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Business Loan in Sambalpur

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Sambalpur is situated in the western part of Odisha in India and is known for its Sambalpuri Saree. In the age-old days, the Sambalpur was an important center for diamond trade. The Tendu leaf which is called green gold and Kendu leaf (Diospyros melanoxylon) are available in plenty and grown in Sambalpur. In current days world, Sambalpur is known for its steel, alumina, and power and slowly and steadily the Sambalpur has developed into an industrialized district. The textile form Baandha with bounded patterns and fabrics is very famous and is manufactured here. Also Sambalpuri textile a kind of handloom work is also famous here which is known for its unique design, pattern, and texture. Sambalpur is also known for its rich tribal heritage and great forestlands. The literacy rate in India after Kerala is very high in Sambalpur and is 76.91%.

Business Opportunity in Sambalpur

  1. Handicrafts and Handlooms

Sambalpur is world famous for its handicrafts and handlooms. The government of Odisha is supporting the handlooms and handicrafts business, especially in Sambalpur. All kinds of support are provided by the government such as marketing, raw material, financial support and quality up gradation of the facilities in various ways. This provides large scale employment in the rural areas of Sambalpur. Apart from above support from the government, the government of Odisha is providing strong incentives, for the large employment in rural areas provided by the Khadi and Village industries sector of Sambalpur.

  1. Trade

Sambalpur is actually known for the trade industry. Forest is an important part of the economy and produces domestic product and revenue and to the state of Odisha. Trading Business is very rich and anyone can think of starting a trading business here. Bidi-making and Kendu Leaf also called as East Indian Ebony (Diospyros melanoxylon) or Coromandel Ebony are produced by the local support here in Sambalpur in large quantities and exported to many countries in the world.

  1. Manufacturing Units

In the neighboring district of Sundargarh, the world famous PSU the Rourkela Steel Plant is located and contributes to the growth of Medium and Small Scale units in Sambalpur. There is still large scale growth of Medium and Small Scale units here in Sambalpur. Government of Odisha is encouraging with various incentives to start a large scale manufacturing units in Sambalpur, some of them have already started and few are in pipeline. The other downstream and ancillary units can be set up in the vicinity such as cotton waste, welding cables, and GI pipe fittings units, etc.

Standards per Indian constitution to apply for a loan

For a long time, business enthusiasts have experienced a shortage of funds and money problems. If this is your case too, we would like to extend support to you. After graduating, many of the youths embark on an entrepreneurial spirit to contribute to the economy of the country. We encourage such minds and offer them funding.

We facilitate these entrepreneurs with a business loan for various commercial projects such as exporting, wholesaling or a retail outlet, etc. We focus essentially to fund young entrepreneurs who are talented as well made a business plan. However, according to the constitution of India, we follow some of the eligibility criteria for loan applicants as given below.

  1. Age: Anyone who has reached 21 years but not over 65 years can avail a business loan.
  2. Income Tax papers – Appropriate documentation should be there. The individual seeking loan must complete the documentation of his tax return at least the previous year.
  3. Expected profit in the near future: It must not be less than two lakhs annually.

Required documents

For verifying the application form and approve loan rapidly, the applicant must attach the following documents while filling the online form:

  1. Proof of Identity: The requestor should attach one of the below-mentioned documents that contain the applicant’s photo. This can be voter identification proof, a driver’s license, an Adhaar card or a passport, etc.
  2. Proof of residence: The aspirant should submit a document to confirm the residence address. The applicant should attach one document from the list including the voter’s card, driver’s license or Aadhar card, the registration document of the house, the bank passbook or bills like phone, EB, cylinder, etc.
  3. PAN card: The aspirant should provide his or the company PAN card.
  4. Bank statement: You must provide the statement of bank transactions made during the last six months to confirm financial stability.
  5. Income tax return: Tax returns and declaration documents should be filed validly in the last 2 years.
  6. Photographs: Recent photograph should be attached.
  7. The applicant must report in detail about the other loans taken which is due to be repaid.
  8. Other required financial statements may include Power of Attorney, MoA, etc.

Interest rates and fees received

Per the Indian government policy, the following criteria should be taken into account when calculating the interest rate for SME, or MSME business. In case of possible confusion regarding fees and interest rates, you can contact us directly.

  • Business benefits and productivity.
  • Company assets
  • Cost for operating the business
  • Credit Information Bureau India Limited (CIBIL)
  • Currency flows
  • Duration of the loan
  • Equity quotas

EMI: The amount of the monthly fee depends to a large extent on the total sum borrowed and the loan duration as well vary depending on the agreement. The shorter the duration, the higher the EMI, the higher the sum borrowed, the higher the amount of the monthly payments.

Type of commercial loan and related expenses.

Under normal circumstances, some other interest rates, which are essential for the giving out and payment of the loan, should be discussed before approving the loan. These prices may include:

  • Foreclosure rate
  • First payment
  • Commitment and commissions.

However, these fees may vary depending on the business type and loan duration and only require a chat with the requestors who have attached the relevant documents along with the online application.

Why FlexiLoans

Getting a loan for you is an extremely confusing process that requires a lot of research. When planning a loan, several questions arise. There are many elements that should be considered, including the lenders, their terms, the duration of the loan agreement, etc. Therefore, we would like to extend support. We would love to answer all your questions and make the loan process smooth.

Our features highlighted below

  1. How much credit do we offer? 10 million is the maximum sum we pay a loan
  2. What happens with credit security? No demand for any guarantee.
  3. What happens with the EMI calculation and the interest rates? This must be the most difficult one to understand by most of you. However, we facilitate the solution of this difficult task and calculate EMI on your behalf and explain very clearly.
  4. How long does the loan approval take? It will not be long and just will take 48 hours to process and approve.
  5. No paperwork? Yes, we do not ask for papers and waste your time. You can make use of our loan process just in one click. Upload documents today and get approved in 2 business days.
  6. Where do we offer services? Hundred and more cities in India

We have simplified the process and opt for the paperless business loan process. We offer the best rates with limited charges.

Now,

Just don’t wait and we constantly encourage all owners of large and small businesses to apply for credit and make their entrepreneur dream come true.


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