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Business Loans in Kozhikode

Special Schemes for Women Entrepreneurs

As more women are taking entrepreneurial roles in the business world, they need adequate availability of funds to keep up with the increasing competition. That is why the government offers several beneficial loan schemes for women.

 

          1. Adivasi Mahila Saktheekaran Yojana

 

If you're a woman entrepreneur in the SC/ST category, running a business in Kozhikode, you can apply for a convenient loan under the Adivasi Mahila Saktheekaran Yojana. Under this scheme, businesswomen between the age of 18 to 55 years can avail credit facility of up to Rs. 50,000 with a repayment period of 5 years.



          2. Mahila Samridhi Yojna

 

Yet another scheme by the Kerala State Development Corporation for Scheduled Castes and Scheduled Tribes, Mahila Samridhi Yojna, provides soft loan assistance to encourage SC women entrepreneurs. Women applicants can avail credit facilities up to Rs. 50,000 at affordable interest rates.



Purpose of Business Loans

Planning to start a business in Kozhikode? Well, with a booming IT and transportation sector, you can run a profitable business backed by adequate finance. Here’s how you can use your business loan

 

          1. Restructure debt

 

Oftentimes, you may rely on various types of loans to keep your business running. However, with varying interest rates and repayment schedules, it can become a burden on your business finances. In such a case, you can secure a business loan from Tata Capital at the best interest rates and repay your existing debts seamlessly.



          2. Purchase assets

 

From new machinery and software to a new office building or a company vehicle, investment in fixed assets can be a costly affair but absolutely necessary. This is where a business can help you finance such purchases without any worries.



          3. Expand to a new location

 

Kozhikode boasts of affordable infrastructure and lower operational costs. So if you want to expand your business to new locations, Kozhikode is the place to be. A business loan can help ensure smooth expansion by covering your immediate business costs with ease.

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 Kozhikode Advantages

Structured EMI plans

At Tata Capital, we give you the option to choose your repayment plan at your convenience. So, you never have to dip into your savings to repay a business loan.

Attractive interest rates

Save money on your business loan repayments by applying for a loan with Tata Capital. Enjoy the lowest interest rates in the market and get the best out of your loan.

Relaxed eligibility requirements

Tata Capital requires you to fulfil a few criteria to be eligible for a business loan in Kozhikode. This means anyone can secure a business loan easily.

Simple documentation

At Tata Capital, we need you to submit only a few documents to get your business loan approved. So, you never need to worry about searching for a long list of documents while applying for a loan.

Structured EMI plans

At Tata Capital, we give you the option to choose your repayment plan at your convenience. So, you never have to dip into your savings to repay a business loan.

Attractive interest rates

Save money on your business loan repayments by applying for a loan with Tata Capital. Enjoy the lowest interest rates in the market and get the best out of your loan.

Relaxed eligibility requirements

Tata Capital requires you to fulfil a few criteria to be eligible for a business loan in Kozhikode. This means anyone can secure a business loan easily.

Simple documentation

At Tata Capital, we need you to submit only a few documents to get your business loan approved. So, you never need to worry about searching for a long list of documents while applying for a loan.

What are the Interest Rates for a Business Loans in Kozhikode?

Business loan interest rates heavily impact the amount you spend on your loan EMIs. This is because the higher the interest rate, the higher the interest, and consequently, the higher the EMIs. Hence, before getting a business loan in Kozhikode, you must ensure the lender offers you a low loan rate.

If you want to get the best loan offer, you must carefully consider different Business Loans interest rates in Kozhikode before selecting a lender. Doing this helps you make an informed choice. But if you want to skip the effort, you can apply for a business loan with Tata Capital right away. Why? Because we offer the lowest business loan rates in Kozhikode to make your business loan repayments convenient and help you save funds spent on interest.

What Is the Eligibility Criteria for a Business Loans in Kozhikode?

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 Kozhikode?

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?

Loan EMIs or equated monthly instalments are the payments you make to your lender every month to pay off the entire loan. The amount you pay every month depends on three factors, namely the loan tenure, the loan amount and the interest rate. And many lenders offer business loan in Kozhikode where you can choose a loan EMI as per your requirements.

To choose a suitable loan EMI, you can rely on an online Business Loans EMI calculator and compute your potential EMIs accurately. Here, you need to enter your loan details like amount, tenure and interest rate, and the calculator automatically calculates the EMI based on the entered values. Now, you can change the loan tenure to arrive at a business loan EMI in Kozhikode you can comfortably afford every month. It’s that simple!

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN KOZHIKODE

Other Ways to Apply for Business Loans in Kozhikode

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

  • Call our customer care number at 18602676060 and request a call back.

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

  • Visit our Kozhikode branch in person and do the offline business loan formalities with help from our lending experts.

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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