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Business Loans in Kanpur

Special Schemes for Women Entrepreneurs

As an increasing number of women become a part of the start-up boom in India, the shortage of finance should not stop them from achieving their dreams. To help them run a successful business, various government schemes offer finance to women entrepreneurs in Kanpur.

 

          1. Annapurna Scheme

 

For women entrepreneurs in the food catering business in Kanpur, the Annapurna Scheme offers affordable funds to finance their working capital needs. You can get a loan of up to Rs. 50,000 to buy utensils, a working table, equipment, and more.

 

          2. Synd Mahila Shakti Scheme

 

Synd Mahila Shakti scheme offers convenient finance to women entrepreneurs who are small business owners, self-employed, or retail traders. Along with a maximum loan amount of Rs. 5 crores for business expansion needs, you can also get a free credit card for higher financial freedom.



Purpose of Business Loans

Being the commercial capital of Uttar Pradesh, Kanpur boasts of excellent business opportunities in various industries, including textile, steel furniture, leather, and more. So if you have a business in Kanpur, a loan can help you meet your immediate financial needs with ease.

 

           1. Fulfill working capital needs

 

To ensure the smooth functioning of your small business, you will need a regular supply of funds to need various everyday expenses such as utility bills, rent, salaries, inventory, and more. Moreover, a longer sales cycle and increasing market demand call for additional capital needs. Now, you can manage all these expenses and much more with a business loan for working capital needs.



          2. Manage machinery and equipment

 

Purchasing machinery requires a sizeable investment, while unplanned repair expenses or obsolete equipment can add to your financial burden. With a business loan from Tata capital, you can secure an affordable loan to purchase, repair, or upgrade machinery and stay relevant in this competitive market.



          3. Improve your marketing strategy

 

Marketing plays a crucial role in boosting your brand awareness and attracting more customers. If you want to take your business to new markets, a business loan can help finance your marketing needs and ensure higher 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 Kanpur Advantages

Benefit from rapid industrialisation

Kanpur has seen some tremendous growth in the last few years. Especially after the economic liberalisation made India a service and market-oriented economy. You can avail of a business loan in Kanpur from Tata Capital at affordable interest rates and flexible tenures to make the most of the city's budding startup culture. 

Expand your business

A business loan in Kanpur can fund your business expansion and accelerate growth. You can invest in a new factory, office building, upgrade machinery, boost promotion, and a lot more. 

No collateral needed

If you meet the eligibility criteria, you can take a business loan without pledging your business assets as collateral or security.

Benefit from rapid industrialisation

Kanpur has seen some tremendous growth in the last few years. Especially after the economic liberalisation made India a service and market-oriented economy. You can avail of a business loan in Kanpur from Tata Capital at affordable interest rates and flexible tenures to make the most of the city's budding startup culture. 

Expand your business

A business loan in Kanpur can fund your business expansion and accelerate growth. You can invest in a new factory, office building, upgrade machinery, boost promotion, and a lot more. 

No collateral needed

If you meet the eligibility criteria, you can take a business loan without pledging your business assets as collateral or security.

What are Interest Rates for Business Loans in Kanpur?

Kanpur has recorded some of the fastest growth in recent years. As a result, finding a competitive business loan in Kanpur has become a lot easier.

If you are planning to start a business in Kanpur or are already owning one, Tata Capital can help you scale it. When you take a loan from us, you don't have to worry about hefty interest rate. We offer highly competitive Business Loans interest rates in Kanpur, starting at just 19%! However, the final interest rate will depend directly on your age, business turnover, credit score, profitability, business vintage, financials, and ongoing loans (if any).

We not only offer the lowest business loan rates in Kanpur to eligible borrowers, but also flexible loan tenures. So, why wait? 

What are the Eligibility Criteria for a Business Loans in Kanpur?

At Tata Capital, we use the following  Business Loans eligibility criteria:

  • You should be aged between 25 to 65 years

  • Business credit score must be 700 or more

  • Your business must be profitable for at least 3 successive financial years

  • The business turnover must display an upward trend

  • Your balance sheet be audited by a registered Chartered Accountant (CA)

What are the Documents Required for Getting a Business Loans in Kanpur?

Below are the necessary document proofs for a business loan in Kanpur.

 

  • Last six months’ company bank statements

  • Last two years' Income Tax Returns

  • Last two years balance sheet and Profit & Loss accounts

  • KYC documents of the company

  • KYC documents of the business owners

  • A report with detailed information about how the candidate will utilise the Business Loan

  • Photo identity proof (Aadhar card/ Driving license/ Voter ID/ Passport)

  • Bank statements

  • Business proof

How to Calculate EMI for Business Loans Online?

You can simply use a Business Loans EMI calculator online to check your business loan EMI in Kanpur. 

You will need to enter three values in the EMI calculator – the loan amount, loan tenure, and the interest rate. Once all the values are set, the calculator will take a few seconds to estimate and display the amount you need to pay monthly. It will also display the total interest you need to pay over the loan tenure. 

This way, if you know your potential EMI payments beforehand, you can chalk out a budget and apply for a business loan in Kanpur with a concrete plan. 

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN KANPUR?

Other Ways to Apply for Business Loans in Kanpur?

Besides the online application, you can also apply for business loan in Kanpur in the following ways.

  • Apply through the phone

Give us a call at 1860 267 6060, and our executives will walk you through the application process.

  • Visit the nearest branch

Directly visit a Tata Capital branch near you and fill out the application form offline.

  • Seek virtual assistance

Use our loan processing virtual assistant to apply for a business loan.

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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