Known as the ‘Detroit’ of India, Chennai is the biggest automobile sector in our country. It is the largest industrial and commercial centre of South India. Chennai paves way for not only automobile but also software, medical tourism hardware manufacturing and financial services. Being a port Chennai has always been a major business city contributing largely to exports and imports. Now with the growing awareness of the beautiful coastline, Chennai and nearby cities have also started with water sports activities and adventure tourism. Numerous software development sectors and business processing organizations have evolved in Chennai brining more and more growth to the economic centre of this city.
Owing to this growing industry of tourism and medical tourism(?) the SME sector has boosted in this city. Chennai has always been a business friendly city specially supporting the MSME and SME sector with potential growth for small new ideas. With a combination of FDI, GST and artificial intelligence the city will see a significant growth in retail, IT, automobile and tourism.
Having a vast coastline might actually prove to be very beneficial even if one does not realize it. With import and export industry rising and norms easing, funding an SME venture will provide great growth potential.
It is one thing to do good business, but it is another ball game when you are surrounded by like-minded entrepreneurs and lenders who believe in your business and have similar visions for expansion.
Now-a-day’s loans are available without a guarantee or collateral. This makes it convenient and easy for small businesses to take the advantage of a loan without worrying too much. With digital lending in the space taking up a business loan is now quite easy to avail.
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 loan will look into many criteria prior to sanctioning it. Few important ones are:
Here is the basic documentation required for getting a Business Loan:
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.
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 100 cities all over India with innovative product solutions for our customers.
Flexiloans aims to provide you with the easiest way of securing a loan and that is our number one priority. We want you and your business to grow to the vision you have seen for it.
If you are a business owner or a company, please do click here to apply today