Business Loan in Salem

Business Loan in Salem

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Business loan in Salem

Originally Tamil Nadu was split into 13 districts and Salem was one among them and it is the 5th largest city in TN. With a land area of 5205 Km2 there are numerous business opportunities in Salem District. It is also called a city of mango and steel. Starting your own business in Salem is a good idea because Salem is located near mountains and hence contains a large amount of magnetite, bauxite deposits and other minerals. Also, clothing business will flourish as it is located near Coimbatore which is called Manchester of South India.

Starting a food business is a good idea as it produces 25-30 tonnes per hectare of tapioca which is used in the production of Sago food. Across the world, Salem is the #1 producer of tapioca and called as land of Sago. It is certainly motivating to know that one can start a business related to food, clothing, and steel in Salem and there are great prospects. Apply for a new business loan in Salem to make your industrialist vision come true.

Benefits of availing the business loan in Salem

Small scale and large scale business opportunity – From the data presented about Salem district in TN, one can understand that there is scope for different business opportunity. Whether you dream to start a small business like stating a food store or clothing boutiques, or you want to give a tough fight with giant steelmakers in Salem? In both cases feel glad that you can avail the unsecured business loan in Salem up to INR one crore.

Seasonal Business – With plenty of Mangoes growing in Salem it is easy to opt for a seasonal business and make money by exporting mango.

Sago Food Chain – Multiple chains of outlets in the food business is a trending idea. It is not only limited to the international brand like Mc Donald’s and Pizza Huts but one can think about initiating business with Sago in Salem. Thattu vadai set is a popular dish in Salem. Tap the abundance of Tapioca availability and invest in this food outlet business.

SSI – Small scale industries are always well received by TN government and hence one can always think about starting a small business with minimum investment. Additional to the loan given by the government it is good to apply for a loan from best providers and expand the business.

Who is eligible to apply for a business loan in Salem

Individuals who are well educated or have some basic knowledge about business but lack fund can apply for a loan. Also, a group of people with a business plan can approach for a loan. One can take a loan to start a new business or expand their existing business with additional unit etc. In short, anyone can apply for a loan. But, this anyone must fall into the following category to become eligible legally.

  • Adults – Only adult after age 21 can apply for the loan and they cannot exceed age 65. This is a condition to make sure that they can take responsibility for loan repayment. Only matured and the stable individual can apply for a loan.
  • Clean Tax History – People with clean tax papers will get a loan quickly. At least last one-year tax paper must be presented.  
  • Business Earning – The proposed business earning must not be less than two lakhs annually.

Documents to be submitted for Business Loan in Salem

Every financial institution asks for several documents before approving the loan. These documents may be limited to identification and address proof. Sometimes it may be expanded in submitting collaterals. However, there are few basic mandates without which the banks are not allowed to offer a loan. The details of such documents are listed below.

  • Age Proof – PAN card, voter ID, driver’s license, passport, aadhar card will contain the date of birth and hence one of the documents must be presented.
  • Identification Proof – Ration card (if the head of the family), PAN card, voter ID, driver’s license, passport, aadhar card will contain the photo and can be used as photo ID proof.
  • Residence Proof – Except PAN card other document mention above contain the address and they can be presented for address proof. Even a gas connection book or a bank passbook can be used for address proof.
  • Recent Photo – The latest passport size photo of the applicant.
  • Income Tax Statement – Last 2 years P/L and ITR statement is required
  • Bank Account – Bank passbook or 6 months data sheet must be presented
  • Any other loan was taken or liability in any kind must be notified
  • Cash flow statement, Memorandum of association (MoA), power of attorney (PoA), etc. are some of the optional documents required to be submitted based on the lending institute policy.

Charges and Interest Rates for Business loan in Salem

Per TN state government policy following criteria must be considered to calculate the interest rate for MSME – Micro, Small & Medium Enterprises and SME – Small or Medium Enterprise business. You can reach us directly to understand our rates with clarity.

  • Operational cost
  • Business net worth
  • The time period of the loan
  • Stock ratios
  • Credit Information Bureau India Limited (CIBIL) score
  • Flow of currency
  • Trade productivity and profit

However, EMI – Equated Monthly Installment to be paid for any loan depends primarily on the loan amount and the tenure. Longer the tenure, smaller is the EMI per month. Higher the loan amount, higher the EMI.

Business Loan in Salem Nature and Rates

Client to client depending on the business plan we discuss other rates at the time of providing a loan.

  • Promissory charges
  • Repossess charges
  • First installment charges

Is FlexiLoan the Right Place to Avail Loan in Salem ? Yes, Why?

There are always several thoughts pondering in people’s mind looking for a loan. They worry about whom to choose for a loan, how to understand the terms, and is it possible to repay etc. We address all your concerns and assure you a hassle-free loan processing method. Find below some of our loan features.

  • We serve more than one hundred cities in India. Currently, we focus on Tamilnadu and chose Salem to be our most favorite city as there is a lot of business opportunity.
  • Now, we assured you about providing a loan in your location. Next concern for you is documentation. Again we promise you not bother too much as we go paperless. You can apply online in just one click. Create login, upload documents, and submit to get approved within 2 business days.
  • Another concern is about the guarantee. We don’t ask for any security and hence feel glad.
  • It’s time to discuss interest rates and calculations. Yes, EMI calculation is time-consuming but we make it simple for you and explain clearly.
  • After crossing all the stages you want to know how much loan amount you will be eligible for applying. We provide up to one crore.

Thus, at FlexiLoans, we provide good rates, no paperwork, and best amount without any collateral.

What next? Apply. How?

Don’t wait and submit an application for a loan to start or expand your business. Get your documents scanned online and Click here to apply for Business loan in Salem.