Popularly known as the ‘city of joy’, Kolkata the capital of West Bengal known for its rich British era history, is one of the top 5 metropolitan cities in the country. With a river passing through the city and a vast coast line, businesses have flourished in this city since the beginning. Known for its fine craftsmanship in the sectors of jewelry and textile, retail industry is booming in this city. Being the commercial and financial hub of East India, this city provides a home and a living for many coming from Far East India, boosting economy and business.
Due to a vast coastline, this city has always engaged in export of goods. The export of leather, leather products, handicrafts and textile and food products are a major contribution to the economy from the SME segment. With support of the government and a good business environment, this city is a great place to take up a loan and continue flourishing your business.
With great export opportunities and the impact of globalization seen in the world, taking up a loan to increase your exports is a great start to expanding your business Pan India and overseas.
As it is a growing city, lenders are supportive and provide loans to efficient and growing businesses without much hassle.
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.
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:
1. Documents Required
– PAN Card
2. Residential Address Proof (Any One)
– Rent Agreement
– Driving License
– Voter ID
– Ration Card
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 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. We provide loans in 1000 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.