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Business Loans in Nagpur

Special Schemes for Women Entrepreneurs

Don’t let a lack of reliable finance come in your way of owning a business. With the help of special schemes for women entrepreneurs, you have access to various credit facilities-

 

          1. Orient Mahila Vikas Yojna Scheme

 

Under the Orient Mahila Vikas Yojna Scheme, women entrepreneurs with at least 51% of the share capital in the business can secure affordable finance to expand their operations. You can avail a collateral-free loan with an extended loan tenure of 7 years.

 

          2. Udyogini Scheme

 

To encourage financial independence and self-reliance among women entrepreneurs in rural India, the Women Development Corporation offers various loans under the Udyogini scheme. Women between the age of 18 to 55 years can avail a loan of up to Rs. 3 lakhs to meet their various business needs.

 

 

Purpose of Business Loans

Managing and operating in a bustling city like Nagpur can be challenging. So when the times get tough, you can opt for a business loan from Tata Capital for the following purposes-

 

          1. Start your venture

 

Being the third-largest and one of the fastest-growing city in Maharashtra, Nagpur is full of exciting business ideas. Safe to say, starting a business in Nagpur can be highly profitable. Finance your new venture with a business loan from Tata Capital and become a part of this economic growth.

 

          2. Take your business online

 

Digitisation has changed how people conduct their business. So in a time when a majority of businesses are going online, what’s stopping you? Secure an affordable business loan and take your business online – hire professionals, launch your website, and market your product – without worrying about the expenses!

 

          3. Restructure debt

 

If you’ve taken different loans to manage your business operations, keeping track of the repayments can be expensive as well as challenging. Avail a business loan from Tata Capital at nominal interest rates and repay your existing debts seamlessly.

Know more about our offerings

Key Features

Loan Amount

₹5,00,000 - ₹75,00,000

Loan Tenure

12 - 36 months

Interest rate starting at

19%

BUSINESS LOANS IN NAGPUR ADVANTAGES

Multi-purpose Loans:

Increase your working capital, update your machinery, take your business online or support your enterprise’s financial health – you can fulfil all these objectives with our multi-purpose business loans.

No Collateral Needed:

No need to put your company’s assets on the line to secure financing! Our business loans are unsecured, i.e., you need not provide any security or collateral. 

Structured EMI Plans:

We offer flexible loan tenure from 12 to 36 months to ensure you repay your loan in a hassle-free manner. What’s more, you can choose a suitable EMI as per your business cash flow.

Simple Documentation:

Tata Capital doesn’t require you to submit any cumbersome paperwork. Our loan application and approval process require basic documentation and our eligibility conditions are relaxed. 

Multi-purpose Loans:

Increase your working capital, update your machinery, take your business online or support your enterprise’s financial health – you can fulfil all these objectives with our multi-purpose business loans.

No Collateral Needed:

No need to put your company’s assets on the line to secure financing! Our business loans are unsecured, i.e., you need not provide any security or collateral. 

Structured EMI Plans:

We offer flexible loan tenure from 12 to 36 months to ensure you repay your loan in a hassle-free manner. What’s more, you can choose a suitable EMI as per your business cash flow.

Simple Documentation:

Tata Capital doesn’t require you to submit any cumbersome paperwork. Our loan application and approval process require basic documentation and our eligibility conditions are relaxed. 

What are the interest rates for a Business Loans in Nagpur?

Several NBFCs and lenders provide business loans to help rising entrepreneurs in the Orange City. Tata Capital offers you some of the lowest business loan interest rates in Nagpur

 Business Loans interest rates in Nagpur depend on several factors such as your CIBIL score, income, business vintage, company tenure, and your business’ annual turnover. Make sure you maintain a high CIBIL score and a stable income to increase the chances of your loan getting approved. With a healthy credit profile, you can also bag lower interest rates.

Additionally, if your company tenure is high, lenders will consider you a low-risk candidate. So, you can get a high loan amount and enjoy preferential interest rates for your business loan in Nagpur.

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

Business loan eligibility comprises basic conditions like CIBIL score, age, business turnover, and more that candidates must fulfil to avail business finance. Here are the Business Loans eligibility criteria for Tata Capital:

  • Age should be between 25 to 65 years

  • CIBIL score must be 700 or more

  • The candidate should own a business at least profitable for three 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 Nagpur?

The following documents are required for availing of a Business Loan:

  • 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 licence/ Voter ID/ Passport)

  • Bank statements

  • Business proof

How to calculate EMI for Business Loans Online?

The EMI that you will be required to pay towards the repayment of your business loan in Nagpur depends on three factors: your principal amount, rate of interest, loan tenure.

 

The quickest way to assess your business loan EMI in Nagpur is using a Business Loans EMI calculator Here is how you can use this nifty tool:

  1. 1. Input your loan amount,

  2. 2. Adjust the values of rate of interest and your loan tenure.

  3. 3. The tool will calculate the EMI you will have to pay each month.

  4. 4. The EMI calculator will display your EMI value as well as your total interest payable. 

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN NAGPUR

OTHER WAYS TO APPLY FOR A BUSINESS LOANS IN NAGPUR

You can reach out to us in various ways to apply for a business loan in Nagpur:

  • Visiting our branch: Tata Capital has a wide network of branches across the country. Walk into your nearest branches and our executives will walk you through the entire process.

  • Through the phone: Getting an unsecured, multi-purpose business loan with Tata Capital is just a phone call away. Contact us at 1860 267 6060 and we will guide you through the process.

  • Through a Virtual assistant: You can even apply for your business loan with the help of a loan processing virtual assistant.

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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