Business Loans in Bangalore

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The ‘Silicon Valley of India.’ Does this city need another introduction? The establishment of IT parks and its success paved the path for an emerging city. Known for its highest employment in the IT sector, this city provides promising results to entrepreneurs with the vision and the aim to become big. One of the biggest metropolitan cities in our country, Bangalore is an entry point in Technology, FinTech, Real Estate and of course the growing demands of the food industry. Companies like Flipkart and Ola Cabs have started their business from this homely city, hence proving to be a start up friendly city. The Kormangalam neighbourhood has one of the highest densities of start-ups in the world, second only to Silicon Valley, California.

Every aspect of this city ticks off the boxes to start your venture or continue to grow it. The weather is permissible to do business with non extreme climate; English is a highly spoken language, utmost support for new ventures and a good lifestyle. The SME sector in Bangalore is vivid and vibrant with promising results to the entrepreneurs. Younger and smaller firms which are “entrepreneurial” in nature and which are innovative contributed to higher sales growth of SMEs compared to older and larger firms which are “salary-substitute firms” in nature and which are not innovative. All the factors add up to why borrowing a loan from Bangalore might just be a breakthrough for your business.

Benefits of taking up a loan in Bangalore

  • Immense growth

A city in support of new ventures and start-ups this city will make sure your efforts are put to good use and provide a strong backbone to your budding business.

  • Quick Availability

With an already growing business environment, lenders are supportive and provide loans to efficient and growing businesses without much hassle.

  • Efficient and Swift

Along with the increasing demand in loan requirement, the supply of SME loans has also increased making the loan process swift and efficient without any lags in between, thus increasing the effectiveness of the business.

Eligibility criteria for business loans in Bangalore

A business loan can be provided to an individual, a partnership, limited liability partnership, proprietary firm, self-employed. To be eligible for a business loan there are a lot of factors that are considered. Every bank that offers a loan will look into many criteria prior to sanctioning it. Few important ones are:

  • Age Limit: The applicant should be minimum 21 years & maximum of 65 years.

  • Turnover: Rs. 200,000 per month should be your minimum sales.

  • Your business should be at least one year old.

Documents required for business loans in Bangalore

Here is the basic documentation required for getting a Business Loan:

  1. Documents Required                  
  • Personal KYC – PAN Card
  1. Residential Address Proof (Any One)
  • Rent Agreement
  • Driving License
  • Voter ID
  • Ration Card
  • Passport
  1. Last 6 months Current Account Bank Statement in Net Banking PDF format
  1. Business KYC (Any One)
  • GST Registration Certificate
  • Shops and Establishment Certificate

Interest Rates and charges for business loans in Bangalore

Interest rates for an SME or MSME business are calculated on various aspects and tangents taking in criteria the CIBIL score, net worth, profitability of the business, cash flows, working capital, and inventory ratios and the tenure of the loan. Usually, a longer dated loan would have a lower EMI while a risky business would have a higher EMI. 

Why apply for business loans at FlexiLoans?

Here at FlexiLoans, it is now extremely convenient to apply for business loans with a full hassle-free process. We provide loans in more than 1000 cities all over India with innovative product solutions for our customers.

  • It is a completely paperless process. Just fill the form, upload your documents and get approved.
  • We provide collateral-free loans i.e.100% unsecured loans, making the process less cumbersome for you.
  • We have no hidden fees and charges and are completely transparent; securing your trust is what is important to us.
  • We grant loans with a lending capacity up to Rs. 1 Crore.

FlexiLoans aims to provide you with the easiest way of securing a loan and that is our number one priority. 

How to apply for a business loan from Bangalore

If you are a business owner or a company, please do click here to apply today