Know more about Business Loans
8th May 2020 0:55
₹ 0.40 lakh to ₹ 75 lakhs
12 to 60 months
Self-Employed Non-Professional Interest rate starting @
Self-Employed Doctors Interest rate starting
Self-Employed Professional Other than Doctors Interest rate starting
As a woman entrepreneur with a solid business idea, you cannot let the lack of funds come in your way. Today, several government loan schemes can help you fulfil your dream of owning a business
Managing a business in the leading manufacturing centre of Tamil Nadu requires instant availability of funds. If you have a business in Salem, you can opt for a business loan for various purposes:
A business loan in Salem can help you maintain your cashflow, pay your employees, take your brand online, and many other purposes. Since Salem is bustling with business opportunities, several lenders and NBFCs provide business financing options at affordable rates. So, you're spoilt for choices!
Business loan interest rates in Salem depend on several factors such as your CIBIL score, income, business vintage, company tenure, and annual turnover. For preferential interest rates:
Maintain a high CIBIL score
Have a stable income
Show proof that your company has been operational for several years
Show proof that your business shows an upward trend
However, if you are looking for some of the lowest Business Loans interest rates in Salem, look no further than Tata Capital.
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)
A Business Loans EMI calculator is one of the best ways to accurately estimate your business loan EMI in Salem. Simply input the value of your principal amount, rate of interest, and your loan tenure. The tool will calculate the EMI you will have to pay each month.
Here is how each of these values affect the EMI value towards the repayment of your business loan in Salem:
Principal loan amount: The higher the principal amount, the higher will be the EMI amount.
Rate of Interest: The higher the rate of interest, the higher will be the EMI amount you will
Loan Tenure: The shorter the loan tenure, the higher will be the EMI amount you will need to pay.
Fill in your personal and financial details in a few minutes in our digital form
Furnish the required documents to proceed
We will verify your application and documents. We may require a personal discussion with you.
Post-approval, the loan is sanctioned.
Receive the required business loan amount directly in your bank account.
You can reach out to us in various ways to apply for a business loan in Salem:
Contact us at 1860 267 6060 and we will guide you through the process. We are just a phone call away!
You can even apply for your business loan with the help of a loan processing virtual assistant.
Another way to apply for a business loan is to visit one of our country-wide branches. Our executives will guide you through the entire process, step by step.
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!
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:
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 –
Private limited companies
Closely-held public limited companies
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 –
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
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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