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Business Loan offerings and advantages in Coimbatore

Manufacturing hub
Since the state has an extensive textile industry, it’s no wonder that it is dubbed the ‘Manchester of South India.’ The city is the primary location for a vast number of manufacturing industries dealing in cotton, cotton products, and even the engineering sector. No doubt, the competition is high, but so are the opportunities to thrive and take your business to new heights with a swift business loan in Coimbatore.

Affordable finance for all types of businesses
For any type of business, access to affordable finance can help keep the business on track. Coimbatore is an emerging location for various industries – textile, manufacturing, IT, healthcare, automobile, and more. With Tata Capital, no matter which industry you cater to or what your business requirements are, you can avail of competitive finance at the best interest rates possible.

  • Loan Amount

    ₹ 0.40 lakh to ₹ 90 lakhs

  • Loan Tenure

    12 to 60 months

  • Self-Employed Non-Professional Interest rate starting @

    15%-25%

  • Self-Employed Doctors Interest rate starting

    @ 12.00%-15.00%

  • Self-Employed Professional Other than Doctors Interest rate starting

    @ 13.00%-17.50%

Business Loan EMI Calculator

Loan amount

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₹75,000 ₹35,00,000

Loan duration

1 Years 6 Years

Loan duration

12 Months 72 Months

Rate of interest

%
10% p.a 19% p.a

Monthly EMI

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    Special Scheme for Women Entrepreneurs

    Coimbatore is one of the fastest-growing cities in India, with ample economic opportunities. If you're a woman entrepreneur looking to take advantage of the strong business scenario in Coimbatore, you can apply for a online business loan under various government schemes

  • Mahila Udyam Nidhi Scheme

    Mahila Udyam Nidhi Scheme aims to provide financial assistance to small-scale industries owned by women entrepreneurs. You can avail a loan of up to Rs. 10 lakhs with a repayment tenure of up to 10 years.

  • Bhartiya Mahila Bank Business Loan

    The Bhartiya Mahila Bank Business loan provides finance for working capital needs, business expansion, and manufacturing, amounting to Rs. 20 crores.

    Purpose of Business Loans

    In a thriving city like Coimbatore, a business loan can help grow your venture at par with your competitors. Here’s how you can use a business loan at affordable interest rates for business operations.

  • Start a new venture

    With a developing IT, manufacturing, and healthcare sector, running a business in Coimbatore can be highly profitable. Avail a business loan from Tata Capital to finance your unique business idea hassle-free.

  • Upgrade equipment

    Thanks to digitisation, the business scenario is growing highly competitive every day. And to meet this increasing market demand, you need access to the latest machinery and equipment, which can be achieved with a business loan from Tata Capital.

What are Interest Rates for Business Loans in Coimbatore?

With ample growth opportunities for business, Coimbatore is becoming a top investment hotspot. And so you can easily avail a reasonable business loan in Coimbatore at flexible terms to suit your needs. Tata Capital extends to you the most affordable business finances options as we offer competitive Business Loans interest rates in Coimbatore.

At these rates, you not only improve your business's financial health effortlessly, but you will be able to repay your EMIs with ease. This way, you don’t have to worry about burdening your company’s cash flow requirements. With the lowest business loan rates in Coimbatore, you can boost your business operations, buy new equipment, upgrade your machinery, or cover your everyday business expenses hassle-free.

So make the most of our flexible business loan offerings in Coimbatore and apply today!

What are the eligibility criteria for a Business Loans in Coimbatore?

Before you apply for a business loan, it is crucial to understand the Business Loans eligibility  criteria set by the lender. This depends on various factors, including age, income, business performance, CIBIL score, etc.:

  • The age of the candidate must be between 25 to 65 years

  • A CIBIL score of 700 or above

  • An upward trend in the business turnover

  • The business should be profitable for at least three consecutive years

  • The balance sheet must be audited by a registered CA

    What are the documents required for getting Business Loan in Coimbatore?

  • Company bank statements

  • Income tax returns

  • KYC documents of the company

  • Balance sheet and Profit and Loss Account

  • A detailed business plan

  • KYC documents of the owner

  • Business proof

  • ID proof

  • Bank statements

How to apply for a Business Loan online in Coimbatore?

    1

    Visit our website and complete our online application form

    2

    Once you receive your loan eligibility, furnish the required documents to start the verification process.

    3

    Our experts will verify your business loan application and the documents; if all looks good, we will get in touch with you. This will be followed by the loan sanctioning process.

    4

    Finally, receive your funds directly to your bank account within a few days.

    Apply Now

Other Ways to Apply for a Business Loan in Coimbatore

Get in touch with us in several ways to apply for business loan in Coimbatore:

  • Visit the branch
    You can visit any of our country-wide branches and apply for a business loan. Our executives will help you through the process.

  • Online
    Just access our application form on our website and apply by filling in a few details.

  • Virtual assistant
    Enjoy utmost convenience and apply for a loan with the help of our loan processing virtual assistant.

  • On the phone
    Now, we’re just a phone call away! Simple connect with us at 1860 267 6060 and apply for a loan today.

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Know more about Business Loans

Thinking of expanding your business?  Want to take your business to new heights? From expanding your operations to upgrading your equipment, Tata Capital has got your back! Let Tata Capital business loans fuel your entrepreneurial spirits and help turn your business dreams into reality!

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FAQs on Business Loan in Coimbatore

Why Tata Capital Business Loan?

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 ₹ 9,000,000
  • We seek minimum documentation
  • We give you quick online approval once you share the minimum documents we need

What the mode of repayment?

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

Who can opt for a business loan in Coimbatore?

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 

How does a business loan work?

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. 

What is the minimum CIBIL score to get a business loan in Coimbatore?

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. 

What is the maximum tenure for a business loan?

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. 

What are the different types of business loans?

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. 

How much EMI do I need to pay for a business loan?

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. 

What can business loans be availed for?

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. 

Can I get a business loan without any collateral?

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

How to get a business loan approved for an online business?

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

Will a business loan affect my credit?

    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. 

How does a business loan affect taxes?

    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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