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Business Loans in Visakhapatnam

Business Loans in Visakhapatnam

Special Schemes for Women Entrepreneurs

Looking to start your own business? Here are the various government loan schemes to help women entrepreneurs start their new ventures-

 

          1. Orient Mahila Vikas Yojna

 

Under the Orient Mahila Vikas Yojna, women entrepreneurs with at least 51% of ownership in a business can apply for an affordable loan. This scheme offers loans ranging from Rs. 10 lakhs to 25 lakhs to small businesses. What’s more, you can avail a collateral-free loan at concessional interest rates.

 

          2. Udyogini Scheme

 

The Udyogini scheme aims to provide financial support to women entrepreneurs in the rural areas of the country. You can apply for a loan amount of up to Rs. 3 lakhs and fulfil various financial needs of your business.



Purpose of Business Loans

 

          1. Start a new business

 

With well-developed infrastructural facilities, running a business in Visakhapatnam is highly profitable. And all you need to run a successful business in this city is a strong business idea and sufficient capital backing. You can avail a quick business loan from Tata Capital and watch your business grow.

 

          2. Purchase inventory

 

No matter which industry you operate in, you always need adequate availability of inventory, especially during the peak season. A business loan helps you manage your inventory needs with ease.

 

          3. Improve business cash flow

 

Meeting business cash flow needs can be a challenge for small businesses. So when cash flow issues stand in the way of your business objectives, a business loan can help introduce enough funds into the operations for smooth functioning.

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 LOAN IN VISAKHAPATNAM ADVANTAGES

Multipurpose loans

You can secure a business loan in Visakhapatnam and use it to grow your business in all respects. This includes buying machinery, hiring staff or even expanding your venture.

Relaxed eligibility requirements

Securing a business loan is as easy as it gets, thanks to the relaxed eligibility requirements at Tata Capital.

Higher loan amounts

At Tata Capital, we help you secure business finance for your business needs no matter how large or small they are. You can easily get loan amounts of up to 75 lakhs without pledging collateral.

Multipurpose loans

You can secure a business loan in Visakhapatnam and use it to grow your business in all respects. This includes buying machinery, hiring staff or even expanding your venture.

Relaxed eligibility requirements

Securing a business loan is as easy as it gets, thanks to the relaxed eligibility requirements at Tata Capital.

Higher loan amounts

At Tata Capital, we help you secure business finance for your business needs no matter how large or small they are. You can easily get loan amounts of up to 75 lakhs without pledging collateral.

What are Interest Rates for a Business Loans in Visakhapatnam?

Some factors that determine your Business Loans interest rates in Visakhapatnam include your financials, credit score, business plan, profitability, cash flow, annual turnover, and more. In fact, having a high credit score can help you get a lower interest rate since it reflects a better loan repayment ability on your end. This, in turn, lowers the amount you spend on your loan EMIs too.

If you are searching for a business loan in Visakhapatnam at a low interest rate, your search ends with Tata Capital. We offer business loans at an affordable interest rate of 19% and even make the EMIs convenient for you with our flexible repayment plans.

So, what are you waiting for? Enjoy the lowest business loan rates in Visakhapatnam with Tata Capital and set up your business smoothly.

What is the Eligibility Criteria for a Business Loans in Visakhapatnam?

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 Visakhapatnam?

Here are the documents required to apply for a business loan in Visakhapatnam:

  • A photo identity proof

  • Business proof

  • Income Proof

  • Bank Statements

  • KYC documents

How to Calculate EMI for Business Loans Online?

When you get a business loan in Visakhapatnam, you pay it off in the form of equated monthly instalments or EMIs. These depend on three factors namely the loan tenure loan amount and the interest rate. And at Tata Capital, we allow you to choose your business loan EMIs to make your loan repayments more convenient.

Calculating your business loan EMIs can help you choose the best repayment plan. And the easiest way to do it is to use our online Business Loans EMI calculator. Just enter your business loan details like amount, tenure and interest rate and calculate your loan EMI in seconds. If the EMI is too high, change the loan tenure to arrive at a business loan EMI in Visakhapatnam you can easily pay every month.

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN VISAKHAPATNAM

Other Ways to Apply for a Business Loans in Visakhapatnam

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

  • Give us a call on our customer care number at 18602676060. Our customer care executive will get in touch with you.

  • Use help from our online virtual assistant fill out your online business loan application.

  • Head to our branch and complete the business loan application formalities offline. Our on-site lending experts will guide you through the entire process.

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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