securities and no desk work we give the best sum as loan.
Pondering what next? Apply For A Business Loan
It would be ideal if you approach us for any sort of advances by clicking the link given below.