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Business Loan offerings and advantages in Salem

High loan amounts:
You can borrow up to Rs.75 lakhs based on your business needs, such as expansion, inventory, working capital and more.

Flexible tenures:
The tenure for a business loan can extend up to 3 years based on the customer’s requirements.

Minimal documentation:
We only ask you for a couple of document proofs, so you can conveniently apply online.

Quick approval and disbursal:
After quick verification and approval, you can get your loan amount credited straight to your bank account in just a few days. 

  • Loan Amount

    ₹ 0.40 lakh to ₹ 75 lakhs

  • Loan Tenure

    12 to 60 months

  • Self-Employed Non-Professional Interest rate starting @

    15%-25%

  • Self-Employed Doctors Interest rate starting

    @ 12.00%-15.00%

  • Self-Employed Professional Other than Doctors Interest rate starting

    @ 13.00%-17.50%

Special Scheme for Women Entrepreneurs

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

Annapurna Scheme

Do you have a food catering business in Salem? Now, you can fulfil your business’ working capital needs with a credit facility under the Annapurna scheme. You can get a loan amount of up to Rs. 50,000 to invest in equipment such as refrigerators, utensils, gas connections, appliances, and more.

Bhartiya Mahila Bank Business Loan

Any woman entrepreneur seeking financial support to meet working capital needs or expand an existing business can apply for the Bhartiya Mahila Bank business loan. With this unsecured business loan, you can secure a loan amount of up to Rs. 20 crores at subsidised interest rates.

Purpose of Business Loans

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:

Upgrade business equipment

Access to up-to-date machinery can significantly improve your business growth. You need a range of equipment – machinery for production, IT equipment, security equipment, and more. Invest in the latest equipment for your business with an affordable business loan from Tata Capital.

Diversify your product range

Launching a new product or entering a new market calls for sufficient availability of finance for research and execution. If you want to boost your business with a new product, opt for a convenient loan from Tata Capital and take your business to new heights without worrying about your finances.

Repay other debts

If you have taken multiple loans for the smooth functioning of your business, it makes sense to opt for a single loan and settle your old debts with ease. This will not only ease your financial burden but allow you to focus on business operations.

What are Interest Rates for Business Loans in Salem?

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.

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

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 Business Loan in Salem?

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?

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.

How to apply for a Business Loan online in Salem?

1

Online Application

Fill in your personal and financial details in a few minutes in our digital form

2

Document Submission

Furnish the required documents to proceed

3

Verification

We will verify your application and documents. We may require a personal discussion with you.

4

Post Approval

Post-approval, the loan is sanctioned.

5

Disbursal

Receive the required business loan amount directly in your bank account.

Apply Now

Other Ways to Apply for a Business Loan in Salem

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

  • Via phone
     Contact us at 1860 267 6060 and we will guide you through the process. We are just a phone call away!

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

  • Offline
    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.

Popular FAQs

What is a Business Loan?

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.

Why Tata Capital Business Loan?

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
What the mode of repayment?

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

Who can opt for a business loan?

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 

How does a business loan work?

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. 
What is the minimum CIBIL score to get 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. 

What is the maximum tenure for a business loan?

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. 

What are the different types of business loans?

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. 

How much EMI do I need to pay for a business loan?

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. 

How to get a business loan?

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.          

Does business loan affect my CIBIL score?

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. 

What can business loans be availed for?

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. 

Can I get a business loan without any collateral?

Yes, you can get a business loan without any collateral or security. 

How to get a business loan approved for an online business?

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

Will a business loan affect my credit?

    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. 

How does a business loan affect taxes?

    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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