Business Loan in Siwan

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Siwan city is in the Bihar state in India. The population of Siwan city is approximately 3.3 million. The city is known for its handlooms and textiles. The name of the city is eponymous. It is named after the famous rulers called Shiva-Man; these rulers ruled the city until the Babars arrived in the city. The state of Uttar Pradesh is bordering this city. The people of Siwan speak 3 languages and they are Hindi, Bhojpuri, and English.

The literacy rate in this city is highest in the state of Bihar which is 72% higher than the literacy rate in the state of Bihar that is 63.8%. Therefore this city is much economically ahead than the other cities in Bihar.

Top 9 Growing Business in Siwan

The city of Siwan is known for its small scale units and medium scale units and dominated by microscale units and artisan-based industries.

  1. The micro economical industrial sectors are based on the leather and leather-based products, wood and wooden based furniture and paper-based industry.
  2. There are 4 major industries operating out of the city of Siwan and out of which 2 are cement units. When compared to other cities in the state of Bihar the artisan based industry dominates the city of Siwan.
  3. Towel, Bed sheets, lungi, mosquito nets, sarees, and shawls are some of the flourishing handloom business in the city of Siwan.
  4. The local government in the state of Bihar is making every effort to improve the economy through industrial development in this region. One of the plan to improve the economy in this city is to develop the local agro-based cottage industry and to improve the production industry.
  5. Due to large cattle production in this city, the government is increasing the production of milk and milk-based products.
  6. Some of the flourishing retail businesses in the city of Siwan are based out of consumables and food and they are split into food stalls, restaurants, tea shops, hotels, grocery shops, hardware shops, pharmacy, computer centers, and internet.
  7. As agriculture is the major economy of the city of Siwan. The agriculture produce is sold in large quantity to nearby cities and states.
  8. The construction sector is growing as the lots of NRI are investing back in the city.
  9. The future economic development in the city is supported by colleges, schools, health care, banks, telecommunication, and rail.

A business loan can be provided to whom

Business loans are available to any persons who are willing to start a business and do not have the required capital. There are important mandatory requirements made by the Indian government to go for business loans. Only after the submission of the satisfactory requirements that the loans will be approved.

  1. One must be at least 21 years of age and below 65 years of age to satisfy for the loan approval.
  2. And at least must have filed tax once in last 1 year.
  3. The business must be good enough to generate a profit of minimum of 2 Lac in the first year.

Documents required to apply for a business loan in Siwan

After the requirements and qualifying criteria is in place you need to provide some mandatory documents. These documents are made mandatory by the Indian government. These documents provide your eligibility to the financing agency. They are listed below.

  1. ID – Some of the documents which provide the photo id are Driving License, Voter ID, aadhar card and passport, etc so you need to have and provide one of these.
  2. Address – Some of the above-mentioned documents may contain address you can use the same for providing the address proof. Apart from that, you can also provide documents such as telephone bill, LPG receipt, and electricity receipt, etc.
  3. Age – Documents such as Driving License, Passport, and aadhar card can be provided for age proof as they contain age written in them.

Note: You can provide a unique document in each of the 3 sections above.  

  1. PAN – the requester must submit the most important PAN card which was given by the government of India with regard to getting a business loan. It can be companies or individuals.
  2. Finance Documents – You need to have Savings Bank account or Current account and produce 6 months of transactions entries in passbook or statement provided by the bank or copy of online statement printed copy.

Fees and rates of interest

The business loans are given for certain charges and interest rates and can vary depending on the conditions provided below. The business loans are provided fora certain duration and with interest and other charges, you need to pay the amount on a monthly basis and this is called Early monthly installments or EMI. The interest rates are calculated with various conditions and vary on a case to case basis; you need to provide the following information for calculating the charges and interest rates.

  • Cash flow
  • CIBIL score
  • Duration for which the loan is requested for
  • Business assets
  • The cost required for starting the operation and running the show
  • Productivity
  • Equity quotas
  • Profit

The fee to pay according to the nature of the business loan

The nature of the business is important and determines the actual charges for business loans. The following criteria are important such as commissions, first installment payment sum, commitment time foreclosure rates, etc determines the charges to be levied by the lending agency.

Facilities of FlexiLoans business loan

We want to tell you the advantages of talking loans at FlexiLoans. Our best features are highlighted and described below. We address all the queries and clarify the confusions you have for taking business loans for business in Siwan city.

  • Credit Sum

We offer maximum loans of 10 million for all the small scale and medium scale units. The business loans are arranged even for high-risk business and with high investments and good returns.

  • Duration

We contact you within 48 hours. You can complete all the formalities and with proper papers, we sanction business loans within 48 hours. All the details are discussed with you. We will explain the EMI calculation and what you need to pay monthly on a regular basis until the end of the duration.

  • City in India

We operate in 100 cities in India and you can even start a business anywhere in India. We will assist you from the nearest location if our branch is not located in that city. You can also access our website and do the business anywhere in India.

  • Procedure and forms

We have an online website and you can upload all the documents through our website, the process is very simple and even paperless. No need to make any paper copies of your documents.

  • Guarantee

You need not give any guarantee and you can start your business without providing any security.

You can be sure that we are very honest and we do not ask any fee. You give us the correct details about you and correct documents, we will give you a loan with the details and we’ll make you feel happy for growing as a good businessman.   

How can you apply for a loan with FlexiLoans

Now, that you read through the following facilities, come on let’s see how to apply for a loan with FlexiLoans.

  • Hit the below link
  • Fill up the provided application
  • Exchange your credentials
  • Hit the submit button

The status and rates of your loan will be replied by us.