Business Loan in Visakhapatnam (Vizag)
The financial capital of Andhra Pradesh, Visakhapatnam is also called a Vizag. This city is ranked number ONE in the state for its population and stands number 14 in India. India’s by and the large gross domestic product is majorly contributed by this city among the top 10. This being the natural harbor in India (east coast), seafood export business tops all the other ports.
One of the top 100 rapidly growing city in the world, Vizag offers numerous business opportunities. The GDP is USD 43.5 billion and is the 9th richest city in India. The city also called the City Of Destiny and has the first naval base in India. Andhra University is the oldest university in India and from 2015 IIM has started its branch. This adds more value to the city by producing educated youngsters for the development of the country.
Profitable business in Visakhapatnam
If you want to apply for a business loan in Visakhapatnam, but not sure on which business will make you rich. Then find below some suggestions. Talk to us in person and we will give you guidance and finance.
- Seafood Export – Start this export business and you can mint money. Seafood is naturally available in Vizag and the harbor will allow you to do export effortlessly.
- IT Sector – If you want to start an IT business, then you can because of the several educational institutes in Vizag produces many graduates year on year. There is no dearth to talents and start your IT business.
- Pharma Business – You can become an innovator or manufacturer of medical equipment. Yes, AP Medtech Zone Limited provides the testing and manufacturing facility for innovators.
- Ferroalloy Plant – Abundance of manganese ore near Vizag offers an opportunity to start ferroalloy plant.
We provide you loan up to 1 crore to start a business in Vizag and contact us to kick start today.
Who can apply for a business loan in Visakhapatnam
People with or without education background but have some thirst start a business and have some idea is eligible to seek a loan. In addition, a community with some business plan can apply for a loan. You can take out a loan to begin a business or grow your existing business including an additional unit and so on. In summary, anyone with basic want to make money can reach out for a loan. However, the qualifying age and financial details of this person is as mentioned below.
- Any person is considered a child below age 18 years and cannot seek any loan. Also, above 21 years it is right to apply for a loan. But make sure you are under 65 as that is the upper limit. This is because the person applying for a loan must be matured enough but not too old as they need to repay loan per the tenure agreed at the time of getting the loan.
- Individuals must have a PAN card and submitted tax for a minimum of 2 years. Some cases are considered with one-year tax submission.
- The planned business must produce a commercial profit of not less than two lacs per year. A business plan must be prepared and presented.
Documents for verification to apply for a business loan in Visakhapatnam
Each financial institution requests multiple documents before approving the loan. These documents may be limited to identification and proof of address. Sometimes it can be extended when submitting warranties. However, there are only a few a basic mandate without which loan is not approved. Find below the details of such documents.
- Age Proof – Anyone ID issued by the government that has the correct date of birth including the PAN card, voter ID, Aadhar card, driver’s license, passport, SSLC mark sheet etc.
- Photo ID Proof – PAN card, voter ID, driver’s license, passport, Aadhar card that contains the photo and can be used as a proof of identity.
- Proof of residence – With the exception of the PAN card, another document mentioned above contains the address and can be presented as a proof of address. Even a gas connection or a bank book can be used for the address verification.
- Photo – the recent passport photo of the applicant.
- Income Tax Return – The declaration of profit/loss and ITR for the past 2 years is required
- Bank account statement
- Any other loan has been contracted or liability in any kind to be reported
- Cash Flow Statement, Memorandum of Understanding, Power of attorney, etc are some of the optional documents that must be submitted in accordance with the guidelines of the credit institution.
Fees and interest rates for Business Loan in Visakhapatnam
According to AP State’s government policy, the following criteria should be taken into account when calculating the interest rate of micro, small and medium-sized enterprises and SMEs. You can contact us directly to understand our rates.
- Operating cost
- Company assets
- Loan term
- Equity ratio
- Credit Information Bureau India Limited (CIBIL)
- Currency flow
- Productivity and commercial profit.
EMI: However, the monthly compensation for a loan depends mainly on the amount of the loan and the duration of the contract. The longer the duration, the lower the EMI, but the higher the loan amount, the higher is the EMI.
Corporate Credit Nature and Cost
From customer to customer, we analyze other lending charges according to the business plan.
- Promissory prices
- Collection costs
- Fee for the first payment.
Is Flexiloan the right place to get a business loan in Visakhapatnam?
Those who seek a loan always have many thoughts. They are worried about which financial institution is the best for a loan, how they can understand the terms and how to pay interest, and so on. We cater to all your concerns and ensure trouble-free lending. Below are some of our loan features.
- We serve over one hundred cities in India across all the states.
- Now we assure you that you are lending money from home at one click. The next concern for you is the documentation. We promise once again that you do not have to worry too much because there is no need to run with any documents. You can apply online with one click. Connect, and submit documents for approval within 2 business days.
- Another problem is the warranty. Feel glad, that we do not demand security in any kind from you.
- Time to discuss the tariffs. You can use our EMI calculator and understand the EMI amounts very easily. No confusions and hidden clause anymore.
- Think of business with one crore investment we will provide you with the money.
So you got an easy process, no paperwork, and huge amount as loan. Don’t wait and call us today for obtaining a business loan in Visakhapatnam.
How to apply for Business Loan in Visakhapatnam?
Click here and apply for a Business Loan at FlexiLoans.