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Business Loan in Tamil Nadu

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Tamil Nadu (TN) holds the first 5 places in the different industry making India move up the business ladder across the globe. Yes, we are not talking about this without data. Let us look at some to give you a glimpse of business opportunity available in TN. In India, the maximum number of factories is found in TN (37331 units). TN alone has 55 Special Economic Zones (SEZ) in India which is the largest and stands 4th in India’s overall export business.  In agriculture, TN comes 4th in line in producing rice next to Punjab, Uttar Pradesh, and West Bengal.

Largest egg producer pride goes to TN with Namakkal district only contributing 65% to the same. Sivakasi, the cracker city in TN is the largest hub that manufactures firecrackers making India hold 2nd place worldwide. Coimbatore city also called a Pump City of Asia contains 700 wet grinder manufacturing units. Chennai in TN makes 3 cars per minute. With this data do you see a dearth to business opportunity in TN?

What Will One Benefit By Taking A Business Loan In Tamil Nadu

  • Business Climate – With so many cities in TN offering several business opportunities it is wise to avail the business loan in Tamil Nadu as it is the state that has entrepreneur friendly and encouraging business environment.
  • Arrest Unemployment – The literacy rate in TN is 80%. Not all educated folks find a job. It is good to invest a small amount and start a business instead of waiting for a job or traveling abroad to work.
  • Several Schemes – TN government announces many loan schemes and that creates a healthy competition among banks and private loan providers. Hence it allows individual to choose the interest rates and expand the business.
  • Numerous Opportunity – TN is not known for one business but 10. Yes, agriculture, electronics, textile, automobile, transport, IT, education, food processing, leather, and paper. It is easy to choose one and try with less investment. If that clicks, one can grow the business and in parallel try another arena.

Who can get a business loan in Tamil Nadu

Every individual who has an entrepreneur dream can apply for a loan. Even self-employed and the proprietary firm can take a loan to start and expand their business. A limited company, partnership firm and others also can approach for a loan. There are many criteria to approve a loan that varies from bank to bank. However, few basic eligibility criteria remain the same across loan lending firms. They are as listed below.

  • Age  – The age limit is between 21 and 65. Which means the person applying for a loan must have completed 21 years and should not be over the age of 65.
  • Income – Tax submission document must be submitted and the business must have shown a profit for minimum of 1 year.
  • Business Turnover – Monthly returns must be minimum of 2 Lakhs.

Co-applicants – Business loan in Tamil Nadu does not demand this clause and it is optional.

Required Documents for Business Loan in Tamil Nadu

Being eligible alone will not help get a loan and one must produce necessary documents to get the loan approved from the financial institutions.

1. Documents Required                  
Personal KYC
– PAN Card

2. Residential Address Proof (Any One)

  • Rent Agreement
  • Driving License
  • Voter ID
  • Ration Card
  • Passport

3. Last 6 months Current Account Bank Statement in Net Banking PDF format

4. Business KYC (Any One)

– GST Registration Certificate
– Shops and Establishment Certificate

Interest Rates And Charges For Business Loans In Tamil Nadu

We consider the following to calculate the interest rate for (Micro, Small & Medium Enterprises) MSME and (Small or Medium Enterprise) SME business. Stay assured that we are very much flexible when compared to any other financial institution in India.

  • Credit Information Bureau India Limited (CIBIL) score

  • Net worth

  • Business Profitability

  • Cash flow

  • Working capital

  • Inventory ratios

  • Loan duration

 

In general, remember if your loan duration is long, and then you can enjoy low Equated Monthly Installment (EMI). But a volatile business owner must be willing to pay high EMI.

Nature And Charges On Business Loans in Tamil Nadu

There are other charges we discuss with our clients at the time of processing loan which includes

  • Commitment charges
  • Foreclosure charges
  • Down payment charges

All these vary from case to case and hence we would like to discuss one on one and not listing down any general amount here.

Why FlexiLoans for Business Loan in Tamil Nadu

When there are several bankers, and financial organization to offer a loan, you may wonder why to take help from FlexiLoans. Let us list down the features of our loan process to make you feel comfortable to reach us.

  • We offer loan in all cities across India using our new product solutions. More than 100 cities are currently getting benefited from our services.
  • The moment you want to apply for a loan, you start worrying about documentation. No worries, we do everything online and no paperwork. Click on the link to apply and fill the form with your basic details. Upload all e-documents and wait not more than 48 hours to know the loan status.
  • The second worry you have is about collaterals. Again we don’t trouble you; yes we offer collateral-free loans. Surprised to know? Don’t be and we offer a 100% loan without any hidden conditions
  • Our transparent process lets you apply and avail the loan. No secret charges or fees. Simple forms and easy online navigation. We discuss case to case and approve the loan. There is no rosy picture shown to attract customers.
  • The upper limit of availing loan is Rs. 1 Crore. Yes, wait for nothing and let us know your business plan, upload documents and start your business.

We at FlexiLoans aim to offer the lender with the secured way of availing loan and that is our motto. We support you and your business by letting them grow and make your vision become visible to all.

How To Apply For A Business Loan From Tamil Nadu

We welcome all business owners and companies to click here and apply to get a loan without any delay.

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