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Business Loan in Mumbai
Loans help businesses access funds to buy new equipment, hire new staff and enter new markets. They also help businesses manage cash flow and cover short-term expenses, such as payroll or inventory.
Loans are essential for small businesses and startups that might not have access to large amounts of capital. These businesses often rely on loans to establish themselves in highly competitive markets.
Businesses have been thriving for decades in an established financial city like Mumbai. From a business tycoon to a small-scale industry worker, the city provides endless opportunities. But at the same time, the plethora of options in terms of financial borrowing can be a daunting experience for new entrepreneurs or small to medium-sized businesses.
FlexiLoans provides business loans in Mumbai to small and medium-sized businesses in various forms like term loans and overdraft credit. We have a vision of "Loans At A Click".
Benefits Of A Business Loan In Mumbai
Here's what to keep in mind, if you're still unsure about acquiring a business loan in Mumbai.
1. Term loans help with growth and expansion initiatives
A business has a chance to make more money and serve more customers when it grows and expands. But the competition is high in Mumbai. This is why a business must grasp every opportunity before its rivals.
A long-term financing option, like FlexiLoans' term loans, is a reliable financing option to solve this problem. You can repay these loans in EMIs over 2 to 5 years.
2. Meet your working capital needs with credit lines
Your business needs to maintain a healthy working capital to operate efficiently. If not, you run the risk of losing the customers you’ve built a relationship with over the years.
FlexiLoans' line of credit is an effective working capital loan. A line of credit gives your business access to a regular supply of pre-approved credit and lets you focus on building your business.
3. Loans can help lower the cost
Someone investing in your business takes on more risk than someone lending you money. Which means they can demand a high percentage of profits.
On the other hand, the interest payments on business loans do not increase with increases in profits. So, it is a good idea for your business to meet its financing needs using both equity and business loans.
4. Loan repayments are adjustable
Repaying a business loan in Mumbai is a simple process. Loan repayments are adjustable. If you choose to repay through EMIs, you can lower your EMIs by opting for a longer tenure.
You can calculate the EMIs on your business loans using the following formula:
EMI = P x r x (1+r)n/(1+r)n-1
Where,
P = Loan amount
n = Number of months in loan tenure
r = Interest rate per month
Looking For A Business Loan In Mumbai?
FlexiLoans understands what you are looking for as a customer. We value your time, and therefore, we ensure that we approve your loan as soon as possible, provided you meet our eligibility criteria.
We are spread over 1000 cities in India, and we have created some of the best and most innovative product solutions for you. Wondering why choose us? Here is why:
We make it easier for you! We offer a completely paperless documentation process. All you have to do is fill out your form and submit your documents, and within 48 hours we will approve your loan.
We can provide you with unsecured business loans. Meaning, you do not need to put up any security to get a business loan.
There is no hidden fee or extra charge that you have to pay with us. Our loan procedure is transparent.
Worried about how to get a business loan in Mumbai? Just fill up your form here.
FlexiLoans’ Eligibility Criteria
You will need to meet some basic requirements to secure a business loan in Mumbai.
You must be between 21 and 65 years of age.
Your business must be at least one year old and have an annual revenue of at least ₹10 lakhs (for existing enterprises).
The minimum CIBIL score required is 650.
Only Indian citizens who have not defaulted on any previous loans can apply.
The applicant must have a business experience of at least 2 years in the same location and own a shop, home, office, or godown.
Basic Documents Needed For a Business Loan in Mumbai
Here is a list of documents you will need to apply for a business loan in Mumbai.
PAN card.
Rent agreement / driving license /voter’s ID/ration card/passport, or Aadhar card as your residential address proof.
Bank statements of your current account for the last 6 months.
GST registration certificate/shops & establishment certificate/business PAN card for the business KYC process.
Frequently asked questions
- What are the purposes for which I can get a business loan in Mumbai via FlexiLoans?
- Why should I avail business loan in Mumbai via FlexiLoans?
- What documents are required to apply for a business loan in Mumbai?
- What is the business loan interest rate in Mumbai?
- Do I need collateral to apply for the business loan in Mumbai?
- The maximum amount of business loan that I can get in Mumbai?
- Who is eligible for a business loan in Mumbai?
- How can I apply for a loan for a small business in Mumbai?
- Does FlexiLoans offer any special loans to women?
What are the purposes for which I can get a business loan in Mumbai via FlexiLoans?
FlexiLoans is here to provide you financial access for your business funding needs in Mumbai. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the business loan. You may get business loans via FlexiLoans for:- Expanding your business
- Servicing regular working capital needs
- Managing seasonal working capital requirements
- Manage short term cash flow gaps
Why should I avail business loan in Mumbai via FlexiLoans?
Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business in Mumbai.What documents are required to apply for a business loan in Mumbai?
KYC document
- - Pan card
Proof of residential address (any one)
- - Rent Agreement
- - Driving License
- - Voter's ID
- - Ration Card
- - Passport
Banking
- - Last 6 months of bank statement of current account
Business KYC (any one)
- - GST Registration Certificate
- - Shop Establishment Certificate
Financial documents (For loans greater than 20 Lakhs)
- - 2 years Audited financials
- - Last 2yrs ITR
- - GST Returns of 6 months
What is the business loan interest rate in Mumbai?
The interest rate on a business loan in Mumbai or any other city depends on the volume and term of the loan. Generally, either a fixed interest rate or a diminishing interest rate applies to business loans.Do I need collateral to apply for the business loan in Mumbai?
You can get a business loan without collateral in Mumbai at FlexiLoans. Just click on the link here and apply for the business loan.The maximum amount of business loan that I can get in Mumbai?
You can get an unsecured business loan in Mumbai up to ₹1 crore.Who is eligible for a business loan in Mumbai?
You have to be over the age of 21 to get a business loan in Mumbai from FlexiLoans. The other eligibility criteria include having a CIBIL score of at least 650, a minimum annual turnover of ₹10 lakhs and a business vintage of at least one year. Visit our page on business loan eligibility to know more.How can I apply for a loan for a small business in Mumbai?
Small businesses can get a business loan in Mumbai from FlexiLoans in the form of term loans, loans against POS, lines of credit, vendor financing, collateral-free loan, and overdraft credit.Does FlexiLoans offer any special loans to women?
FlexiLoans does provide instant business loans to women entrepreneurs with a wide range of benefits.What are the purposes for which I can get a business loan in Mumbai via FlexiLoans?
FlexiLoans is here to provide you financial access for your business funding needs in Mumbai. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the business loan. You may get business loans via FlexiLoans for:- Expanding your business
- Servicing regular working capital needs
- Managing seasonal working capital requirements
- Manage short term cash flow gaps
Why should I avail business loan in Mumbai via FlexiLoans?
Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business in Mumbai.What documents are required to apply for a business loan in Mumbai?
KYC document
- - Pan card
Proof of residential address (any one)
- - Rent Agreement
- - Driving License
- - Voter's ID
- - Ration Card
- - Passport
Banking
- - Last 6 months of bank statement of current account
Business KYC (any one)
- - GST Registration Certificate
- - Shop Establishment Certificate
Financial documents (For loans greater than 20 Lakhs)
- - 2 years Audited financials
- - Last 2yrs ITR
- - GST Returns of 6 months
What is the business loan interest rate in Mumbai?
The interest rate on a business loan in Mumbai or any other city depends on the volume and term of the loan. Generally, either a fixed interest rate or a diminishing interest rate applies to business loans.Do I need collateral to apply for the business loan in Mumbai?
You can get a business loan without collateral in Mumbai at FlexiLoans. Just click on the link here and apply for the business loan.The maximum amount of business loan that I can get in Mumbai?
You can get an unsecured business loan in Mumbai up to ₹1 crore.Who is eligible for a business loan in Mumbai?
You have to be over the age of 21 to get a business loan in Mumbai from FlexiLoans. The other eligibility criteria include having a CIBIL score of at least 650, a minimum annual turnover of ₹10 lakhs and a business vintage of at least one year. Visit our page on business loan eligibility to know more.How can I apply for a loan for a small business in Mumbai?
Small businesses can get a business loan in Mumbai from FlexiLoans in the form of term loans, loans against POS, lines of credit, vendor financing, collateral-free loan, and overdraft credit.Does FlexiLoans offer any special loans to women?
FlexiLoans does provide instant business loans to women entrepreneurs with a wide range of benefits.What are the purposes for which I can get a loan via FlexiLoans?
FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
- Expanding your business
- Servicing regular working capital needs
- Managing seasonal working capital requirements
- Manage short term cash flow gaps
Why should I avail loan via FlexiLoans?
Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.
What documents are required to apply for a loan?
KYC document
- - Pan card
Proof of residential address (any one)
- - Rent Agreement
- - Driving License
- - Voter's ID
- - Ration Card
- - Passport
Banking
- - Last 6 months of bank statement of current account
Business KYC (any one)
- - GST Registration Certificate
- - Shop Establishment Certificate
Financial documents (For loans greater than 20 Lakhs)
- - 2 years Audited financials
- - Last 2yrs ITR
- - GST Returns of 6 months
Are there any charges other than interest rate that I have to pay to avail the loan?
We may charge processing fee to facilitate the loan towards legal and documentation charges.
Do I need collateral to apply for the business loan?
You can get a business loan without collateral at FlexiLoans. Just click on the link here and apply for the business loan.
The maximum amount of loan that I can get?
You can get an unsecured business loan up to ₹1 crore.
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