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Business Loans in Patna

Special Schemes for Women Entrepreneurs

To encourage self-reliance and help women achieve financial freedom, the government has launched various special schemes for women entrepreneurs.

 

          1. Mukhyamantri Mahila Udyami Yojana

 

With the Mukhyamantri Mahila Udyami Yojana, the state government aims to encourage entrepreneurship among women. Under this scheme, you can avail an interest-free loan of up to Rs. 10 lakhs, out of which you can enjoy a subsidy of Rs. 5 lakhs. What’s more, you can avail a repayment tenure of up to 7 years.

 

          2. Stree Shakti Package

 

If you own a start-up in India with at least 51% ownership, the Stree Shakti Package offers you financial assistance to help you scale your business. You can get a collateral-free loan of up to Rs. 5 lakhs at nominal interest rates.

 

 

Purpose of Business Loans

Patna boasts of a fast-growing agricultural, consumer goods, and services industry. Thanks to its sustained economic growth, starting a business in Patna can be highly profitable. You can opt for a business loan to meet the following financial requirements-

 

          1. Manage cash flow

 

Maintaining enough cash flow for smoother operations can be a challenge for small businesses. If you are unable to meet the business’ liquidity requirements, a business loan can help introduce the much-needed funds to your business.



          2. Invest in real estate

 

With a business loan from Tata Capital, you can easily expand and renovate your existing office space or invest in real estate without burdening your business finances. Avail a long-term business loan and watch your business grow.



           3. Purchase inventory

 

A short-term business loan can help you stock up on inventory and meet the changing market demand 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 Patna Advantages

No collateral is needed.

 Your business assets and personal assets are not on the line.

High loan amounts.

You can borrow up to Rs. 75 lakhs.

Flexible tenures.

Business loan tenures can range from 12 to 36 months. 

Easy online application process.

No need to visit the branch, or stand in queues.

No collateral is needed.

 Your business assets and personal assets are not on the line.

High loan amounts.

You can borrow up to Rs. 75 lakhs.

Flexible tenures.

Business loan tenures can range from 12 to 36 months. 

Easy online application process.

No need to visit the branch, or stand in queues.

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

Lenders and NBFCs readily provide business financing options to entrepreneurs in Patna. So, before you apply for a business loan in Patna, make sure you research and compare interest rates and other loan terms. Business Loans interest rates in Patna depend on several factors such as your CIBIL score, income, business vintage, company tenure, and annual turnover. A high CIBIL score and a stable income increase the chances of your loan getting approved quickly and bagging lower interest rates. Additionally, if your company has been operational for several years, you can get preferential interest rates for your business loan.

Tata Capital offers you some of the lowest business loan interest rates in Patna, so you can grow your business without worrying about the burden of repayment. 

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

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:

  • The applicant’s age should be between 25 to 65 years

  • The CIBIL score must be 700 or more

  • The applicant should own a business at least profitable for three successive financial years

  • The business turnover must display an upward trend

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

What are the documents required for getting a Business Loans in Patna?

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 easiest way to calculate your EMI is through a business loan EMI calculator. The EMI that you will be required to pay towards the repayment of your business loan in Patna consists of both your principal and interest amount. It depends on three factors:

  • Principal loan amount: A high principal amount leads to a higher EMI

  • Rate of Interest: The higher the rate of interest, the higher will be your EMI amount

  • Loan Tenure: The shorter your loan tenure, the higher your EMI values

To assess your business loan EMI in Patna, visit our Business Loans EMI calculator page. Input the principal amount, rate of interest, and your loan tenure. The tool will calculate the EMI you will have to pay each month.

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN PATNA

OTHER WAYS TO APPLY FOR A BUSINESS LOANS IN PATNA

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

 

  • Visit any of our pan-India branches

  • Give us a call on 1860 267 6060

  • 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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