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Business Loans in Chennai

Special Schemes for Women Entrepreneurs

With an increasing number of women donning the role of entrepreneurs, several government schemes are available in Chennai to assist women entrepreneurs in their initiatives.

 

            1. Annapurna Scheme

 

If you have a food catering business in Chennai, then you can avail an affordable loan under the Annapurna scheme. You can get a loan up to Rs. 50,000 to meet your working capital needs with a loan repayment tenure of 36 months.

 

          2. Trade-Related Entrepreneurship Assistance and Development (TREAD) Scheme

 

Under this scheme, women entrepreneurs can get credit facilities to fund their business projects and receive specific business training. The government offers a grant of up to 30% of the total project cost, and the remaining is financed by a lending institution as a loan.


Purpose of Business Loan

With the tag of a Special Economic Zone, government support, and excellent infrastructure, Chennai is the dream city to establish and run your business. But running a business requires sizeable funds. Here, a business loan can help-

 

          1. Maintain cash flow

 

Maintaining business liquidity for smooth operations can be a challenge for small businesses. But not with Tata Capital! With a short-term business loan, you can fund regular operational costs and help your business stay afloat during difficult times.

 

          2. Manage seasonal finance needs

 

For cyclical businesses – whether new or established – managing cash flow during peak season can be a big concern. So, you can maintain business cash flow, stock up on inventory, and boost your sales during the peak season with an affordable business loan from Tata Capital.

 

          3. Launch a new product

 

With a business loan, you can arrange enough funds to launch a new product – from research to execution and capture new markets for maximum business growth.

Know more about our offering

Key Features

Loan Amount

₹5,00,000 - ₹75,00,000

Loan Tenure

12 - 36 months

Interest rate starting at

19%

BUSINESS LOANS IN CHENNAI ADVANTAGES

Easy to meet eligibility criteria

When you are just starting a business in Chennai, the last thing you want is struggle to secure financing. This is why we make it easier for you to secure a business loan at Tata Capital with our relaxed eligibility requirements.

Minimal documentation requirements

A Tata Capital business loan requires minimal paperwork. This makes the loan approval process a lot smoother and quicker for you.

Attractive interest rates

If you’re getting a business loan in Chennai, save your funds by opting for one with a low interest rate. At Tata Capital, we offer business loans at the lowest interest rates in the market.

Flexible EMI plans

When you get a loan with Tata Capital, you have complete control over your loan repayments with flexible EMI plans.

Easy to meet eligibility criteria

When you are just starting a business in Chennai, the last thing you want is struggle to secure financing. This is why we make it easier for you to secure a business loan at Tata Capital with our relaxed eligibility requirements.

Minimal documentation requirements

A Tata Capital business loan requires minimal paperwork. This makes the loan approval process a lot smoother and quicker for you.

Attractive interest rates

If you’re getting a business loan in Chennai, save your funds by opting for one with a low interest rate. At Tata Capital, we offer business loans at the lowest interest rates in the market.

Flexible EMI plans

When you get a loan with Tata Capital, you have complete control over your loan repayments with flexible EMI plans.

What Are Interest Rates for a Business Loans in Chennai?

When you get a business loan in Chennai, one of your main considerations should be the business loan interest rate. Why? Because business loans amounts are usually on the higher end, and when you add interest to it, the total amount payable becomes much larger. Hence, if you want to save your finances, the easiest way to do it is to opt for a lender offering affordable Business Loans interest rates in Chennai. This way, you not only save on the total loan interest, but you also make the loan EMIs more manageable.

If you’re looking for the lowest business loan interest rates in Chennai, your search stops at Tata Capital. So, apply for a loan with us in Chennai today.

What is the eligibility criteria for a Business Loans in Chennai?

The Business Loans eligibility criteria at Tata Capital are as follows.

  • You should be between 25-65 years old.

  • You should have a profitable business for over three consecutive years.

  • Your business should have a positive turnover.

  • Your balance sheet should be audited by a Chartered Accountant.

What are the documents required for getting Business Loans in Chennai?

At Tata Capital, we ask for minimal documentation. These include-

  • A photo identity proof

  • Business proof

  • Income Proof

  • Bank Statements

  • KYC documents

How to calculate EMI for Business Loans Online?

Simply put, equated monthly instalments or EMIs are small sums of money you pay every month to clear your loan. And this is determined primarily by the lender’s interest rate, your loan tenure, and the total loan amount.

Now, having a clear idea about your business loan EMI in Chennai allows you to arrange finances for your repayments beforehand. This makes loan repayments a hassle-free experience.

Want to check the EMIs for your business loan in Chennai? Use our  Business Loans EMI calculator to help you out. Visit our webpage and enter your loan details, including the loan amount, interest rate, and tenure. On submitting these details, the calculator will take a few seconds to calculate your monthly EMIs and display it on the screen. Simple, isn’t it?

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN CHENNAI

Other ways to apply for Business Loans in Chennai?

You can apply for business loan in Chennai with Tata Capital in the following ways too.

  • Via call

Give a call on our customer care number at 18602676060, and request a callback.

  • Virtual assistant

Connect with our online virtual assistant and put in a business loan request.

  • Offline

Alternatively, visit our Chennai branch to apply for a business loan offline. Our seasoned lending experts will guide you through it.

Apply for a business loan with us today!

FAQ

A business loan is an unsecured form of credit designed to fund the various capital needs of a business. Using different types of business loans, companies can scale new heights with increased manpower, advanced equipment, and faster turnaround time.

Here’s why our Business Loan is the perfect match for you:

  • We don't ask for any security or guarantor for our Business Loan
  • You get the flexibility of choosing from business loan repayment options
  • For our existing customers, we regularly provide exclusive pre-approved offers on business loans
  • Convenient Online access to all details regarding your business loan.
  • We offer unsecured business loans up to ₹ 75,00,000
  • We seek minimum documentation
  • We give you quick online approval once you share the minimum documents we need

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

Business loans are available to both professionals and non-professionals that are self-employed. Business loans interest rates are highly competitive and are typically approved quickly. The following types of companies can secure business loans –

  • Sole proprietorship

  • Partnership firm

  • Private limited companies

  • Closely-held public limited companies

  • Societies

  • Trusts

  • Hospitals, nursing homes, diagnostic centres, pathological labs 

A typical structure of a business loan involves a lending institution extending capital to a business owner, for which interest is charged. The business owner must pay back the business loan amount along with the applicable interest, in the form of Equal Monthly Instalments (EMIs), over a predetermined period of time known as loan tenure.

Three core components make up a business loan –

  • Principal amount – Also known as the loan amount, the principal is the sum of money a business owner borrows from a lending institution.

  • Rate of interest – The rate of interest is the cost of borrowing the business loan, generally expressed as a percentage of the principal amount. This is the amount that you need to pay in addition to the principal loan amount.

  • Loan Tenure – The tenure is the period for which the business loan is borrowed. Business loan tenure is calculated from the date of first disbursement till the date of payment of the final disbursement. 

To avail a business loan, one must ideally have a CIBIL score of 700 or above. The same is true for both self-employed professionals such as doctors and engineers as well as self-employed non-professionals such as suppliers or manufacturers.

CIBIL or credit score plays a huge role in determining business loan eligibility. Since a company’s CIBIL score is its credit footprint, it enables lenders to know the timely repayment ability of the business loan applicant. 

Business loans are typically short-term loans. Though business loan tenure may differ from lender to lender, most lending institutions extend business loans for a tenure ranging from 12 months to 36 months. 

Lending institutions offer different types of business loans, designed to meet specific needs. They are as follows –

  • Machinery loans – Machinery loans are designed exclusively to meet the expansion needs of businesses via the purchase of advanced machinery and equipment.

  • MSME/SME loans – Designed to encourage the growth of small and medium-sized business enterprises, MSME/SME loans is a credit facility that can be availed for purchasing equipment, meeting operational expenses, and upgrading infrastructure.

  • Business loans for women – These loans are extended to women business owners to help them expand their business and push them towards financial independence. 

The amount of business loan EMI that you will be required to pay towards the repayment of your business loan will largely depend upon three factors, as given below –

  • Principal loan amount – The higher the principal amount, the higher will be the EMI amount you will need to pay.

  • Rate of Interest – The higher the rate of interest, the higher will be the EMI amount you will need to pay.

  • Loan Tenure – The EMI is inversely related to the loan tenure. The shorter the loan tenure, the higher will be the EMI amount you will need to pay.

    For a quick and accurate assessment of your business loan EMIs, use a handy online tool such as the business loan EMI calculator

You can get a business loan from the lending institution of your choice in a number of ways, depending upon your convenience and the options offered by your lender.

  • Visit a nearby branch

  • Apply online via the lender’s website

  • Talk on call with the lender’s relationship managers

  • Send an email to your lender’s customer support mail address

  • Use the lender’s 24x7 virtual assistant feature

To avail a business loan with Tata Capital, simply apply for a business loan online or call on 1860-267-6060. You can also mail us at contactus@tatacapital.com or visit any of our branches.                     

Yes, just as your CIBIL score has a say in your business loan approval, your repayment of the business loan will affect your future credit score. Timely payment of loan EMIs will pose you as a low-risk borrower in the eyes of future lenders and hence, will enhance your CIBIL score. 

Business loans can be availed for a variety of reasons. You can use different types of business loans to purchase infrastructure for expanding operations, to increase production via the purchase of new and advanced machinery, to purchase and store inventory in advance of seasonal sales, to build a workforce of skilled employees, and to increase working capital. 

Yes, you can get a business loan without any collateral or security. 

You can take an online business loan for your online retail store or e-commerce website. You must fulfil the following criteria for swift online business loan approval:

  • CIBIL score should be above 700

  • Your business must be profitable for three consequent financial years

  • Your turnover must show an upward trend

  • A CA should audit your balance sheet

Business owners have business and personal credit.

Loans for sole proprietorship and partnership businesses are guaranteed by an individual. So, the loan is reflected in your personal CIBIL report. However, if your company’s structure is LLC, then the business loan affects only the business’ CIBIL score. 

Any interest levied on a business loan is exempt from taxation. This is because the interest paid is considered to be a business expense and not revenue. Registering as an MSME can also help you avail of business loan tax benefits on excise and other charges. 

However, the principal amount is not tax-deductible.

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EASY APPLICATION PROCESS

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